TRC-2018 Learning Zone 33:41
by Laith Alfaqih, Stantec
Total cost of ownership (TCO), also known as TOTEX, is the expected total financial commitment by the organization towards the asset. It considers the full economic consequences of dollars invested to meet a service level at a specified level of risk. Through TOTEX, every part of the assets’ life cycle (planning, design, construction, implementation, commissioning, operation, maintenance, decommissioning, and reuse/recycle) is part of the analysis. Internet of Things (IoT) is becoming an integral part of utilities daily operations and management. It is assisting technicians, engineers, and managers in making reliable and robust decisions about the assets. These assets are providing and exchanging data continuously about their condition and receiving data from other assets to make sure that all of the assets are synched and operating as one unit. Additionally, these assets have internal decision making processes, where majority of the time won’t need any external engagement. IoT has a significant impact on the organization’s assets’ TOTEX. Having the ability to collect, distribute, exchange, receive, process, and decide would reduce the operations and maintenance cost that is related to the asset. The technicians’ activities would become more proactive and geared towards optimizing the system to achieve the highest output. On the other hand it will provide the engineers with diagnostic reports about its operating environment and output, which will assist in the design and selection of assets. Also it will assist in identifying the critical spare parts that are required for that operation environment. This presentation will detail and provide a roadmap and best practices for asset managers to integrate IoT within their system to achieve the lowest TOTEX and highest outcome as part of their ISO 55000 implementation. Objectives
- Connectivity between internet of things and total cost of ownership through ISO 55000
- Utilize internet of things to develop reliable total cost of ownership
- Introduce best practices to integrate internet of things with total cost of ownership
