Managers find that IoT-enabled Utilities Equipment Management solution help to optimise maintenance schedules and greatly reduce downtime.
Across the world utilities companies manage delivery of energy and water to a population of homes and businesses. They have to accurately manage usage while juggling all these tasks. But can they ensure consistent and dependable service and maximise their ROI at the same time? It can seem improbable but here is where IoT can help to change the game.
Managers can use IoT enabled utilities equipment management solutions to gain better visibility into the performance of their equipment, watch usage trends and avoid outages with better planning of maintenance of their assets. It helps to manage utilities in buildings like lighting and sets of generators, at a smaller level, right up to networked systems across a whole country.
How the Solution Works
Utilities equipment management solutions are actually a part of the ‘smart grid’ or’ smart city’ system. The solution has the task of gathering and managing all the data collected from smart meters and IoT devices. Managers gain a large-scale view of the individual meters, devices and systems on performance and usage trends. This data helps identify errors before they turn into costly discrepancies. It enables them to optimise maintenance schedules and stop outages.
It is difficult to maximise ROI in the utility business as consumer’s expectation and regulations can affect ROI. As people expect continuous supply of electricity and water,the driving force in the utility business is efficiency.
Main Benefits of the Solution
- It maximises equipment life and minimises the risks of equipment failure by performance based predictive maintenance.
- It eliminates the cost of manual inspection of equipment.
- Receive alerts for sudden changes in utility usage; highlighting potential system errors or equipment failures before they occur or become costly.
Many modern cities use smart meters, which are IOT devices that can send data on water or energy consumption back to the utility company. The main advantage of these smart systems is accurate data on usage for revenue calculations and detection of high or abnormal usage, IoT devices can help also to monitor quality levels besides real-time monitoring and maintenance. IoT comes with built-in security and uses industry standards and protocols.
The IoT based management use cloud storage and data analytics suites, which can be used for further data analytics, audits or billing. IoT-enabled utility management solutions are useful to maximise ROI, trigger alerts to promote safety and has analytical capability, relevant in the utility sector.
According to a report,the International Energy Agency expects energy demand to increase by 37% globally by 2040, which can put a strain on energy supply and other resources. This is where integrated IoT technology and solutions can help to manage that demand with also possibility of new energy sources being developed.
There is going to be greater support for IoT in future. There’s also big potential for backward compatibility and greater possibility for IoT retrofitting, given how rapidly IoT is being adopted and innovated at commercial, consumer and enterprise levels.
The term Industry 4.0 refers to our entering the fourth industrial revolution, which will be driven by technologies like large-scale M2M communications, the IoT,and potential application of AI and ML. Leaders of businesses, services and industries are first to be influenced by IIoT technology. IoT aims to benefit all stakeholders occupying the digital ecosystem, by offering to open up new revenue streams and new businesses with great growth prospects.
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