The effect of this has been a proliferation of RE investments. At the company level, having a diverse portfolio is a blessing, but it comes with challenges. There is growing uptake of this software type as indicated in the Markets and Markets report, which predicts the global fixed asset management software industry to be worth $5.2 billion in 2024, up from only $3 billion two years ago.
In fact, asset management can be traced back to ancient Egyptian times when asset registers were popular. In renewable energy, the need for asset management has been evident from the outset. Renewable energy companies have always desired to manage their solar farms, wind farms, and other assets better.
The early 21st century saw extensive use of spreadsheets for asset management. Similar to today, the concept was simply about placing an asset in one column, and then inserting asset details in another. A few problems emerged, such as that of ghost assets. Accuracy and control of the register became more challenging as portfolios grew.
Despite these drawbacks, some businesses are still reliant on spreadsheets for asset management and decision making. If your company is in this category, a better choice would be asset management software and virtual data rooms.
Effective decision-making is about having a clear money trail and knowing how to spend it for the best returns. It is about involving stakeholders easily. Asset lifetime expenses are also a component of organizational decisions.
A common challenge companies could be facing is the need to spend countless hours recording and monitoring assets. Bloomberg BNA conducted a survey that showed that a typical company could spend up to five days per month recording assets using homegrown databases and spreadsheets. Precious time that would otherwise be spent on analysis and decision making is lost.
If there is one thing that can improve the decision-making processes, it is to have accurate financial reports. The growth of a company cannot be analyzed without this data. Financial statements from software tell whether the business is growing or struggling.
Renewable asset management software also enhances the checks and balances of asset management policy. With improved organizational efficiency, it becomes simple to budget and plan for present and future processes.
Naturally, the trust of partners and investors increases if they know that an independent party did the audit. Asset management software makes it easy to audit RE assets. The asset tracking capability of software reduces compliance risks, thus making audits smooth. With good asset management and tracking software, companies have an easier time convincing their partners and potential investors that the company is still in compliance.
In summary, renewable asset management software offers a dependable decision-making platform because of a data-driven approach. Software can help pressurized RE asset managers to determine the health of their energy assets promptly. Such information can help them make timely decisions for cost-efficient maintenance and operation.
Companies need to be sure they have based their portfolio rating and consequent decisions on current data. With vast renewable assets comes difficulty in decision-making. The growth of a business should not hamper decisiveness.
QBI Solutions provides the answers. The assessments provided are compliant with global asset management principles.
At QBI Solutions, we are bent on delivering software that can accelerate the energy transition. Our tool has numerous features that make it easier to verify and audit renewable energy assets. QBI team is always available for conversations about custom solutions or a demo for our potential customers.
About the Author
Luis Selva has more than sixteen years of experience in the Renewable Energy Sector, mainly in Solar Photovoltaic and Storage Solutions, and Wind at the beginning of his career. From 2004 until now he has been involved in services with different responsibilities and scope of work, O&M Solutions, after sales services, commissioning, retrofits, etc, for more than 17GW renewable assets globally. He has recently joined QBI Solutions to lead the sales team, being responsible for the development of the commercial strategy fostering the internationalization trust of their portfolio.