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Major challenges faced by the Utilities industry

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What are the challenges faced spontaneously by the utility industry? Let’s explore further.

Data harmonization and standardization

At present, many companies have started gathering consistent information belonging to different asset classifications which can lead to complexities in the company structure. With more decentralized renewables along with Mergers & Acquisition Integration projects, you need a standard enterprise asset management (EAM) data model. By involving customized machine learning solution, you can get deeper analysis of different data model patterns. With the help of trustable data across different network, every company can get the maximum out of their asset landscape. You can easily take a look at which processes and products would matter the most to the portfolio. With this, every manager in the electric utilities segment can make the best decisions. But without data, it becomes extremely hard.

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Collaborate and manage distributed assets

While the world has become more complex, dynamic and data-oriented, the energy industry should take actions immediately to catch up with the factors influencing the processes of different digitization processes. Every asset-oriented industry would face significant challenges with respect to changes in the business model and cost pressure. While the energy sector is dominated by prosumers, the competition over here is much more. Enabling revenue growth from pro-business models can increase your ROI when you involve new models such as micro-grid maintenance. This would need you to collaborate with different stakeholders. When you collaborate with operators, manufacturers, service suppliers and public utilities, you need to have proper information on specific asset condition. This should provide you with the right information on investment decisions and support management.

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Maintenance issues

Over the past few years, various maintenance routines have shaped up the energy sector. Ensuring asset uptime and increasing profitability while avoiding unnecessary maintenance in the supply chain is a must. Instinct-based decision making would not help in the long run. You need solid facts contributing the cause. By enabling advanced methods such as predictive maintenance and data science, you can optimize cost and increase your agility. Adopting the best ever asset and performance management strategy would let you leverage risk-oriented asset management approach. Tools such as failure modes and effects analysis (FMEA) and reliability-centered maintenance (RCM) can prove effective.

 

Handling change management

Ever since majority of the technical approaches have become extremely mature and feasible, the implementation process of all these projects would fail often due to the organizational change management. To tackle OCM, the best idea is to implement an ERP Software. It can support projects at individual levels via involvement, communication, support, training, reinforcement along with different other ERP processes in the organization.

Prevention of utility loss and fraud management

With enormous data volumes that are driven right from grids, smart meters and sensors, you can handle utilities processes in real-time. Without proper fault detection and supply-distribution lines, it might be extremely difficult to detect theft, supply, leaks and over usage.

The Changing Industry

Every consumer has different expectations with the utilities industry. With technology evolving every day, ideas that were once considered extraordinary are becoming ordinary. Keeping up with the pace of customer expectations in 2021 is a huge challenge.

Do you wish to know how an ERP Software can help you tackle all these challenges? Read on about the utility industry.

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