Three Signs Your Asset Management Practices Have Outgrown Excel

 

Excel is an incredibly useful tool and we may never move away from it entirely but it is important to recognize when your asset management practices have outgrown spreadsheets. It is time to move on… It will be hard to let go of those handcrafted spreadsheets that have become so routine but unfortunately they are not conducive to a complex portfolio and ultimately the growth of your company. It is time to move on to a professional and modern management system that will connect your team, streamline your workflow, and help you scale. The goal for the renewable asset managers after all is to stay competitive with increasing pressures and beat fossil fuels. Look out for these 3 signs that you’ve outgrown excel.  

1. Your team is struggling to communicate.

If you’ve noticed that your team is in constant miscommunication it might be tempting to point the finger at your colleague. The truth is you should consider your process first. Being swamped in everyday tasks can make it easy to forget about stepping back and looking at the big picture. You might only realize that your old method isn’t working when it is too late. Your current process may have worked when your team was small but with a growing team and more assets your team will need to have a central place for communicating and tracking the increasing amount of information. Renewable asset management software like BluePoint enable your team to connect when your company is growing. It is designed for connecting teams and helps you deal with the inevitable turnover that you will face. It allows your team to store documents, register assets, manage events, tickets, contracts, performance and much more from one central place. It keeps people accountable because it logs activities within the platform keeping an accurate history of your assets that you can rely on. Create and assign tasks so that you’ll never miss another important compliance obligation. The best part is that you can manage permissions so that accountants, asset managers, investors, and other stakeholders only see the information that is most relevant to them.

2. Too much data and not enough time

It can be hard to find the time or the tools to make the most out of your data. We are more connected than ever to endless amounts of data but now what? There is so much data and not enough time to analyze and report it. The best way to deal with this is to find an integrated platform that will, for example, populate your performance data in one place. Your renewable asset management solution should connect you to the most popular monitoring systems making it easy to gather daily and monthly performance data. You don’t have to worry about uploading and reporting this data if you’ve connected to all of your monitoring systems. This information will automatically populate and store in the platform. Now that your data is within reach you can create custom reports or use standard templates, and use KPIs that will keep everyone on the same page.

3. Your portfolio is growing and you want to scale

When your company is growing excel starts to become far less effective. You’ll end up caught up in a bunch of spreadsheets that are difficult to understand and hard to track. Decoding an excel spreadsheet while training new staff and dealing with turnover will just add to the growing pains. Maybe you are still small and a fancy asset management solution might be overkill. The most important question to ask yourself now is where will you be in the next 3-6 months and are your current processes scaleable? As your portfolio starts to become more complex the increase in information and management responsibilities requires more standardization to stay competitive and transparent. With more stakeholders the mistakes become less tolerable and managers are held to a higher standard. It makes sense to have a professional management system that will grow with you.

 

What your asset management solution should provide:

  • Flexibility: When trying to scale flexibility starts to become very important. Your asset management style should be compatible with different monitoring systems, obligations, people, and other requirements attached to your renewable assets.

  • Efficiency: Complex management systems that require lots of busy work will make it difficult to scale. Being able to automate and streamline your workflow with a tool that can be used by more people than just the IT Admin will be a huge advantage.

  • Transferability: If you are acquiring an asset you will want to be able to transfer this new information into your current management process with ease. Acquisitions can be difficult to manage if, at first, your management practices are tailored to your current assets management styles and systems. An asset management solution that favors customization can make your asset transfers smooth. In the case that you are trying to sell an asset, it can be difficult to make this transfer if there is a messy history kept on your asset. Additionally having information scattered among people and places will make any transfer of information difficult, incomplete, and unprofessional. An asset management solution like BluePoint allows you to export all of your assets information and history in a clean, trackable, and organized format.