15 Key Insights in Improving Fleet-Wide Asset Reliability
While the electric power industry represents about 5% of US GDP, it is considered the first 5% (or whatever that percentage is for any economy) because the remainder of the economic machinery cannot function without electricity. Given the emphasis on reliability, it stands to reason that the Power industry is a source of best practices in this area.
Since 2010, EPRI (Electric Power Research Institute) has been publishing research on the topic of improving reliability at a fleetwide level through close collaboration with a small group of utility companies who have blazed the trail for the rest of the industry.
These companies who committed to the excellence journey have clearly demonstrated that EFOR and costs will decrease, and now there is data to back this up. The following is a summary snapshot of 4 such companies who have been on the asset reliability journey showing their progress on systematically reducing outage rates and operating costs, year after year over a 5-year period.
The importance of this finding cannot be overstated: There is a proven business case for a multi-phase, multi-year digital transformation program to improve fleetwide asset reliability.
The above finding is just one of 15 such key insights from my interview with Bill Woyshner, President of Woyshner Services Company. Bill is a veteran of the Power industry with 4 decades of experience on the topic of Asset Reliability.
I encourage you to listen to all 15 insights summarized from the interview.
Sree Hameed is currently the Global Marketing Manager for the power industry at AVEVA. In his 25-year career, he has helped companies adopt a variety of transformational technologies in the areas of production automation, manufacturing operations, supply chain management, product lifecycle management, and operational risk management. Sree is an advisor to the center of supply networks at the University of Texas at Dallas as well as the digital accelerator program at Southern Methodist University.