How digital asset management can minimise risk and maximise compliance

Utilities are responsible for some of the most critical functions in our society. Whether it’s keeping the lights on or the water running, proactive asset management is essential to maintaining the strong and steady supply of utilities to consumers. Asset failure can prove catastrophic for customers and extremely costly for utilities – but how can utilities stay ahead of potential problems and proactively manage assets?

For all utilities, asset management isn’t just a matter of responding to problems as they arise – it’s critical to stay ahead of the curve and ensure compliance with industry regulations.

Minimal disruption, maximum compliance

There are many factors that impact the performance and quality of assets for utilities. While merely replacing assets when they fail may seem like a sensible approach, it is not a total or ideal solution. This reactive approach of mending or repairing an asset once it stops performing can be incredibly costly, time-consuming and damaging to utilities’ reputations.

Asset failure can also cause huge service interruptions, which can have dire consequences for utilities. The highlyregulated nature of the utility sector means keeping up with industry standards and regulations can be challenging. Failure to comply with service agreements can cause myriad problems and penalties to utilities, their brand, consumers, and major infrastructure.

Digital asset management

An asset management system is essential for all utilities to effectively deliver their services with minimal disruption and maximum compliance. The best asset management systems will not only provide a one-stop shop for utilities to manage their suite of assets – they will also help to lay out all the necessary guidelines and principles required to effectively maintain assets.

Digital asset management offers far greater benefits over traditional analogue management. Not only does having digital management tools mean data is more accessible, it improves data callback, meaning data can easily be accessed for day-to-day use as well as for critical auditing and reporting purposes. Research shows that digital asset management can better support the goals and tasks of an organisation by increasing productivity, reducing downtime, risks and saving costs.

Specialised applications for your utility

There are a range of applications in the market that assist in the process of digital asset management. GoPoly’s PEWeldBank is one such solution, providing a tailored solution for utilities to record and manage their pipeline and weld assets. The PEWeldBank App can spot welding errors before they even go underground, preventing costly weld repairs and keeping an organisation’s reputation intact.

PEWeldBank provides a streamlined and accurate approach to data logging, ensuring excellence and compliance with all industry standards. It’s also a powerful QA, tutoring, risk management and productivity tool. With the ability to digitally measure weld data and store the data in a cloud-based service, recording and measuring weld assets becomes a more accurate and easy operation.

PEWeldBank, designed for HDPE pipe welding, can assist in minimising weld failure events that can cause huge repair costs, interruption to supply, infrastructure damage and potential OH&S implications.