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Digital Asset Performance Management—Taking Utility Asset Management to the Next Level
Author(s) -
Belmont Dan,
Hade Kevin,
Sefah Kojo
Publication year - 2020
Publication title -
climate and energy
Language(s) - English
Resource type - Journals
eISSN - 2692-3823
pISSN - 2692-3831
DOI - 10.1002/gas.22189
Subject(s) - it asset management , asset management , digital asset management , business , asset (computer security) , computer science , alternative asset , risk analysis (engineering) , consumption based capital asset pricing model , finance , computer security , capital asset pricing model , investment strategy , market liquidity
Asset management today is more complex and sophisticated than ever before. With the numerous digital enhancements required for grid modernization, the average utility is managing 10 times the number of devices it was 20 years ago. Additionally, these devices have electronic components that require increased regular care and maintenance. The industry has moved beyond putting a pole in the ground and dressing it—mounting arms and a transformer and spanning conductors to the customer and the next pole. Sound asset management strategies provide an array of benefits, including operational efficiencies and cost savings, increased asset life expectancy, improved reliability, and increased safety. More so, in today's digital world, enterprise asset management (EAM) has become known as asset performance management (APM) and continues to evolve toward “digital asset performance management.” Implementation of a digital APM solution can reduce utilities capital and operations and maintenance (O&M) spend by 20 percent or more.