When to use renewable asset management software and a monitoring system
There are a lot of questions about the difference between a monitoring system and renewable asset management software. Specifically, if it provides similar functionalities as a monitoring system and when to start using asset management software. In short, asset management software is not the same as your monitoring software. A monitoring system alone cannot help you manage your renewable energy portfolio other tools like excel are necessary. The fundamental difference is that asset management software helps manage the entire lifecycle of an asset while monitoring systems provide you with the performance data of your project but together they can optimize your renewable energy portfolio! Saving you time and money. Let’s take a closer look at both.
Asset Management Software
When your portfolio gets bigger and more complex a monitoring system is helpful but isn’t designed to connect teams, automate workflows, generate invoices, perform contract management, task management, event (ticketing) management, asset registration, project performance reporting, and much more!
Although it will help maximize the value of your renewable asset management software when the two are integrated. Your chosen asset management software such as BluePoint will maximize the value of the data provided by your monitoring systems. For example BluePoint can be set up so that APIs automatically update real time performance information so that daily or monthly data can be viewed for a project or portfolio from one central location. This performance data can then be used to generate automatic invoices based on unique rate schedules and contracts.
You can also use the data to create powerful and customizable PDF reports directly from the asset management platform. Customizable dashboards will allow you to use this performance data for your most important KPIs so that your team is always up-to-date. Being able to control user management and permissions makes it possible for everyone to get the right information at the right time, helping you manage the entire lifecycle of your assets.
Monitoring system service providers offer companies a solution to track their performance based on consumption and generation, optimizing consumption, and monitoring interruptions to your solar installations among other performance factors. Monitoring systems for example receive the data from your plant via solar inverters. Without a monitoring system it can be very difficult to track the performance of a plant and ensure that the plant is running at its optimal capacity. Monitoring systems provide you with critical real time data that help you operate in the most efficient way and ensure that you have a clear understanding of your project's performance at all times. However monitoring systems do not provide lifecycle management that an asset management software does. It will though, integrate with your renewable asset management software.
Some examples of popular monitoring systems that integrate with BluePoint (renewable asset management software):
When do I need both?
When you are looking for streamlined management, analytics and professionalizing how you run your projects. An asset management software registers an accurate and reliable history of an asset which can be invaluable at any stage of the assets lifecycle but particularly useful when selling or obtaining an asset. An asset management is scalable because it standardizes and centralizes your operations. A clear and reliable management system will always reduce growing pains and help make your company more profitable.
If you are deciding to use an asset management software and you are already using a monitoring system we recommend that you always integrate them!
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