What is Utility Asset Management Software?
Utility asset management software is a specialized digital tool that helps companies in the utility industry (e.g., electric, gas, water, and telecommunications) to efficiently manage physical assets that are critical to their operations, such as transmission substations for electric companies, treatment plants for water utilities, and generic equipment like transport vehicles. The software’s primary function is tracking these assets so that companies properly utilize them and carry out necessary maintenance or repairs to ensure their longevity.
Benefits
The utilities industry provides essential services vital in everyone’s daily lives. Any disruption in the operation could mean disaster for everyone relying on it. Infrastructure monitoring and maintenance prevent power interruptions, intermittent water delivery, and ISP (Internet Service Providers) outages. With the help of utilities asset management software, companies can effectively accomplish those tasks and reap more rewards.
Improved asset efficiency – The platform lends complete visibility into the operations, providing real-time data on asset conditions and maintenance needs. With this, companies can maximize the efficiency and reliability of their assets, reducing destructive downtimes and increasing customer satisfaction.
Better decision-making – Numbers don’t mean anything if not translated into improved operational efficiency and better customer service. Digital solutions with integrated analytics provide the much-needed insights that inform their decision-making for handling incidents, creating management strategies and long-term planning.
Enhanced regulatory compliance – The utility sector is highly regulated because of its impact on people’s lives, the community, and the environment. Keeping up with different levels of mandates (e.g., municipal, state, and federal) is much easier with automated reporting, reviewing, and submission.
Key Features
There are hundreds of generic asset management platforms available today. However, it is generally better to leverage software solutions that highlight features specifically designed for the industry. Whichever you go for, here is a short list of the essentials:
Asset tracking
Facility monitoring
Asset condition monitoring
Template, document, and asset history library
Resource allocation optimization
Preventive maintenance
Work order management
Issues and incident management
Compliance management
Budget forecasting and predictive analytics
Communication tools
Sensor integration
Integration with GIS and SCADA systems
Mobile accessibility
Selecting the Right Utility Asset Management Software
The digital platforms discussed above are by far the best asset management software for utilities. Any of these give the company a competitive edge over others and, more importantly, ensure their reliability and trustworthiness. Before making your final choice, take a look at the summary below:
Asset Management Software | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/user/month* | Yes |
HxGN EAM | No | Contact for pricing | Yes |
Cityworks | No | Contact for pricing | Yes |
Accruent | No | Contact for pricing | Yes |
AssetWorks | No | $2,500 | Yes |
Nuvolo | No | Contact for pricing | Yes |
eMaint CMMS | No | $69/user/month | Yes |
Fiix | Yes | $45/user/month* | Yes |
* billed annually