The adoption of Enterprise Asset Management (EAM) tools by utilities is on the rise, as companies seek to enhance plant efficiency and lifespan in the face of decarbonization challenges and stringent regulations impacting aging power grids, according to a report published by ISG on Tuesday.
ISG's Bob Lutz highlighted the pivotal role of technologies such as cloud computing, AI, analytics, the Internet of Things (IoT), EAM, and Asset Performance Management (APM) in driving innovation and adjusting to new energy production patterns from wind, solar and other green sources. The shift towards these technologies is occurring against a backdrop of increasing electrification of buildings and vehicles, which is altering demand patterns and placing a premium on grid resilience and reliability.
The report also underscored the growing importance of disaster readiness in light of more frequent extreme weather events. Utilities are focusing on predictive maintenance and real-time data collection on asset performance to reduce safety risks and downtime. These strategies equip utilities with the knowledge needed for the delivery of new products and services.
As per the ISG report, utilities are leveraging these technologies to adapt to changing energy landscapes and meet the demands of a greener future. The increased reliance on EAM tools represents a significant shift in strategies aimed at bolstering resilience while navigating through regulatory pressures and evolving consumer demands.
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