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As part of Solutions Review\u2019s\u00a0Contributed Content Series<\/a>\u2014a collection of articles written by industry thought leaders in maturing software categories\u2014<\/span><\/span>Bryan Friehauf, the Senior Vice President of Enterprise Software Solutions at Hitachi Energy<\/a>, explains how companies can create sustainable asset management strategies with real-time data and predictive analytics solutions.<\/span><\/span><\/strong><\/em><\/p>\n The asset management challenges facing companies have shifted dramatically over the past few years. Global economic uncertainty, the ongoing supply chain crisis, and a looming recession have only added pressure on industry leaders as they navigate the changing landscape. <\/span>There is also a sense of urgency to bring a sustainability lens to their work as the <\/span>Biden Administration<\/span><\/a> continues to push for net zero emissions by 2050. The recent <\/span>Inflation Reduction Act <\/span><\/a>(IRA) only advances the administration’s war on climate change, sending industry leaders a clear message\u2014sustainability and renewable energy need to be top of mind not <\/span>in the distant future but in the present.<\/span>\u00a0<\/span><\/p>\n This focus for many c-suite executives, coupled with growing concerns about unforeseeable threats facing society and the environment, has increased the urgency of effective and sustainable asset management. <\/span>Assets are the centerpiece of any organization, and in today’s economic and political climate, companies have no time for downtime, loss in production, or quality disruptions.<\/span><\/p>\n An ineffective asset management system is simply bad for business. Poor asset management can lead to expending excess carbon emissions by driving to assess the state of the assets, wasting resources by using time-based maintenance, and accidentally limiting the usable life of the investment by performing maintenance when it wasn’t needed, resulting in possible litigation, loss of reputation, and incurred cost.\u00a0<\/span><\/p>\n W<\/span>ith asset managers tasked with navigating uncharted waters in a sustainable world, industry leaders need to adopt <\/span>real-time data and predictive analytics to improve sustainability. S<\/span>ustainable asset management enables organizations across sectors to assess their assets’ health and make strategic decisions<\/a> regarding O&M costs, risk, and availability. <\/span><\/p>\n Real-time data and predictive analytics allow asset managers to build environmentally friendly processes. Beyond that, real-time insights provide a competitive edge and help cut operating costs. Let’s take a deeper look at how data and analytics can build a sustainable future for the industry.<\/span><\/p>\n Asset management is vital to ensuring your company functions to its best ability, and data science can help improve its efficiency, offering new options and ways to manage assets: <\/span>\u00a0<\/span><\/p>\n Data and analytics are critical to moving forward with greener decisions and operations. They provide valuable insights that allow asset managers to analyze unstructured and structured data and help make strategic investment decisions. As we shift toward a sustainable future, data can better determine how long and when assets need to be changed, repaired, and upgraded. <\/span>\u00a0<\/span><\/p>\n Asset managers gain a better understanding of their assets’ needs and their client’s requirements through data. They can assess if and how certain market conditions will affect sustainable investments while helping them optimize their current green initiatives<\/span><\/p>\n Assets are the lifeblood of the power and utilities industry. An engineer’s dream is to prolong your asset’s life without catastrophic failure. However, before real-time data and analytics, going beyond the shelf life of your asset was considered risky. Fortunately, with online monitoring, data collection, and analytics, operators better understand the asset’s health. They can intelligently predict which equipment is at a higher risk of failure, taking the guesswork out. By incorporating sustainability considerations, you can reduce the amount of fuel used by your technicians and save on energy costs by identifying where the problem is.<\/span>\u00a0<\/span><\/p>\nWhat Data and Software Can Improve Sustainability for Assets?<\/span><\/b>\u00a0<\/span><\/h3>\n
Three Ways to Leverage Data and Analytics\u00a0 <\/span><\/b>\u00a0<\/span><\/h3>\n
1) Data and analytics deliver better investment insights<\/span><\/b><\/h4>\n
2) Making better decisions about the future of the asset network<\/span><\/b><\/h4>\n
3) Extending the life asset<\/span><\/b><\/h4>\n
How Denmark’s Energy Grid Uses the Technology <\/span><\/b>\u00a0<\/span><\/h3>\n
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