Technology has become a key utility business enabler. When the pandemic hit, energy enterprises had to revamp business processes, which led to significant investments in new digital technology. However, many utilities lack the tools and processes needed to manage those assets effectively.
Nowadays, technology moves at a rapid pace. What is state-of-the-art one day becomes obsolete the next. Consequently, a constant stream of equipment and software moves in and out of organizations.
An Asset Management Gap Emerges
Many energy corporations had some form of IT asset management in place before the pandemic, and they offered varying levels of effectiveness. When companies were forced to pivot quickly to remote working arrangements, many lacked processes and policies to manage the new remote assets.
In addition, now that some employees are returning to the office, organizations are struggling to reconcile their assets, quantify their IT estate, understand what is truly required now, identify those products that are nearing their End Of Life (EOL), and address any new security risks.
In many cases, asset information is stored in a hodgepodge of systems that do not talk to one another. They may have a configuration management database (CMDB), a central repository of solution information. But it often lacks business processes to keep the data current and well understood practices to recognize when they need to be upgraded or replaced.
Lacking a single source of truth hinders their ability to understand which assets are at EOL and which may pose serious risks. Therefore, a great deal of work is needed to collect, consolidate, and rationalize equipment data.
New cloud based solutions have been emerging to fill that void. They are designed with simple input options and create reports that highlight asset status and needs. With them, energy companies ensure that not only do workers have needed tools but also that the company is not spending more on them than necessary.