Utilities distribute and generate a wide variety of essential resources to different communities, including power, telecommunications, and water. These utilities need to maintain and manage numerous assets to make sure that communities will receive uninterrupted services. It makes asset management every company priority.
According to computer giant IBM, at least 70% of the largest water firms and more or less 90% of the largest global utility organizations use Maximo in their asset management. While this software is the go-to EAM or Enterprise Asset Management solution for the utility industry, firms gain additional advantages from switching to MaaS (Maximo as a Service). Advantages of MaaS include flexibility, savings, enhanced communication, and agility.
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Staying competitive in times of disruptions
The industry is starting to be increasingly competitive. It is being disrupted by alternative energy sources like nuclear, solar, wind, or geothermal energy. Sustainable energies are less expensive to generate, so utilities that are highly dependent on traditional sources of power like fossil fuels need to shift or pivot to a less expensive energy source to stay in the game.
Maximo as a Service provides utility firms the flexibility they require to change from one source to another. For instance, in wastewater, it can be pretty challenging to get rate increases. Communities do not want to see rate hikes on their water bills because of wastewater costs. Wastewater utilities need to find cheaper, faster, and better ways to work so service providers can keep costs as low as possible and avoid passing them to the customers.
Maximo provides opportunities to cut the price because of its cloud-based consumption model. Utility companies pay a predictable fee every month. They don’t need to buy their own software license or infrastructure. The needed upgrades, updates, and patches are included at no additional cost.
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Being proactive when it comes to asset management
Utilities may be might be working out of facilities like plants that are 30, 40, or 50 years old. These aging infrastructures put power firms at risk. They should be repaired, ripped out, and replaced. Maximo as a Service makes sure that these organizations have the right information they need to make crucial decisions on this topic.
Hosting this software in the cloud will help utility firms track down their assets’ status no matter where these things are located. Real-time data is pretty accurate and readily available, so decisions about replacing or maintaining assets can be made before problems develop.
Asset management is a tough challenge for utility companies because their equipment and resources are geographically distributed. A lot of communities object to having a power plant in their area, as well as solar arrays and wind farms. Residents have a lot of concerns regarding light and noise pollution, as well as having their views obstructed by utility equipment. Because of this, assets or facilities are usually located in remote places.
Locations like fields and waterfronts are also ideally suited for facilities and equipment used to gather renewable energy. To manage and track geographically dispersed facilities and assets, companies need strong connectivity. With Maximo for utilities, firms gain the ability to work at the border of networks where pieces of information are created.
Utility companies can check the power distribution site by miles, tracking meters, as well as underground pipelines. Facilities can be managed linearly instead of managing as individual assets. They can work with single data sets, eliminating informational silos that will prevent them from getting complete visibility into an asset. With this software, companies are able to easily communicate with their assets instantly, wherever these things are located.
Mechanical meters today are being replaced with electronic ones, making connectivity very important than ever. Utility companies are embracing the Internet of Things, as well as MaaS helps optimize these functionalities by supporting edge computing. With MaaS, power firms are able to make actual plans based on situational factors and shifting conditions like weather.
By predicting it, they can plan where to place their facilities and where repairs may be necessary. Staff can move from place to place to help out at locations that a tornado or storm has hit. Every worker is familiar with Maximo SaaS, so collaborating with other companies, as well as changing areas, is not a problem.
Taking the software to the next level
Power companies turn to this software for asset management, since it is the best-in-breed solution available in the market today. This software has unusual out-of-the-box features and can be modified to meet individual firms and industries unique needs. Now, these firms can take the software to the next level through Maximo as a Service. Companies that use its benefits from working with partners that have the expertise and have learned valuable lessons through experience.