Growth in the renewable energy sector is proliferating. 98 Gigawatts of solar PV capacity was installed in 2017 (REN21, 2018, p. 8). Renewables will account for 85% of global energy production by 2050 (DNV GL, 2017).
As renewable energy portfolios and projects grow with the sector, the work involved in managing them scales too. Asset Management software can help automate portfolio management with scale.
Complex portfolios are challenging to manage. Accountability to many stakeholders is highly demanding. Margin for errors should be minimal if at all. Here are 5 challenges that can be overcome with an asset management platform. Prevailing over these challenges will help you exploit the proliferating sector and magnify renewable energy development.
#5 Miscommunication in collaboration
Tasks related to work-orders, obligations, incidents, or tickets are can get missed without a systematic procedure and dedicated channel to address them. Monitoring them is a messy process without proper documentation, transparency, and centralisation.
Managing workflows and tasks across teams and roles can be streamlined over AM software. A task management system within the software provides a systematic way to address on-going activities. This helps ensure that all tasks are properly assigned, approved and reported by the designated stake holders.
#4 Missing compliance events (contractual and regulatory obligations)
There are a lot of compliance, regulatory, and contract obligations to track and maintain throughout project lifecycles. Incurring additional fees or hassle from missing an obligation is an unnecessary misfortune. Growing your portfolio increases the obligations you must track and fulfil. Manually ensuring compliance deprives focus from growth plans.
Asset management software can help you automate the process by having a list of upcoming events in a list or calendar. This ensure you never have to worry about missing an obligation and help you focus on growing your portfolio. Another valuable component is keeping an audit trail of the activity in the event that there is staff turn around.
#3 Too much time spent creating recurring reports
A lot of stakeholders you are accountable to demand monthly and on-going reports. This can consume 40 hours a month when done manually. AMS retrieves live data from the various monitoring systems across all your projects to automatically generate reports, KPIs and analytics that you can refine within the platform itself. Create portfolio reports, project reports, investor financial reports and more with a few clicks.
#2 Scattered data
The data you need are scattered across multiple project repositories, varying monitoring systems and mailboxes. You might also have to deal with a mass of scattered work-orders in emails. Keeping track of all the data is tedious and a hassle. Too much time is spent looking for documents or consolidating data into Excel spreadsheets and analysing them manually.
AM software can centralise all your data and automatically analyse it for you in real-time. This makes processing data easy and accessible. A centralised platform for portfolio management can also help keep track of documents for maintenance, work orders, contracts, insurance and permit all at your fingertip.
Your portfolio is complex, large, and or growing. The current manual process is overwhelming the asset manager. A large and growing portfolio necessitate a scalable approach to work. This challenge is number one because it escalates those of the previous four.
AMS can automate core tasks in a centralised and accessible platform. Tedious and complicated tasks are streamline at a fraction of the cost, time and personnel. AM software enables you to achieve scale in portfolio management to meet the growth of the sector without having to add more full time employee. Maximize your MW/FTE using automation.
Renewable energy portfolios are sure to scale along with the market. Asset management software is integral to facilitating scalability and expansion of your portfolio. Arbox’s HAP offers a solution to address common pain-points and much more.
Contact us today to see how HAP® can help you manage your activities efficiently and boost your bottom line.