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Overstory and Fulcrum Join Forces to Strengthen Risk Management for Utility Companies

In a groundbreaking partnership, Overstory and Fulcrum have announced a collaboration designed to transform risk management practices for utility companies. The integration of Overstory's risk intelligence platform with Fulcrum's field operations management system promises to enhance the management of vegetation, wildfire risks, and operational efficiency within the utilities sector.

A Unified Approach to Risk Management

Utilities in North America often grapple with the challenges posed by vegetation, which is a major contributor to outages and fire hazards. With an annual expenditure of approximately $8 billion on vegetation management alone, utility companies face increasing pressure from regulators to substantiate the effectiveness of their risk mitigation strategies. By blending Overstory's robust risk assessment models with Fulcrum's capabilities in managing field operations, the partnership ensures that utilities have a comprehensive view of their risk landscape.

The integration allows utilities to track their risk from initial assessments to completed fieldwork. This streamlined workflow helps them demonstrate the tangible benefits of their risk-reduction investments. Specifically, the collaboration facilitates the establishment of a verified record of the risk mitigated by their efforts, providing transparency and accountability.

Efficient Decision-Making for Utilities

Through sophisticated data analytics and operational insights, the combined platforms address three essential questions for utility operators: 1) What risk exists today? 2) What risk have we mitigated? 3) Where should we allocate resources next?

The process begins when a utility identifies a high-risk area using Overstory’s intelligence platform. The analysis then aids in determining necessary mitigation measures, which Fulcrum executes in the field. After crews complete assessments and document their activities, the data returns to Overstory, offering a holistic view of the remaining risks and effectively informing future actions.

Building Trust and Enhancing Operations

Fiona Spruill, CEO of Overstory, emphasized the unprecedented need for utilities to have a verifiable record of their risk management efforts. She stated, “By connecting Overstory and Fulcrum, utilities will establish a live, defensible record demonstrating the necessity of proposed actions, completed tasks, and their sequential impacts. This not only builds trust with the communities they serve but also complies with regulatory demands.”

Moreover, the integration enables utilities to continuously refine their risk predictions. Observations recorded by field crews can be used to improve the accuracy of future risk models, thus proactively managing potential hazards.

Jim Grady, CEO of Fulcrum, highlighted the operational benefits of the partnership, noting that their platform equips field crews with the necessary tools and insights to efficiently reduce risk on-site. The data collected during field operations feeds directly back into Overstory for further analysis, creating a dynamic feedback loop that continually enhances risk management approaches.

Available Now for Utilities

The Overstory and Fulcrum integration is currently accessible to utilities collaborating with either company. This initiative marks a significant advancement in risk management within the utility sector, combining cutting-edge technology with practical field applications to address the multifaceted challenges utilities face in maintaining operational safety and efficiency.

About Overstory

Overstory is at the forefront of risk intelligence for utilities, leveraging satellite imagery, sensor data, and AI to turn complex risks into actionable insights. Their platform is trusted by six of the ten largest utilities in North America and is influenced by mission-driven investors.

About Fulcrum

Fulcrum specializes in field operations management, making it easier for electric, water, and gas utilities to document and manage their work processes. Their platform captures essential data for almost 3,000 organizations, allowing for enhanced operational oversight.

This partnership between Overstory and Fulcrum represents a promising step toward more proactive and efficient risk management for utility companies, ultimately aiming to foster safer communities and uphold the integrity of utility services.