The spread of COVID-19 across the globe brought with it uncertainty for accounting and financing departments. With no time for preparation, many organizations had to quickly learn how to work remotely within distributed teams.
But the Digital Era is here with us, and even though transitioning to a virtual environment can be challenging, it is possible to get some strategic advantage from the seemingly chaotic times. It is all about leveraging data and technology. For financial management teams for renewable assets, digitizing processes is the way to go.
Are you wondering how digital interventions can impact financial management for renewable assets? Here are three benefits the QBI Solutions platform is spreading in the industry.
Data Transparency
Integrate your accountancy and get complete visibility of P&L and balance sheet of all your portfolios SPVs
If you are a Financial Planning and Analysis (FP&A) expert, you appreciate the importance of regularly sharing key financial data and analyses with key stakeholders. But it is equally important to be sharing this information with the people in marketing, sales, and other departments.
When you share financial data with everyone in the organization, it becomes easier for everyone to understand performance and other aspects of the bigger picture. Even when the company is not doing well in some quarters, transparency demands that both positives and negatives be shared.
When the stakeholders and co-workers have the complete financial picture of the company, it can bring several benefits. One of them is a boost in confidence because they now understand how their daily inputs affect performance. In case the management is forced to make seemingly unfavorable financial decisions, everyone can easily understand such moves and can adapt to remain in line with company goals.
Enjoy unmatched data transparency by using the QBI Solutions platform. It is time you shared your balance sheets and P&L documents freely.
Virtual Data Rooms
Grant access to your external advisors or potential buyers with our multi-role security level
Renewable energy professionals encounter numerous challenges throughout the project lifecycle. Managing large volumes of data for diverse portfolios is a key challenge. With the adoption of digital solutions, virtual data rooms have become popular storage platforms for sensitive financial information.
Renewable companies can use this online information repository to store and distribute confidential information. Are you handling complex RE projects or processes that require the input of external advisors or potential buyers? A virtual data room is the best platform for disclosing and sharing sensitive data.
The data tracking capability of this platform gives full details of financial documents accessed and by whom. One of the biggest benefits of this platform is that all confidential financial information will be invisible to third parties, unless granted access. The complex access settings on a platform like QBI ensure that the data is only visible to the relevant people.
Still, your external advisors or investors can access documents easily thanks to the intuitive interface. Document access and sharing are efficient because the platform has special capacity to upload and track large volumes of documents.
You may want the advisors and investors to see a project with limited access to related documentation. With our platform, you can configure which financial documents are visible or not without the need to duplicate shared folders.
Is there a better way to incorporate external advisors or potential buyers in your financial processes?
Online Collaboration
Grant access to your stakeholders to the QBI platform so they can upload documentation for you
Organizational frameworks and laws may vary, but proper execution of stakeholder engagement is essential for the success of any renewable energy project. It depends on how well information flows between company decision-makers and stakeholders.
The mandate to plan and make financial management decisions belongs to the administrators, but stakeholder involvement is also crucial. They may not be able to make legally binding decisions, but they have interests in the business. Often, stakeholders have expertise and information that may improve financial decisions.
There is a wide array of traditional and digital tools that promote stakeholder engagement, which you could use to create a matrix for your use. However, such a solution can be treacherous because of the time it consumes and the accompanying expenses.
You will be pleased to know that there are tools that are more effective and affordable. Online collaboration tools provide the functionality you need to engage with your different stakeholders. QBI Solutions platform is a perfect example of a place where stakeholders can upload documentation for you.
It incorporates many technologies or services that equate to different tools put together. This platform offers multi-role-based permission levels for even external stakeholders.
Apply the online collaboration on this platform and be sharing only what you want regarding your company finances. The tool comes with a customizable capability that you can use to customize functionalities and control access.
The level of control that QBI Solutions provides is unlike any other. Use the platform to control what users can see. Finances are often sensitive, so you can keep them invisible, but allow access to the project location and technical parameters.
In conclusion
Any form of digital transformation is difficult for renewable asset managers looking to modernize their processes. We believe that even with small digitization steps, your company will eventually complete this journey. Pilot projects can allow finance managers and other leaders within the company to demonstrate proof points before the eventual roll-out of the digital solutions across the finance department.
QBI Solutions is here to help rejuvenate your financial management in line with the energy transition. Contact us today for a free consultation.
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