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What Role Does Satellite Technology Play In Asset Management?

What Role Does Satellite Technology Play In Asset Management?

Asset-heavy industrial players like utility, energy, oil and gas, semiconductors, transportation, manufacturing industries and more invest copious amounts of money in capital expenditure. Industrial asset managers in these domains are therefore burdened with challenges and daunting responsibilities in ensuring that assets are managed, maintained and overhauled optimally and that managerial decisions do not lead to waste of institution’s time, effort and money. Compared to conventional asset management efforts, the contemporary approaches of asset management are more realistic. Current asset management requires a sustained momentum to the social governance, event-driven insights, impact investing and social governance by the asset-dependent establishments. This is where the latest manufacturing specialists turn to rely on space-based technologies.

Many countries employ non-financial assets, such as water, wastewater, road, rail infrastructure and more, worth 457 billion dollars, but taking the necessary decision to deploy an asset is not enough. Failing to maintain and utilise those assets to their near-zero functional levels can lead to losing copious amounts of state-funded spending, losing public trust and imposing threats to the natural resources and community well being too. This is why countries require a wider-ranged lens to look at asset problems, and there is no better holistic view than generating one from the perspective of space.

Satellite technologies have allowed asset managers to tailor asset fact models for non-financial assets that forecast risks, proactively monitor and control assets with realistic and scientifically-proven understanding. Read this article to learn how satellite technologies facilitate large-scale asset managers in engineering, deploying, calibrating, managing, maintaining and overhauling expansive capital asset networks under a single screen.

Why is SatelliteTechnology Important in Asset Management?

Remote Sensing EO (Earth Observation) Data and Satellite Imagery started gaining the recognition of many asset experts in the past few years. Satellite data enables insights that facilitate asset integrity, performance, condition and sustenance inspection remarkably. Satellite-driven visualisation enables a deep dive in getting city-scale insights on asset networks, saving time, negligible expenses and efforts.

Unlike traditional data forms, satellite data enables reliable, accurate and timely information that allows seamless asset monitoring and inspection. EO-information Systems and Satellite Imagery Analytics empowered geospatial analytics to deploy strategically, control and maintain assets and predict the impending risks of assets.

Here are a few instances of how Satellite Data helps asset managers in making event-driven decisions.
Deploy Risk Mitigation Plans to Protect Assets During Natural Disaster and Threats
The overview enabled by this data can help assets to be less impacted by natural disasters like land subsidences, floods, bushfires, storms and more. The big data accumulated by satellites (like GOES – Geostationary Operational Environmental Satellite) can be processed via a deep learning algorithm that is tailored to detect patterns that illustrate impending natural conundrums. For example, this technology utilises synthetic aperture and long-wave radar data to discern patterns of the water, clouds and other environmental changes to foresee the brewing of a hurricane. These algorithms can be trained with realistic imagery data to detect patterns of disasters early, allowing asset managers to take the necessary actions to save the assets from impending dangers inflicted by natural hazards.
Hard-to-reach Asset Monitoring
Satellite data is not only used for commercial and public defence programs, they can also be used to help asset-oriented establishments to make asset-centric decisions. Satellites visit every point of the earth every day, so why not make the best use of these visits to diagnose assets? Satellite data allows sensor monitoring of asset-heavy areas, fully-control functionality and remote asset monitoring capabilities better than all alternative asset management technologies. LEO (Low Earth Orbit Satellite) System, Radar and Multispectral Optical Sensors enable a seamless stretch of visual data from asset managers to monitor their assets and keep hard-to-access assets under closer supervision. The abundance of data collected by satellites accumulates petabytes of visual data at the highest frequencies, for the more data is collected, the more asset managers are enabled with enough input to make impactful asset decisions. Asset-dependent companies can invest in multi-protocol data processing drivers to combine satellite data with data-driven from other multiple sources and illustrate real-time insights using interactive visualisation tools like Digital Twin, Simulation Platforms and GIS systems. This allows asset managers to monitor and manage their infrastructures institutes on 125,000 KM+ footprints effortlessly.
Movable Asset Tracking
Another instance where satellite technologies would facilitate asset management is in tracking movable assets. Satellite data can leverage remote sensing data to facilitate polling technologies that will locate assets that are on the move or assets that are misplaced or lost. When implemented correctly, satellite data analytics can help asset managers to pinpoint and locate assets on their precise location despite their existence at any point in the world. This technology can primarily be implemented in the transportation industry, maritime industry, commercial industry, and other industrial spectrums that mainly employs remote or movable assets to streamline their operations.

Satellite technology not only tracks assets but also the wildlife, natural resources and other remote environmental phenomena that can impact the sustenance, performance and upheaval of asset conditions and structures. It can help asset managers keep track of herds of beasts like (buffalo, elephants etc.) and flocks of birds and other animals that can be impacted by asset operations and take the necessary precautions to control the operational strategies to be away from the harm of and protect the wildlife.

Satellite Technologies be A Generic Asset Management Approach in The Future?

While diminishing the limitations and barriers in entering a space-age, Satellite data also enables a reliable perspective for asset decision-makers to make better decisions. This data keeps enabling constant access to geospatial indexes, asset indexes, demographic indexes and other derivatives that impact the health, performance and integrity of asset networks. The results and success stories that are announced across the world by asset practitioners who are already employing satellite technologies in asset management are making the use of satellite-driven asset technologies hard to ignore. Geospatial insights are revolutionising the asset practitioner’s approach in engineering, deploying, managing, maintaining, overhauling and inspecting assets. A few imperatives indicate that data manipulated by satellite technologies will sooner or later be widely used in future by forward-looking asset managers.

Also, on the other end, satellite companies are now investing a lot in edge analytics, and especially on nanosatellites with edge analytics capabilities that provide exclusive analytics capacities for assets owned by asset-dependent companies. These technological innovations will allow asset owners to agilely and self-reliantly make informed asset decisions despite the changing structural and conditional needs of the assets. In the next generation, the shared effort of satellite companies, governmental establishments and private asset owners will eventually be brought down to a user-reliant system with the adoption of edge analytics. This technological breakthrough will save satellite-driven asset data analytics time and enable faster, reliable and automated insights on asset and risk management. Thus, making satellite technologies a generic asset management approach in the near future.

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