Seven Signs You Need Asset Management Software
Although renewable energy asset management software has many benefits, it’s not necessarily a required tool for every company. So if you’re still wondering whether or not it would be worth the investment for you, this section will help you pull the trigger. Here are seven signs that will give you an indication of whether your business could benefit from using this tool.
The first aspect to consider is how many assets you manage. If you’re just managing two or three assets, looking into a software solution probably isn’t a priority yet (unless any of the other criteria apply) Your current workflow should be able to do the trick. But the bigger your portfolio is, the more you’ll have to do the same type of routine tasks for each of the assets. And the more obligations, requirements, and people involved there will be. So you’d be better off automating and structuring that process with the help of a tool.
Even if the size of your portfolio might be limited at the moment, it might be worth the investment if you’re going to scale up soon. By adding more assets, you’ll probably have to hire more people, put more processes in place, etc. And a tool will support you in that transition. We’ve seen that employees can double the number of assets they manage thanks to the efficiency increase by using asset management software. On the other hand, if your situation is likely to stay the same for a while, implementing a tool might not have the highest priority on your to-do list.
One of the strong suits of asset management software is giving you a unified overview of your portfolio by pulling together different data sources. That’s the only way to truly compare apples to apples and make well-considered decisions. So if you’re looking at different systems regularly to compare data or even copy/paste data from different sources into one excel file, then you’re likely to benefit hugely from the help of a tool.
The more complex your portfolio is, the larger the benefit will be to use asset management software. But what exactly makes your portfolio complex? The number of assets, of course, plays a big role here, but there are a lot of other factors involved too: • Geographical spread of assets: Where are the assets you manage located? Managing a portfolio of assets that are spread across geographical areas, makes it considerably more challenging. • Collaboration with multiple people: See #5. • Many different licenses and permits. • Different insurance policies to keep track of. • Finance structuring. • Important dates to keep track of (contract renewal, warranties, maintenance, etc.). In complicated environments, there are clearly many moving parts. And to keep a good overview of that, asset management software can help bring order and peace to the sometimes chaotic duties and requirements.
The more people are involved, the more room there is for errors to occur or miscommunications, inefficiencies, and overall confusion. So if you have a lot of colleagues that need to be on the same page, a shared workspace can be the perfect central place to keep everybody up to date. The same is applicable to your external vendors. Working with only a handful of external vendors and suppliers and partners is easily manageable. But it can quickly turn into a mess when there are many relationships you need to maintain and agreements you need to keep track of.
How is the current solution you’re using working out for you? If the good old combination of Excel, email and a calendar is doing the trick right now, then why change? But if you’re losing a lot of time by switching between different tools, looking for files across different platforms, etc. then an upgrade might be in order. When you graduate from the Excel solution to a more professional asset management software tool. you’ll be surprised how much you can increase your efficiency. By automating routine tasks, having a central, shared workspace, following best practice workflows enforced by the software, etc. you’ll reach a high return on your initial investment in no time.
What are the requirements your financiers and regulatory bodies impose on you? An AMS can automate some of the reporting and keep track of the important documents. This is especially useful when you get audited often, are in regular negotiation with your banks, have an acquisition coming up, etc.
Curious about asset management software? Download our Essential Guide to learn more.