3 Misconceptions About Asset Management Software

 
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  1. '“Asset Management is only about the physical asset.”

Although this misconception isn’t just tied to software, it’s a valid point to start off with. Because not everyone is on the same page as to what asset management really is. In the early days of renewable energy asset management, this definition was limited to monitoring and maintaining the physical asset alone. Now the responsibilities go further than that. Think of activities like operations, maintenance, subcontractor supervision, energy invoicing and utility relationship management. But also accounting, cash management, regulatory, contract compliance, investor and bank reporting. With the increased competition putting extra pressure on driving down costs, optimizing each of these aspects is becoming increasingly more important in the job of an asset manager. And it also is the only way to achieve success and profitability

2. “Monitoring software is the same as asset management software.”

Directly tying into the previous point: if asset management is more than just maintaining the physical asset, then the software should also do more than just monitor how the asset is performing. While monitoring systems give a great overview of the data captured with measuring devices at each of the assets, that is not the whole picture an asset manager needs. Asset management software will combine a host of different data sources to give the asset manager a complete overview to be able to make the right decisions and to run their operation as cost-effectively as possible.

3. “Asset management software is only about reporting.”

One of the key aspects of asset management software is helping you put together the reporting you require. And although for some people that is the whole point of asset management software, there is far more to it than that. Yes, the reporting outputs are important. But when used to its full potential, an asset management software tool can support an asset manager in every aspect of his daily workflow. By organizing the different aspects, it helps ensure that the operation runs as smoothly and efficiently as possible.

Why is it useful to use asset management software? And how can it contribute to a higher ROI for your assets?

This guide will give you a complete overview of how it helps your business including:

  • Three common misconceptions about asset management software

  • 9 ways asset management software helps your business

  • Real world examples of how asset management software could have prevented a disaster

  • And much more....

Download our free Essential Guide to Asset Management.

 
Julia Maciunas