Amsterdam, NL (PRWEB) April 21, 2013
Recently, a group of leading electric transmission companies came together for a three-day working and sharing session to explore how the industry’s best asset managers are managing data, technology, process and practices to maximize the added value of the Asset Management process. The conference was part of the International Transmission Asset Management Study (ITAMS), a global consortium focused on Asset Management for high voltage electric transmission networks.
ITAMS is facilitated by UMS Group and has an Advisory Board comprised of executives from leading transmission system operators around the world. The Consortium members are seeking to make a dramatic leap forward in the sophistication and effectiveness of their asset management function. ITAMS is designed to help them do so by providing participants with an understanding of how effective asset management, and as a result, superior performance can be achieved through innovative practices and strategies, use of new technology and automation, state-of-the-art management approaches and organizational designs, and well-planned process structures and enablers.
The three-day conference included a discussion of results from benchmarking and practices review and a number of issue focused workshops. Emergent best practices were identified in risk management, portfolio management, asset health indexing, investment delivery, replacement strategies, and business and data intelligence.
A number of key findings were revealed at the conference. For instance, the most innovative companies are developing tools and methodologies for aggregating data, performing analysis, and deriving insights that they are using to manage risk through their replacement strategy. Companies are also developing sophisticated portfolio management models to balance stakeholder needs and minimize risk exposure.
As ITAMS begins design review of the program to add additional topic areas for the next cycle of the program, it is expected to address those areas which were identified as offering signficant value to participants -- risk mitigation methods, knowledge management methods and business and data intelligence applications.
About UMS Group
UMS Group is a leading global consultancy and thought leader in utility asset management, performance assessment, performance improvement and the management of sustainable change. UMS Group’s proprietary databases, analytical tools and methodologies have been utilized by over 300 gas, water and electric utilities on six continents to build world-class operations. UMS Group is also a PAS 55 Assessor Endorsed by the Institute of Asset Management (IAM), which enables UMS to certify compliance with PAS 55.