With digital transformation impacting all aspects of the utility business, challenges of legacy infrastructure, tighter regulations, and increased pressure on asset performance and reliability are impacting utilities’ efficiency and responsiveness.
Utilities need accurate, complete, and on-time asset information across asset lifecycle processes. However, in reality, they are spending significant time and effort in consolidating and managing asset information given the lack of trusted asset information management and governance. This is not only impacting productivity and efficiency of staff managing asset operations but also decisions on asset investment. Utilities with poor asset information are spending up to 25% more on operational expenses.
With asset operations becoming more integrated, process-centric, data-led, and insight-driven, there is an increasing need for an efficient and holistic information management solution to optimize asset performance and provide actionable intelligence. By improving information quality and integrating asset information into operational processes, asset management spending in a utility can be reduced by 2%-5% on Capex and 5%-15% on Opex; with an overall impact of up to 5% on total expenditure.
Cyient offers a comprehensive technology-agnostic solution called intelligent Asset Information Management Solution (iAIMS) to assess, improve, associate, and maintain enterprise asset data facilitating efficient asset management and improved performance.
iAIMS creates a reliable ‘single source of asset truth’ for asset lifecycle process owners and decision makers. The solution facilitates the integration of reliable asset information, aligning key business processes with the right information at the right time enabling a more effective business response.