Utility asset management makes the world go ‘round

You already know that our world revolves around electricity starting from the moment you wake up. Alarm clock, better yet, a charged phone? Electricity. Want toast? Electricity. Coffee? Electricity. You get the point — electricity is a necessity that you and I depend on.

The generation and transmission of electricity across the globe is made possible by millions of power lines, transmission stations, utility poles, and substations that are all physical assets. In order for the world to have dependable sources of power, successful utility asset management is required.

What is physical asset management?

Physical asset management is the consistent maintenance and repair of fixed assets — equipment and machines. Utility asset management is a type of physical asset management where the assets are, you guessed it, utility assets such as poles or wires.

Good physical asset management ensures that the critical infrastructure the world depends on is reliable and that the job gets done safely. According to Reporter Link, the utility asset management market is estimated to grow to over $41 billion by 2022. With more time and money being pumped into utility asset management, it prompts the question: how can project managers effectively manage their utility assets?

How utility project managers mitigate asset risk

While the customer, local regulations, and the environment are all important to a utility project manager, their main concerns are:

  • Safety
  • Reliability
  • Budget

Mitigating the risk of utility assets is top of mind for project managers. In order to do this, they need to take an informed approach to manage their physical assets.

The project management solutions of yesteryear won’t cut it in the fast-paced world of rapidly improving technology. Managing a complex utility asset with pen and paper or sporadic spreadsheets is nearly impossible because they make it tough to communicate and difficult to track the progress of a project. According to veteran project manager, Eugene Spiegle, “The most important thing to do is to agree to communicate about change, risk, etc…It’s not magic, it’s just common sense.” Project managers need a project management solution that empowers the entire team to communication in one platform. The old solutions won’t cut it not only because of rapidly evolving technology, but because society’s dependence on electricity is increasing as everything becomes digitized and battery powered. Electricity does more than keep the lights on, it powers our lives.

Keep the lights on with the right project management solution

Utility project managers deserve a better project management solution.

They need a single source of truth — one that has accurate data points and visual documentation for informed decision making and accurate project updates. They need extensive analytic capabilities for meaningful forecasting so they can focus on growth. They need robust reporting so their progress can be easily shared with the C-Suite. Enter Sitetracker. Sitetracker is a project and asset management platform that powers the successful deployment of critical infrastructure and is trusted by utility companies such as Central Hudson Gas and Electric. Sitetracker empowers utility manager with the tool they need to ensure the risk is managed and their assets are reliable. Learn more about how Sitetracker can help your utility company scale with the industry, and of course, keep the lights on.

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