How Renewable Asset Management Software Helps Your Team's Productivity
Generate Cost Saving by Creating Efficiency
Automate routine and repetitive tasks
An asset manager wears many hats every day. With such diverse responsibilities, it pays off to organize and automate routine tasks. In doing so, asset managers can free up time to focus on the more valuable tasks. This becomes especially important as you’re scaling. We see that employees can often handle twice as many projects with the software supporting them. So no need for finding qualified new hires to support the growth.
Save time by following checklists and best practices
For each project, there are many documents you need to store and steps you need to take to make your project file complete. To remind you of the things you haven’t completed yet, your asset management software tool can serve as a checklist.
This is not only helpful for new hires, but also for any other team member. After all, we all know how easy it is to forget about a small detail when you’re in a hurry. But with the help of the software, you luckily won’t have to spend any more time on checking whether every document is included and every necessary step has been taken.
A centralized hub for all your data
With a diverse set of responsibilities also comes a wide range of data and tools to do a good job. But what makes things more challenging is that different data is spread over different places:
Monitoring data comes from one or more monitoring platforms. Weather data resides in weather portals. Events and work orders can be found in CMMS systems, spreadsheets or email correspondence. The utility data lives on a utility portal, a spreadsheet or even just a piece of paper. And on and on.
Better decision making
You want to make sure that the value and performance of each asset is maximized. That means that constant analysis and comparison of the performance is necessary. Many companies do this by copy-pasting data from different sources into custom Excel files with complicated macros, every week.
Instead, with an AMS, a real-time overview of each asset’s performance is pulled at will. And with more background information about each asset right inside the same tool, you can quickly dig deeper and get to the root of why an asset has been under or over-performing.
External data for better analysis
The only way to make a reliable comparison of the performance of different assets is by comparing apples to apples. And adding external data to the monitoring data can be necessary to accomplish that. Take weather data as an example. When an asset is underperforming, you’ll want to isolate the impact of the weather from the impact of equipment malfunctions on performance.
Pyranometers generally do a good job of providing an accurate view of the weather conditions. But there are many reasons why they can’t always be trusted (e.g. equipment malfunction after heavy hail). Instead, an independent, third-party dataset helps validate the data measured at the plant and replace erroneous data. Or it can even replace missing data.
Never lose sight of or forget about crucial documents
When working on projects, agreements, and contracts with different parties, it’s quite common that some things get lost. Maybe an addendum to a contract got stuck on your former colleague’s laptop who changed companies six weeks ago. Or the hard drive of your own laptop crashed.
So having a central place to store all relevant documents along with the rest of your data, will mitigate those risks. Not to mention how much time you would save by not having to check whether that one file is still in the download folder of your laptop or maybe still as an attachment in your email.
Managing the flow of talent
In growing industries - like renewable energy - the need to find talented people becomes more and more important. New talent that gets attracted to the industry and talent moving around is beneficial for both the industry as a whole and your company.
But it also comes with a few challenges. As you grow, more people need to be hired and trained. Maybe your best people will even get swooped up by competition. Whatever the challenge is, asset management software can help mediate some of those concerns:
Reduce on-boarding and training costs
Getting new hires up to speed with your company’s processes and way of working usually takes a few months. And especially with new hires that don’t have direct experience in the field, this can be a costly affair. There is just so much information and processes to share that it usually takes a while before they become fully operational. For growing companies that add new colleagues to the team regularly, this pain is multiplied.
With asset management software, new hires can become productive from day one. Enforcing a standard process in the workflow speeds up the learning curve considerably. And it helps of course that the new employee only needs to master one new software tool.
Reduce the risk after employees have left
In a world where managed assets outlive the tenure of employees, it’s important to have standardized processes and a centralized place to keep track of all relevant data. Just think of custom built excel files or document organizing systems that can quickly turn one person’s logic into a foreign language to the person taking over his job. By standardizing the way of working across the company, anyone can pick up the work where the other left off. So you’ll reduce the time necessary to rectify these types of issues.
If you have a car, you keep a maintenance booklet up to date whenever you go in for a repair or maintenance. That way, everyone will have a clear picture of how the car has been treated, how well it has been maintained, etc.
An asset management software tool is similar. In one central place, you can see how your plants are performing, how they have been maintained, what all the terms of the contracts are, etc. And during audits or due diligence, that is worth a lot.
Dealing with regulatory requirements
We all know regulators have many requirements when it comes to compliance with their regulations. One of these is storing specific data to prove that everything is up to date with national and federal energy regulations. With an asset management software tool, you have all the necessary data in one place to make audits less of a pain to deal with.
Benefits for investments, M&A’s and financing
As the renewable energy industry is growing, assets are quickly becoming a popular investment opportunity. That, of course, comes with a level of required professionalism. Investors and financial institutions expect the same diligence and professionalism of the management of their renewable energy assets as they do from any other asset class.
Using a professional asset management software enhances the trust and credibility and is an indication that you have everything under control. With all the data in place to backup your story, you’re in a good position to negotiate better rates with financial institutions, get a favorable evaluation by potential buyers, etc. So using an asset management software tool can even affect the transaction value of potential deals or refinancing conditions.
About us... 3megawatt provides software solutions for renewable asset owners and operators. BluePoint is the first and most complete platform of enterprise-class software designed to automate and control the entire renewable asset management lifecycle. Learn how BluePoint can optimize your renewable energy portfolio by requesting a demo below.
Our online demo will give you a guided tour to show you how our BluePoint platform can help your company, including:
- How to make project information easy to find for team members, investors and clients
- How to gain control of your compliance obligations
- How to save time by creating automated invoices and reports