Most experts in the industry agree that analytics must play a key role in meeting this challenge. However, as much as utility executives are overwhelmed by the volume of data provided by the smart grid, many also find themselves in a quandary over the plethora of options from vendors hawking analytics.
So, what is a utility to do? Pardon the pun, but when it comes to managing the reliability of the power grid, one really cannot afford to take a shot in the dark.
To shed some light Ventyx, an ABB company, developed a business tool to demonstrate the potential benefits from servicing or replacing aging assets before they fail. Based on ABBs domain knowledge in power and automation technologies and the analytics expertise of Ventyx, the value model demonstrates the financial value of proactively managing the health of vital equipment and infrastructure in asset-intensive industries like utilities.
Ventyx worked with Deloitte to evaluate the capabilities of the new business tool, running simulations with real-world data to demonstrate millions of dollars in potential savings across areas such as reduced planned and unplanned downtime, lower operations and maintenance costs (e.g., labor and inventory holding) and reduced capital expenditure by extending the life of current assets
Jim Thomson, principal, Deloitte Consulting LLP, outlined why these savings are achievable. For organizations that manage operational assets, the asset health approach can better organize and prioritize critical tasks that align with overall business goals, he said. By providing real-time data coupled with smart business analytics, organizations across multiple industries will get a competitive advantage by being able to gain insight into their mission critical assets.
The model has initially been designed to serve the power sector and the mining industry, where unplanned downtime can mean disaster both financially and in human terms. Asset-intensive industries are under constant pressure to be more productive and profitable with limited resources. The Asset Health Center Value Model provides an advance view of the value that a more predictive asset management program can deliver, before investing in the technology required to get there.
In other words, it gives companies a chance to see the target and how to hit it without shooting in the dark!
Source: Smart Grid News
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