6 Ways Your Asset Management Team Can Generate Cost Savings
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.
2. 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.
3. 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.
4. 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.
5. 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.
6. Never lose sight of 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.
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