Asset management software are a recent invention to the renewable energy industry. They provide automated processes and analyses to allow asset managers save ample time and money in administrative, compliance, financial, and documentation activities. In fact, a centralized asset management software may save managers hundreds of thousands of dollars in direct and indirect costs.
The paragraphs below explain several market trends driving asset management software adoption and how asset management software’s intelligent management can save money.
Key market trends driving the adoption of asset management software are
1. Growing and diversifying investor portfolios
Source: GTM Research, Global Solar Demand Monitor Q1 2017
The installed PV capacity expects to reach 600GW by 2020 compared to 303GW in 2016.
Along with market growth, we may also expect continued portfolio consolidation and diversification to reach economies of scale and capture new market opportunities.
However, portfolio growth, consolidation, and diversification also bring many management challenges as investors need to manage larger and more complex portfolios. This translates into needs for smart management techniques provided by asset management software.
2. More comprehensive documentation requirement
Market activities in solar plant operations, expansions, transactions, and acquisitions
require comprehensive documentation on assets including many technical, financial, and operational, and compliance information. Managing these documentations can be troublesome due to their large volumes and complexities, but asset management software can handle these activities accurately and efficiently, saving managers both time and money.
3. Asset management services need to be more productive to stay profitable
There is growing price pressure on asset management services as feed-in-tariff regimes phase out and solar energy becomes cheaper over time. These translate into lower revenue per MWh. Compounding lower revenue is more complex management requirement as the solar regulatory systems become more complex, making asset management services more challenging.
Therefore, asset management services must become more efficient to stay competitive, and an integrated asset management software can provide great cost-savings by providing automated and intelligent management.
4. Centralized monitoring
Renewable asset managers often need to manage plants and equipment using multiple monitoring platforms which can make it challenging to consolidate and make sense of data. A centralized monitoring platform can compile data from all facilities and help asset managers manage, analyze, and make smart decisions using a single data pool.
As businesses grow and consolidate, more plants and equipment will be added to existing assets, making central monitoring more vital for a successful business.
5. Growing reporting requirements
Reporting needs will likely increase as the regulatory landscape becomes more complex, and more data and information will accumulate as businesses grow and operate. Managing reporting activities using growing amounts of data can be troublesome. In fact, these activities can take 150+ hours to produce manually but can be fully automated by asset management software. Asset management software allow data to be easily stored, analyzed, and retrieved to generate reports.
Asset manager’s favorite software HAP®
Asset management software are designed to address the pain points faced by asset managers, and the renewable market increasingly favors intelligent and sophisticated management of growing portfolios.
HAP® is an innovative, centralized asset management software that is uniquely tailored to renewable asset managers. HAP® solves the biggest and most relevant challenges renewable asset managers face by providing automated and intelligent management. HAP® helps asset managers manage their growing portfolio, documentation and compliance needs, and stay profitable.
Contact us today to see how HAP® can help you manage your activities efficiently and boost your bottom line.