Are you getting the most out of your asset reports?

asset-reportAsset reporting is critical for the proper management of renewable energy assets. It’s important to keep a high level view of your facilities’ performance so you can spot a weak turbine or a poorly managed maintenance activity before it hurts your bottom line.

A good strategy for this is to generate recurring reports that summarize the asset’s performance on a regular basis so that owner operators can quickly spot issues. We’ve put together a list of suggestions for you to consider when developing a reporting strategy to make sure you get the most value out of this exercise.

1: Time-Consumption

If you’re doing manual reporting, there’s a good chance these reports will be generated by an asset manager with many other important responsibilities. Balance the need for a high quality report with the cost to your asset manager. Asset managers spend 150+ hours on developing financial, management and risk reports on a monthly basis. Many owner operators don’t realize that they are spending over $500,000/ year just on developing reports manually and continue to just throw man-power as they grow rather then create efficiency through automation. Weigh the importance of the data with the cost to the asset manager. Explore software tools to help your team, and invest in asset management software that can automate the entire process saving you significant time and resources.

2: Multiple Data Sources

While monitoring data that’s tracked by your facility’s SCADA system is good, try to bring data from other sources. Reference invoices to find out how much was paid for that electricity. Review your maintenance system to see what maintenance activities were opened. Do you have a list of upcoming warranties that are about to expire? Explore all channels of information and try to put as much as is feasible into the report so you have the best overview of the facility. You should have a report that consists of a summary overview of all aspects of the operating plant. Information should include performance, cash-flow, maintenance, estimated vs. actuals etc.

3: Presentation

People have a hard time seeing trends when they are overwhelmed with numbers. Take your data and try to boil it down to key performance indicators (KPIs) or visuals that are easily understood. For example, instead of displaying a table of estimated revenue, plot a trend. Instead of including all raw measurements try to boil it down into a meaningful metric like availability or performance ratio.

4: Side-by-Side Comparison

Find values that are easy to compare across assets and compare the assets against one another. KPIs like performance ratio and availability are great metrics for this activity. This will help quickly spot problematic assets and understand where you should spend your time

The HAP® Platform

A growing number of power utility firms and independent power producers are turning to asset management software for automatic report generation. Arbox’s Hap® platform providers a customizable report generating tool that can pool data from many different sources, condense it into a readable report and send notification to all parties that need to see it. To learn more contact info at arbox.com for a demo.

Contact us to see a demo of Arbox Hap