Advanced Investor Reporting with BluePoint’s Product Manager [Interview]
Why should I streamline my reports?
Asset managers have it tough, managing revenue and ensuring the plant's performance, but with the expectation to navigate multiple systems and departments while manually copying and pasting information to create reports. When we asked asset managers about their key challenges, reporting was at the top of the list.
To solve this problem the 3megawatt team has worked hard to completely update BluePoint’s renewable asset management reporting feature. This new reporting tool, just one feature of the suite of asset management tools, assists renewable energy owners and operators around the world to streamline their investor and performance reporting. With BluePoint users are able to centralize plant data to generate monthly, quarterly, or daily customizable reports. This can save companies incredible amounts of administrative time by reducing the report creation process to just a few minutes.
The following interview with Anton Telegin, BluePoint’s Product Manager, reviews the new reporting module and its key features that are assisting asset managers today. Anton answers questions about the team’s process in developing the new reporting module, how it is unique to the market, and the challenges they faced when developing the tool.
Q: Why did you decide to develop a new reporting tool for BluePoint?
Last year when we first started developing the reporting feature we knew that one of the main responsibilities to asset managers is to create plant and portfolio reports for stakeholders, banks, investors and internally. Reporting is usually done in spreadsheets and takes up to several days, or even weeks to prepare each time they are needed, usually monthly and quarterly. We also knew how time-consuming it could be, and that most asset managers prepared at least one type of report - for investors. We also knew that no one could guarantee there were no random mistakes in the data.
Q: Were there any issues you ran into?
We realized that every one of our clients was generating a different report. We decided to go beyond a generic template and provide our users with full customization allowing them to generate dynamic reports on a recurring basis. This was tricky but we took advantage of the fact that BluePoint, with its 50+ automated data connections, was the perfect platform to streamline this process.
Q: What was your first step in creating the reporting feature?
Our first step in developing a feature is always to do user research. When we started this process, we noticed that every client had a different way of reporting. It was clear that customization would be a necessary aspect of this tool.
Part of our mission here at 3megawatt is providing tools within BluePoint for renewable energy asset management best practices. We work with companies all over the world, from small Independent Power Producers (IPPs) to large utility-scale companies, enabling us to observe some of these best practices.
The reporting feature has opened up a new way to use BluePoint. Once reporting is set up, users no longer have to log in to multiple platforms to access their report data. They can quickly pull data like monitoring system data, O&M data, financial data, and other performance data stored on the platform into a nice report. Then asset managers can automate the whole process by scheduling recurring reports or if they prefer sending them via email directly from the platform.
Q: How did you manage the product launch for BluePoint’s new reporting feature?
Our strategy is to make features that address real needs. We do this by launching features as early as possible which allows us to immediately track user metrics, get feedback, improve and repeat. We use this framework for every product launch.
Once the product was launched, we tracked three key parameters daily:
Adoption (do users try the new feature?)
Engagement (how often do they use it?)
Task management (how many tried and succeeded?)
Immediately we got tons of ideas and user feedback, every inquiry was addressed and automatically tracked in Productboard. We were really surprised how much people valued the appearance of their reports, so much that they could spend hours just making the report visually appealing. This helped shift our direction a bit more towards customization and the editing capabilities of the reporting feature.
Q: What should users know about the new reporting tool?
There are two major steps to streamline the reporting process. First, you should create a template which can be used to generate reports on a recurring basis. Second, generate a report from the template, which allows users to select their portfolios and a time period of data. This report then can also be fully edited after being created, giving a user customization options before sending it out.
Q: How is BluePoint’s reporting feature unique in the industry?
It significantly reduces the time asset managers spend on repetitive and time-consuming tasks like copy and pasting, while also improving the accuracy of data. Our users also have the advantage to more easily share this information with their stakeholders. Since we were pioneers in this sector and have more users than other companies in our space the amount and quality of feedback helps us a build a solar and wind software that really works.
See how BluePoint has helped increase return on investments
Download this case study to learn how one of our clients increased ROI and improved their O&M process with BluePoint’s Reporting and Performance features.