| by QBI Solutions

5 Cost-Saving Ways to Manage Your Renewable Assets

Many industries are experiencing a cloud-based transformation that is replacing traditional business models. Renewable energy asset management is going with this wave by using modern asset management systems and methods. Using asset management software comes with several benefits such as enhanced data centralization and higher accessibility. 

Understanding how these cost-saving measures work is essential for asset management companies that are looking to reduce the cost of doing business. In this post, we will cover five cost-saving ways that you can focus on your renewable assets. 

  • Automating Repetitive Tasks

If you are yet to automate the repetitive tasks for your renewable portfolio, you may be losing a substantial amount of time and money. A renewable energy solution like QBI saves you an incredible amount of these resources. 

As they pursue increase profitability, many renewable energy operations are incorporating smart data management solutions. As your renewable portfolio increases, reporting, operations, maintenance, and other management requirements become treacherous. 

Adopting modern asset management generates the much-needed cost-savings. For instance, manual generation of a monthly report can consume 6 man-days monthly. The same can be complete with a few clicks using RE asset management software. In reality, the cost of creating reports can be in the hundreds of thousands of dollars annually for sizeable portfolios.  

Have you recently checked your reporting cost? Perhaps it’s time you adopted asset management software for your RE portfolio. 

  • Centralized Tool

Conventionally, RE companies stored asset data in multiple computers and servers, something that made it time-consuming and difficult to access data. A centralized tool is a remedy, especially when you consider the increased productivity rate it introduces. 

The cost-saving benefit of this approach speaks for itself. With a centralized tool, every stakeholder knows only one place where to get pertinent data. In sum, a centralized renewable energy asset management tool increases efficiency and cuts costs. 

A centralized tool also assures partners that your firm is operating in the most cost-efficient manner possible. Because everyone accesses data from a central point, overall productivity increases. 

  • Better Analysis

Is your RE asset management up to date? Are you sure you wouldn’t save business costs with improved analysis and insights? Smart investors and operators use improved analytics to gain a competitive advantage over RE businesses that still consider asset management as a simple art. 

Analytics can add value to every part of the RE value chain. However, we’ll discuss that in a future article. Let’s focus on RE portfolio analytics for now. Improved analysis of your assets can bring several benefits associated with cost-savings:

  1. Chance to discover emerging trends in the industry
  2. Use analytical awareness to optimize asset performance
  3. More accurate and elaborate understanding of current asset performance 

If your analysis method is still traditional, probably you are depending on your years of experience and guesswork here and there. You could also be counting on some little luck. Maybe you have Excel as your go-to tool for analysis. No matter the effort you put into it, this method will eventually drain you. You will find yourself performing fewer and less thorough analyses. 

A well-devised tool such as QBI gives you a limitless platform for analyzing portfolio performance and cutting costs so your business can remain competitive. 

  • Better Decision Making

Our fourth bucket of cost-saving ways to manage your renewable assets is the capability to make better decisions. For an improved decision-making process, you need quality data. That’s the reason using the right tool is so essential for professionals in operation management. 

When you have enough metrics of past projects, it is much easier to forecast resource utilization and other future components. When you know how the current RE assets are performing, you have an easy time determining which ones are not in line with your corporate goals. If you are a project manager, you better get such details first-hand than hear them from other managers. It is even worse if it comes from the top executives. 

Concerning costs that go with resource utilization, a reliable decision-making approach will help you determine the interrelation between different projects. You will know how a change in one project affects another project. 

  • Document Repository

RE asset managers looking to reduce company costs and increase productivity know that software-based document management recoups its cost within a year. Digital asset documents reduce man-hours and consequently the associated costs. 

A cloud-based solution at QBI Solutions makes document repository a breeze. It allows RE companies to record and manage vital assets in their lifecycle. You can place engineering and related documents in a single repository where you can find, secure or even destroy them as necessary. Such insight into your renewable assets is remarkably cost-effective. 

Closing Remarks

Renewable energy asset management is progressively demanding increased flexibility and cost-efficiency. Only a technologically advanced platform such as QBI Solution can deliver such requirements. It is a perfect example of keys that can increase competitive advantage and propel a RE firm to greater heights. Ultimately, asset management based on cloud capabilities brings many benefits that can significantly boost the company’s overall strategy. 

Our energy management software is built around business, to support your different departments regardless of the stage of the project lifecycle. Stop wasting time and costs with activities that this platform can handle more effectively. 

About QBI

QBI offers an end-to-end process optimization and information integration platform that allows our clients to manage their assets and operate optimally in all stages of the project: development, construction, asset management, and M&A. It is designed by, and for, renewable energy professionals, and is flexible and configurable by country, state or region, and technology, regardless of the energy source. Your projects, associated tasks, documentation, dashboards and other project-related information are centralized and digitized.

Additionally, we can connect to any peripheral information system, thus optimizing the use of your infrastructure and assets, reducing operational costs, driving energy efficiency initiatives and improving the financial return on your investment.

Contact us for a demonstration of the cost-saving capabilities of our solution. 

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