Can We Improve Sustainability Through Asset Management Strategies?
Christian Nolden, President of Groundline USA talks with Tripp Winkler in the second Foresight Podcast episode, this time discussing the topic of asset management and sustainability. Christian shares key insights on how asset management can play a vital role in helping utilities to achieve sustainable outcomes that suit their business objectives.
Listen to the podcast here, or read on for a summary:
So, what do utilities need to consider?
ENHANCING SUSTAINABILITY THROUGH ASSET MANAGEMENT
Asset management not only supports but enhances sustainability initiatives within utilities. By optimizing the lifecycle of assets through focused data management, utilities can reduce waste, improve resource efficiency, and minimize their environmental footprint.
THE ROLE OF ASSET MANAGEMENT IN SUSTAINABILITY
Christian highlights the alignment between asset management goals and sustainability,referencing the ISO 55000 standard which recognizes sustainability as a key benefit of effective asset management. By properly managing assets throughout their lifecycle, utilities can achieve sustainable outcomes that align with their business objectives. This integration enables businesses to operate more efficiently while meeting environmental and regulatory standards.
THE KEY CHALLENGES IN IMPLEMENTING ASSET MANAGEMENT
Despite the clear benefits, Christian points out that implementing asset management strategies is not without its challenges. Many utilities may focus narrowly on maintenance as the sole aspect of asset management, which can lead to fragmented initiatives. Utilities need to be addressing broader operational plans such as data management, financial planning and system design.
THE FINANCIAL AND OPERATIONAL BENEFITS
To improve operational efficiency and cost savings requires a substantial shift in thinking and a focus at the process level. Mature asset management practices enable utilities to respond proactively to issues, predict future challenges, and make informed decisions that enhance overall performance.
BALANCE BETWEEN ASSET MANAGEMENT PRACTICES AND THE GOAL OF SUSTAINABILITY
Balancing these two issues requires a shift in thinking.It’s about focusing on what you are doing now to balance the important and the urgent. We often get stuck managing urgent matters reactively, which means we neglect the important ones. By examining the data collection and storage processes and ensuring your people have the right tools, you can identify where problems are occurring and determine risk and how to mitigate it. By improving processes from the ground up, better data can be extracted, allowing for informed decisions, and preventative measures. This permits the focus to be the key issues.
Strategies for Effective Asset Management
If you want to get started on understanding how to improve your asset management practices and impact sustainability objectives, Christian advises starting with these key basics:
- Understanding and mapping out asset hierarchies
- Knowing every component of an asset, from substations to individual parts, allows for better data management and decision-making
- The importance of executive buy-in
- The need for an integrated approach across all levels of the organization
CONCLUSION
Asset management is not just a technical process but a strategic approach that requires commitment and a detailed understanding of every asset within the utility. By focusing on these elements, utilities cannot only enhance their sustainability efforts but also achieve greater efficiency and cost-effectiveness.
Listen to the podcast here.
You might also be interested in the Foresight Podcast: Resilience and Reliability
GROUNDLINE ENGINEERING
Groundline is a global consultancy specializing in transmission and distribution lines engineering services for network operators and service providers.
We bring creative thinking to projects, ensuring solutions are cost-effective, resilient, safe and good for the planet.
With offices in the USA, the UK, Australia and New Zealand, we have experience in all aspects of the power lines industry - from 11kV to 500kV+, new builds to refurbishments, condition assessments to asset management, site support and design verifications, to project management. Our team have worked around the world, from remote, dry deserts, to wild, wet rainforests, urban cities, to cyclone-prone prairies.
Whatever challenges you face, we understand your requirements.
Get in touch to discuss how we can ensure your power network is fit for the future.
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