Congratulations to our finalists
The following entries have been shortlisted for the 2014 Asset Management Innovation Award:
Horizons – visualised asset management
|Horizons is a software tool which allows users to make informed decisions on where and how to invest in road maintenance. It contains road condition information (from surveys) which can be displayed and analysed in an intuitive manner to help these professionals make best use of their budgets.|
Condition based risk management (CBRM)
|EA Technology’s CBRM methodology has transformed the way power assets are managed. Its entirely original way of combining asset condition data, with quantification of the financial risk of asset failure, has produced enormous benefits for users – smarter investment decisions, resulting in longer asset life, greater reliability and lower costs.|
Offering rail better information services - linear asset decision support solution
|ORBIS LADS capability transforms Network Rail's track infrastructure maintenance availability. By joining multiple fragmented, complex datasets into actionable asset intelligence we have enabled track engineers to make the “right interventions, right time, determined by facts”. ORBIS will save £750m over the next 10 years, enhance safety and increase asset availability.|
Safer streets: Asset management innovation reduces cable pit failure risk
|In response to potentially dangerous failures in distribution cable pits, UK Power Networks, in collaboration with Black & Veatch, developed a new asset management strategy to mitigate risks to the public. This step-change in pit management addresses “personal impact” criteria by reducing significantly the chance of failure causing injury.|
ATCSA - Advanced non-invasive fault diagnosis in electric motors and generators
|ATCSA is a non-invasive approach to detect incipient failures in electric machines. It is based on the analysis of currents by using advanced signal processing tools. ATCSA is valid for every operation regime and provides a high reliability in the diagnostic, avoiding dangerous false diagnostics of the classical methods.|
See the winner announced on 19 November
Be amongst the first to see who the winner is by joining the finalists at the Innovation Awards Dinner and Ceremony, taking place at The Brewery, London, on 19 November.
Asset Management information
All the information about the Asset Management category can be found here.
Entries to the Asset Management Innovation Award category are welcomed from organisations that have demonstrated innovation in Asset Management which has delivered financial, performance and risk reduction benefits.
The IET Innovation Award Asset Management category is managed and judged in partnership with the Institute of Asset Management.
The Award is supported by the Asset Management Technical Professional Network; the IET's joint venture with the Institute of Asset Management.
The Asset Management category may include projects such as:
- Development of Whole Life Asset Management tools to optimise capital investment, asset renewal or maintenance requirements
- Risk-based approaches to maintenance or inspection
- Innovative asset information systems supporting Asset Management decisions
- Development of risk models to quantify financial, environmental and safety risks
- Development of ‘operational readiness’ capabilities to plan for and respond to major incidents affecting the business and its customers
- Novel approaches to asset and asset management performance measurement and related decision making
- Novel approaches to competency and the development of asset management skills
- Innovative use of asset knowledge to improve the reliability or efficiency of assets
- New approaches to managing change as Asset Management is embedded in an organisation
- Innovative asset information systems and asset knowledge enablers supporting Asset Management decisions
- Novel approaches to Asset Management strategies and planning
- Fresh approaches to aging assets and strategies e.g. embedding new components into legacy systems to mitigate against broader asset lifecycle costs
Judges will look for originality and will place significant emphasis on the contribution made to whole life asset management, risk management and the impact on business performance.
Other factors include progress with implementation, integration into the business and the contribution to asset knowledge.