Best practices for retaining asset knowledge throughout asset lifecycle

Managing a solar farm involves handling many activities and obligations. Feasibility evaluation, EPC management, and O&M management are the three major steps in project lifecycle and involve many activities such as risk assessment, PPA, financing, monitoring and maintenance, billing, and maintenance. Keeping a comprehensive record of these activities will allow you to retain asset knowledge throughout the lifecycle of your assets, and we will explain the best practices in documenting your business activities to ensure best business decisions and increase ROI.

Documenting activities during asset lifecycle

Error-proof documentation is vital for keeping track of business activities, and this can be done flawlessly by asset management software (such as Hap®). As a solar farm operator, you need to keep an accurate record of your feasibility evaluation, site details, procurement, permit, engineering, financing, production, O&M, and billing activities in order to lend insights into business operation and ensure good business analytics.

Best practices for retaining asset knowledge during operation

During operation, good recordkeeping will allow you to keep track of plant performance and O&M activities, detect production shortfalls and when, what kinds of interventions to be taken, and insurance procedures. Accurate records of these operating procedures need to be kept in a system, and a clear structure needs to be established to allow accurate recording, effortless information retrieval, streamlined business activities, informed business decisions, and efficient time use. Manual maintenance of these large volumes of records is error-prone, but these data can be easily maintained in asset management software.

Best practices for retaining management knowledge

Standardizing and documenting activities can greatly reduce costs associated with changes in operations. Good documentation reduces the cost of staff changes by building a communication gateway that accurately tracks and efficiently transfers know-how. For instance, when a manager leaves the company, knowledge needs to be transferred from the previous to the current staff. This involves many costs such as employee training and adaptation. Good documentation enables thorough knowledge transfer which is critical to a smooth transition among and between staff.

Best practices for retaining business knowledge

Accurate information tracking not only reduces the cost of staff changes by providing necessary information to allow accelerated onboarding and adaptation but also allowing smoother adaptation to operational changes. For instance, when there’s a change in the insurance claim or OM provider, accurate documentation allows the operator to know what’s being done and what to look for. Rather than relying on qualitative decisions and experience, accurate recordkeeping allows smoother transition, better analysis, and more efficient change in operational processes. Business information can be neatly kept in asset management software, assisting operators to make smoother business changes, informed decisions, reduce time waste, and avoid costly mistakes.

About Hap®

Hap® is an asset management software that allows asset managers to boost their bottom line. Hap® has advanced documentation features to allow comprehensive tracking of information and keep business knowledge in a centralized database which allows easy retrieval. HAP empowers asset managers to make informed, smarter decisions and increase ROI through intelligent management.

Contact us to see a demo of Arbox Hap