Six questions you need to ask about your assets during times of uncertainty.
The global economic landscape is changing before our eyes, in unprecedented and possibly lasting ways. As we adapt to this new normal, businesses and public institutions in the industries of power generation, transportation systems, and renewable energy need to think of new ways of planning for future uncertainties.
This is why it’s paramount for organizations to quickly adapt to the shifting economic landscape by proactively seeking new and smarter ways of doing business. Now, more than ever, is the time to be nimble and flexible.
In these uncertain times, your business is likely enacting mitigation plans. But you still may be wondering if your assets are prepared for other scenarios or future unplanned outages and failures. With increased supply chain vulnerability and prioritizing capital spend, maturing an asset management plan or program can bring you a necessary dose of peace of mind.
As an exercise in preparedness, consider your answers to the questions below as leading indicators of how to drive predictability with your capital asset lifecycle:
- Is assessing critical assets, whether visually or with routine maintenance inspections, part of your normal process?
- Do you have critical assets identified and tracked and have you identified lead times for replacements?
- Are your maintenance needs funded to a reasonable level?
- Do you have the data to support and gain organizational buy-in to invest in new critical assets?
- Do your resources have devoted time set aside and are they prepared for disruptions to your critical asset infrastructure?
- Are you actively monitoring, and tracking failures or manufacturer recalls that could disrupt your fleet?
Regardless of how you answered the above questions, it’s more important than ever to take a deep dive into assessing and analyzing your organization’s critical assets. Our engineers are here to help you look ahead to what’s next. Not just the next quarter, or even the next year. But three, five and ten years down the road.
Together, with our expertise and yours, we will make the smart decisions today that will help to position your organization to nimbly handle and adapt to whatever comes next. We’ll help find the silver lining so that you can leverage the present to develop a leaner, more cost-efficient, and effective asset management strategy for the future.
Authors: Sarah Beckman and Matt Bates
As Program Director at Ulteig, Sarah Beckman collaborates with electric utilities to build strong, trusted relationships and to develop innovative solutions to address unique challenges. Sarah’s results-driven and strategic focus is founded on more than 15 years of experience in the Power Delivery industry in both the electric utility and renewables sectors.
Matt Bates has over a decade of experience in the Power and Renewable markets supporting Owners and Developers from early stage development through operations and maintenance. His role managing a multidisciplined team and supporting key client relationships helps him bring complete solutions to our changing industries.
Ulteig defines Asset Management as the data-driven, systematic tracking of key infrastructure elements to assess organizational risk, governing and automating capital spend. This solution benefits stakeholders’ priorities by taking quality data collection and inspection and provides a roadmap to maintenance and replacement, informing new infrastructure investments.