Renewable energy infrastructure has been attracting investors lately, bolstered by Environmental, Social, and Corporate Governance (ESG) concerns. Not even the COVID-19 crisis could significantly derail the growth of this sector.
Despite the added challenge of competition, asset managers have not lowered their expectations. Instead, they are looking for means to increase profitability. They are not short of strategies, as they can explore new geographies, pursue an increased specialization, or invest in modern technologies.
This article focuses on the third strategy, specifically digitizing the asset management team. We seriously think you should use this method if you haven’t already. Consider the following ways it could improve the performance of your business.
Minimized Costly Errors
If the asset management team is reliant on manual methods, it is prone to using inaccurate data and having to face the unexpected. The results can be detrimental to the productivity of the team and the overall profitability of the business. For instance, when a system breaks down unexpectedly, it costs the business time and money.
For businesses that still use conventional spreadsheets, expensive errors can happen. If somebody enters the wrong data, any subsequent data based on this data will also be wrong. These types of mistakes occur where digitization and automation are lacking. They can lead to wrong decisions and high costs for the organization.
To avoid costly mistakes, digitalizing the asset management team is recommended. Once the team starts operating via asset management software, such risks are minimal. Data is available at the fingertips so the team can make daily improvements and plan for the future.
Reduced Workflow Redundancies
Workflows are part of business, whether they are recorded or not. Documenting the workflow is a big plus because then one can optimize it. Optimization leads to resource savings for the company.
The asset management team can spend an incredibly high amount of time just managing workflows. Their goal is to optimize and track your renewable processes, materials, deadlines, etc. It is a demanding job, especially when it is manual. Repetitive and resource-hungry, the workflow can create undesirable redundancies, unless it is digitized.
Eliminating the manual angle from workflow management can help your team achieve greater results. When digitally transformed, workflow management is automated and therefore less prone to errors.
An automated workflow could be what your asset management team needs. It can remind us of many things including due dates, upcoming tasks, and so on. It also helps the team be on par with regulations because the system keeps track of every detail. Processes are faster with this transformation. To crown it all, the team finds it easier to update any changes in the processes.
Team Collaboration
Many organizations are yearning for the highest level of team collaboration. If cultivated in the workplace, collaboration creates a contagion effect on employees. Defining standards and promoting open-mindedness have traditionally been the major foundations of collaboration. Add digital capability to the mix and your team’s collaboration can improve significantly.
A platform such as QBI can connect your team in a central digital workplace. It is a place where you can hold job-related discussions and share all forms of documents. If you want to carry out surveys or get feedback from team members, you can do it right there.
For enhanced productivity, your team may need to not only plan projects but also automate monotonous processes. Digitalizing gives that capability, thereby getting rid of confusion.
Improved Accuracy of Return on Investment (ROI) Measurements
The term “ROI” features in business discussions often. Determining the contribution of an employee or project is a reliable way of determining the viability of an investment. Getting these measurements right can be treacherous without technological application. With the constant movement of modern employees and the diversity of assets, tracking performance is part of management.
Digitized asset management is the solution you need to carry out these measurements accurately. The analytics capability of software can help in many things, including knowing who is handling which project or asset. Details such as time, place, and progress are also available. This collection of data can help in making important business decisions.
Better Data Security
Given the sensitivity of information nowadays, the burden has been on businesses to apply stronger protective measures. Conventionally, a mix of digital files and manual documents has been popular. But it can be immeasurably beneficial for your asset management team to fully adopt digital documentation management.
Digitizing processes not only adds value from the cost angle, but can also enhance the protection of company data. A mixture of manual and digital data can be tasking to manage. The bottom line of secure data management is to know where every piece of information is at any time. Fortunately, asset management software offers this solution.
When it comes to restricted access, manual documentation is unreliable. A person only needs to access your premises to get hold of all information. Some would argue that the same case applies to digital documents- hacking is rampant. The truth is that a digitized asset management team can have their data access freedom managed individually. Even if there were to be a hacking incident, the hacker’s access would be extremely restricted.
With a digitized team, security is also stronger in other ways such as:
- It is easier to adhere to privacy compliance requirements
- You can pick the preferred provider
- Data encryption adds a layer of security
Final Words
These are only a few of the many ways digitizing your asset management team can improve results. Hence, discarding the manual approach for modern asset management is healthy for your business. Improved productivity and optimal utilization of assets are strong case points.
QBI Solutions has case studies of organizations that ditched manual asset management and went 100% digital. Their teams are performing better than before and the businesses are thriving. If you want these types of results, you can tap into the power of asset management software.
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. If you want to join the more than 17 GW of Controlled Capacity managed through QBI, contact us here for a demo.
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