The Covid-19 crisis has largely affected Asset revenue in the past few months. I am sure asset owners and managers are thinking to themselves how can we make up lost revenue following this difficult time. If there is anything good to come out of this crisis it is the chance to innovate. Crisis gives innovators the opportunity to think more clearly and implement rapid, impactful change. Crisis allows us to gain better perspective over an unavoidable challenge and prompts us to take action. Let us think of this crisis as a chance to improve the way that we currently do things.

It is my belief that the future of Asset Management is digitization and more automation. We also need to start looking more towards reliability centered maintenance rather than the traditional maintenance schedule that manufacturers advise. This will help us increase asset production therefore increasing revenue.

Let’s look at some of the benefits of digitalization and automation for Asset Management, the first and surely the most important benefit is that it saves time and time is one of the most important commodities that a lot of us wish we had more of. The second benefit is obviously the prevention of errors saving both time and money, although this second benefit is only accurate if the data that you have used is validated. The third benefit is the reduction of cost, ensuring greater profit margins and that your asset is reaching its full potential.

Although digitalization and automation for Asset Management are the future, are we currently at a point where we can accurately harness them? My short answer would be not at the moment, we need to get to a point where we are accurately securing asset data as currently renewable energy parks don’t take the greatest care to secure their data. Also, we need to start validating and optimizing our data so that we can provide Artificial Intelligence (AI) with accurate and effective data so that AI can make modelling predictions based on enriched data, it can then be used to facilitate the automation of certain tasks and provide the benefits that I have talked about. Reliable asset data should be thought of as revenue, it should be secured and validated accordingly.

By Jake Mason, Windfarm and Turbine Inspection Manager