Microsoft Excel is a widely used tool across many different industries. 90% of businesses use spreadsheets at some capacity or another. In the Renewable Energy asset management industry, we estimate that 75% of asset managers still use Excel to manage the operations of their assets, despite the fact that there are better solutions available in the market place.
It works. Why move to another system? While Excel works to some extent it’s not designed to act as a central database for multiple projects. It’s not really meant for multiple people to use at the same time and as a result, prone to errors. It may be sufficient if you are running a few projects but will become a problem as your portfolio grows. So how can you continue to use your beloved Excel alongside an asset management platform? Here are 5 examples.
Many owner & operator companies in the solar industry have their own financial models for their projects. Use your existing model that you put together in Excel by uploading the workbook to the asset management software. Changed your model? No problem. Upload the new Excel workbook and see the changes against your project. The software will use this data to give you additional graphs and metrics and allow you to compare estimated revenue vs. actuals.
Perhaps there are tracking spreadsheets that you love, and simply cannot move away from. No problem, simply update it and upload it using the document management tool in the platform that will tie it to a specific portfolio or project. It will allow you to tag it with labels and assign it to specific users or contact.
Your finance team tracks its PPA contract terms on a spreadsheet. Great, continue to use that template and upload the terms for each project using the spreadsheet template. This can be used to automate the calculation of your invoicing on a monthly basis.
Export your project reports from the asset management software platform into Excel or csv format so you that can you do advanced data manipulation and analysis.
You currently track all your obligations using Excel and have an internal system that works. Use that data to upload it to a more robust system that will allow you to assign the tasks to individual or roles and set reminders when necessary. Additionally you can tag predefined set of procedures to your event to ensure being compliant with regulatory or contractual obligations.
About Arbox Hap®
Arbox specializes in asset management software that helps owner / operator’s solar facilities optimize their processes. The Hap® platform offers many feature-sets that compliment excel. We help our customers connect the dots between their existing tools such as Excel. Asset management software is not meant to completely replace Excel, its meant to compliment it. Our centralized platform ties operations, finance, monitoring and reporting all in one place saving our customers a ton of time. This time translates to significant saving that reflects on the bottom line.