What is the value proposition of asset management software? Is software worth the trouble to adopt? This article addresses common barriers to software adoption and how concerns surrounding them can be alleviated by virtue of the nature of the sector.
Managing a portfolio of asset can get challenging as you grow. There are many compliance, regulations, documents, finances, performance and contracts to track. Tracking everything manually with tools such as excel or outlook is not optimal. Though powerful and offer a wide array of functionality, the aforementioned tools are not specialised for solar asset management.
Oversights that impact generation can cripple cash flow. Manually pulling monitoring data each time for reporting purposes is prone to mistakes. Regulatory and contractual compliance oversights can heavily effect the bottom line. Not having readily available at your fingertips takes up unnecessary time and not automating your processes impacts the bottom line.
All the aforementioned problems can be easily avoided by adopting asset management (AM) software. AM software consolidates and automates all aspects of managing a renewable portfolio. We realize that there are still barriers that prevent adoption.
Based on feedback the top 5 concerns are awareness, cost, change, time and integration/ features. Here is the list of common barriers that many companies face.
The large scale shift to renewable energy is still in its infancy. Managing a portfolio of solar and wind projects is still a growing sector with many companies still unaware of the value proposition of software. By our estimation 70% of the market still manages assets in manual fashion using rudimentary tools. Many organisations are skeptic towards the adoption a fairly new solution and not really aware of the remunerations of the solution.
This should not dismiss the benefits that solar asset management software is currently capable of –consolidation all your data in single platform, giving you the ability to perform both financial and technical asset management and provides you with the information to maximize your profits.
If you have gotten proficient with managing solar portfolios manually and are familiar with best practices to avoid costly mistakes it would appear to be an unnecessary cost to buy software that does what you are already capable off.
However, an asset manager that works manually can only manage so much MW before being bogged down. Solar asset management software can increase the capacity of asset managers by 4 times with its automation features. Software is much cheaper than paying for four asset managers as the sector grows to fulfill the demand for renewable energy. Additionally, the cost of switching early before your head is under water will be significantly less than once a portfolio matures. Software will enable you to grow with scale.
Asset managers already have their hands full managing their portfolios. Why should they be troubled further to adopt a new solution that has benefits that are not immediately noticeable?
The benefits of solar asset management software are scaled with the growth of the sector –the larger a portfolio becomes, the more its automation features shine. You may feel the pain at first but after a few month your lives will become much better.
It may also be prudent to wait for one’s portfolio to grow first while a dominant solar or asset management software solution becomes established. However it is much easier to adopt a solution before your portfolio grows as it’s easier to implement internal processes sooner than later.
You lack time and resources to adopt software.
Adopting a new solution or work process can take valuable time away from current operations. However, the accessibility offered by renewable energy asset management software makes it more beneficial in the long run. The work involved should only marginally increase as the portfolio grows due to automation. Many providers like Arbox also offer you resources both onsite and remote to help you with the adoption of the software. This help you get up and running with minimal impact to your daily routine.
Integration and Features
Desired integration and features may not be currently be present in existing solar asset management solutions.
This is to be expected as the sector is in the process of maturing. Solar asset management software is developing just as quickly as the sector is growing to accommodate the needs and pain points. It also has the benefit of being develop with current cutting edge technology. Many desired features not currently available can be developed at request as many solution such as Arbox Hap are designed in a modular fashion that enables easy customization.
Feel better about adopting software
The 5 barriers holding back the adoption of solar asset management software –awareness, cost, change, time and integration and features– are all valid. We hope that this article can alleviate some of concerns surrounding them. On the issue of not previously knowing about solar asset management software, we hope that this article improves awareness for our provided solution and those similar to ours. The point of solar asset management software is to reduce costs in the long run as portfolios grow. Adopting it early means affordable rates for the software and lower switching costs when it becomes necessary. It should not be too long before the benefits of such boutique software become noticeable due to the rapid growth of the sector. Finally, its features would be cutting edge by virtue of the developments in synergistic technologies.
Learn about Hap
AM software such as Arbox’s Hap can help with Plant Performance, Reduction of Operating Costs, Finance Structure, and to a certain extent Technology Expansion. Hap consolidates commercial, technical, and financial asset management into a single platform. This improves accessibility and transparency for getting insights into to act on each area with live data that can be analysed within the platform and automates the process to achieve it.
Contact us today to see how HAP® can help you manage your activities efficiently and boost your bottom line.