Enterprise asset management softwares help you reduce both capital and operational related costs, improve utilization, increase performance and even extend the life of assets.
Here are three benefits of enterprise assets management software in the energy industry.
1. Extending the Life of Assets
One of the major benefits of enterprise asset management software in the energy industry has to do with extending the life of its existing assets. Doing so is an efficient way to reduce the overall costs associated with the production of energy, which in turn makes energy prices decrease for customers all over the world.
Extending the life of existing assets means that these types of physical assets can be used for a longer period of time before they need to be replaced. Overall downtime of these assets is also reduced, cutting costs even farther.
With regards to extending the life of existing assets, enterprise asset management software can help the energy industry achieve these goals in a few different ways. Product managers can get a detailed history of how a particular piece of equipment has been performing, for example, allowing them to optimize and configure it to put forth the best possible level of output.
A product manager would also be able to see the complete service history of the equipment in question, get a list of how many times its been repaired since it was originally installed, find out exactly how many accidents it has been involved in and more. All of this information can be taken into account as the equipment begins to age.
Equipment in the energy industry needs to be operating at close to peak efficiency as possible to continue to be of any type of value. The efficiency of equipment is rated based on how much energy is lost during the energy creation process. If a device were 100 percent efficient, all of the energy that it created during operation would be passed along to consumers.
If a piece of equipment was only 80 percent efficient, however, that means that 20 percent of the energy being created as essentially being wasted. Wasted energy equates to higher costs, which equates to higher prices for everyone involved. Because enterprise asset management software allows individuals in this industry to track the performance of these machines, they can tell exactly when something needs to be repaired or replaced for the best possible results. Optimization is a trend in the energy services industry.
3. Increased Speed of Repairs
Another major benefit of enterprise asset management software in the energy industry has to do with facilitating the speed at which certain types of equipment are repaired. When a piece of equipment needs to be repaired, it needs to be taken offline in order to do so. The longer that piece of equipment is offline, the more money the repair ultimately costs. By allowing equipment to be repaired quicker, it is minimizing downtime and maximizing profits.
Image Credit: Diogo Martins.