How are Technology Innovations Transforming the O&M and Asset Management Market?

All industries are gradually riding the digital transformation wave and the Renewable Energy Industry is no different since the early 2000s, a lot has changed in the world of Operations & Maintenance & Asset Management – and technology is at the core of this change. Organizations are now willing to invest in digital technologies driven by innovation to get a bird-eye view of their entire portfolio; predict failure of their critical assets to prevent downtime; get visibility into operations of their assets to improve overall efficiency and do a lot more be leveraging technology for advanced innovations.

At the centre of this digital transformation, organizations are looking to move away from legacy ‘enterprise IT’ systems that required long development and upgrade cycles. Organizations are now keen on a modern architecture which lets them adopt agile methodologies where they can continuously develop, integrate and mobilize changes into operations. Here are a few ways technology innovations are reshaping the Operations & Maintenance as well as the Asset Management markets:

• Moving to a cloud native technology to generate up to 10x infrastructure savings and 100x faster responses.
• Adopting Application Programming Interfaces (APIs), that provides a ‘gateway’ to access data / services.
• Using microservices architecture to move away from rigid IT upgrades that enables the users to replace or upgrade individual components ‘block by block’.
• Using IoT and Digital twin to enable asset operators and O&M engineers to: receive alerts & notifications; reduce manual asset search & asset life cycle cost as well as move away from multiple platforms and establish a single channel for multiple manufacturers and service providers.
• Leveraging AI/ML technology to easily facilitate automate manual processes and create seamless customer journeys. Using AI/ML to provide greater transparency in overall operations.

If you too are concerned about the operational efficiencies of your assets and processes, then technology innovation enabled energy analytics software is what you need. Energy analytics is the process of gathering electrical/technical data with the help of software in order to assist energy suppliers to supervise, analyse and optimize energy related KPIs such as consumption, production costs, production distribution, etc. Collecting and storing large amounts of data on a global scale is certainly not a problem in the energy industry. The problem arises in combining the nature of the collected data. For this, the energy industry needs to capitalize on the innovative energy analytics software that is increasingly being made available. Energy analytics software allows you to effectively analyze the efficiency of the project and eventually its success.

Why Energy Data Analytics Software Is Important?

The energy industry is very extensive, covering many businesses, departments, processes and units. In this process, right selection of energy KPIs, data collection, and data analysis are always changing, but their sources are completely different. This makes data difficult to merge, understand and integrate, and the whole process becomes very complicated. In such cases, ensuring low-cost and high-availability power management load is of utmost importance to ensure that the changes in demands are anticipated while maintaining a balance in the supply. In short, the energy analytics software helps in streamlining entire data.

The Impact of Energy Analytics Software

Modern energy analytics tools have multiple uses and have had a huge impact on enterprises of all sizes. Recently, smart meters regularly communicate information to the database for monitoring purposes. The resulted findings gives an accurate view on the equipment’s health, helps in lowering operating expenses and provides better clarity to the operations by easing the maintenance of all the involved projects.

A Few Benefits Offered by Digitizing O&M and Asset Management Are:

• AI improves overall asset efficiency and reduced maintenance costs
• Reduces asset downtime by increasing the response time.
• Real-time reporting of the assets from any location.
• Access to the entire operations & maintenance without being physically on-site.
• Faster and better response rate in times of emergencies.
• Prioritize critical assets for preventive, predictive maintenance that also aids in asset downtime and failure.
• Streamlines your O&M Activities
• Simplifies data sharing and collaboration among teams

Organizations have now begun to realize the financial, technical, environmental and business benefits associated with energy efficiencies. It has become vital to maintain the optimum level health and performance of key assets and maintain their reports on a single platform. Data sharing, fast and clear communication have become imperatives to improve overall efficiencies. Apollo – our energy analytics software fulfils this demand through its patented digital twin technology, advanced decision-making engine, root cause analysis IoT based KPIs and event discovery.

Apollo solution provides unique key health and performance insights into various assets. With Apollo’s closed loop insights, technicians and engineers get direct visibility into working of these assets that further helps them eliminate the time required for manual inspection otherwise. Apollo helps them with actionable insights to solve the underlying problems efficiently and effectively. All these advances in the modern digital technology will be transformative for the Operations & Maintenance and Asset Management industry. A new era of technology innovation driven by a digital transformation is looming around us. Adoption of technology led innovations such as Apollo will separate the leaders from the followers in the coming years.

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