Best document management practices for asset managers

Are you looking for a more efficient way to track all your documents for your portfolio? To keep everything organized, you should employ a centralized data repository that enables you to store all your files in one central system. Here are 7 essential feature sets asset managers should look for in a document management system.
  1. Easy Access

Your files should be easily accessible in a secure fashion from anywhere or anytime on any device. With an online based document repository your files will be readily available from any of your devices. The solution should be intuitive for easy download and upload.

  1. Search & filtering

Looking for a specific document in a large database can be frustrating. Clicking through or browsing through different folders doesn’t maximize yours or your employee’s time. Your system should have a filtering and search functionality. You should be able to find your document or at least narrow it down with just a few character inputs. You shouldn’t even have to click search. It should already be indexed for you.

  1. Tagging

You should have the ability to tag or label your documents in a quick way that will enable sorting, searching and categorization. Categorizing your documents with keywords such as permits, operations, finances, invoices, construction will make your life easier in the future.

  1. Grouping

Having the ability to link your documents to projects, compliance events, work orders or tasks will make it easier for your staff to stay on top of your day to day obligations.

  1. Importing/ Exporting

There are many scenarios where you need the ability to quickly export or import all related documentation for a project. Whether onboarding new projects or off boarding old ones, having the ability to import or export information at the click of a button will speed up this process considerably.

  1. Integration

Ensure you have the ability to integrate with other software platforms. For example, maybe you are using Dropbox, Box or SharePoint and you are satisfied with its functionality. When you have hundreds of thousands of files and don’t want to move away from the existing solution, but also want to keep all project related material in one place, Integration allows you to mirror your existing repository on another platform.

  1. Data Retention

The system should be able to store historical data and retain backups in the event of accidental deletion or system failure. For the entire lifecycle of your project, you should have a system in place to track all the documents to avoid loss of data with employee turnover.

  1. Permission

The system should have portfolio level and project level permissions to create for different users. Perhaps some of your staff should have administrative rights, some should have edit rights and some external contracts should only have read only access. The platform should give you the ability to set these permissions easily.

Other things to accompany and compliment document management should be:

  • Incident management to track events that take place prior to, and after the COD.
  • Task management to allow you to user based tasks and link documents or procedures.
  • Work orders to track O&M requirements
  • Contract management to link the actual contract to the terms, rates and summary of the agreement
  • Shadow Billing to track incoming invoices from the off taker, ISO or utility

About Arbox:

Arbox provides a robust asset management platform that includes a document management features built in.

Contact us today to see how HAP® can help you manage your activities efficiently and boost your bottom line.

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