The renewable energy capacity is set to grow by 8% this year compared to 2021. The demand for asset optimization is growing too. The performance of assets is a priority, making pursuance of long-term asset health a goal for every owner or asset manager.
Renewable energy businesses may face many risks that could impact performance expectations and asset quality, but the good news is that software solutions can boost operations and extend the life expectancy of assets. This post explores how this is possible.
Major Risks to Energy Asset Management
Like other industries, the energy industry is prone to risks. However, that doesn’t mean that your business shouldn’t face the problems as they emerge. Below are some notable risks that are prompting energy companies to turn to software solutions.
Poor Record of Assets: If an organization is not sure about the assets it possesses, it will most likely fail in its asset management strategy. It simply doesn’t have a foundation on which to build, and this is a huge risk.
Unsuitable Asset Operation: Many energy businesses lack a complete understanding of the fundamental design potential of their assets, and how to optimally utilize these assets. Some assets lose a lot of their life when operated outside their design range. Unfortunately, it is common to find assets that have been subjected to improper operation, for instance, using an asset continuously yet it was designed for intermittent use.
Maintenance Challenges: During the operational stage of the lifecycle, machines and equipment need proper maintenance, yet many industries still perform poorly on this important aspect. Regarding this, there are two risks that you may want to explore: Over and under-maintenance.
Over-maintenance adds unnecessary costs to the business. Also, a business that over-maintains its assets most probably experiences many interruptions leading to a higher risk of infant mortality equipment failures. Under-maintenance is equally undesirable because it breeds ground for asset downtimes and unreliability.
Optimize Asset Performance - Energy Software Solutions at Work
The advancement of renewable energy is a welcome step in the efforts to safeguard the planet. However, the companies in this sector must also succeed for this broad agenda to be sustainable. Central to the success is the capability of renewable energy companies to generate energy and function efficiently. Investment in the long-term well-being of RE assets devoid of risks is therefore crucial.
In a shift from conventional solutions such as Outlook, calls, and Microsoft Excel, the software is now a popular solution for lowered risk in asset management. The traditional solutions may work for a certain number of assets in the portfolio, but as the portfolio grows, the risks mentioned also grow.
Energy software solutions simply automate and simplify asset management. Software furthers the goal of reliable asset management, which encompasses the following:
- Superior inventory management of equipment and parts
- Optimum asset maintenance
- Real-time asset monitoring
- Data access for remote team members
- Proper management of asset budgets and policies
By implementing this solution, you manage many asset risks and enhance the success of your business. First, you can establish the details of your assets. Any future changes to these details will be properly recorded henceforth. There are other ways that software reduces your risk:
- Effective Maintenance
Every minute matters in a business so it is important to have a way of identifying and handling maintenance problems as quickly as possible. An energy software solution is perpetually connected such that the asset manager can tell the time of a request and response. Thanks to this connection, repair work can be followed to ensure that the job is done correctly and to the conclusion.
With quality maintenance, you can be sure your equipment will work reliably for longer. Energy software solutions can help you get the most from your assets through proper maintenance. - Timely Compliance
Regulations are plentiful in this industry, but you need a simple and smooth way of proving your compliance. Businesses sometimes incur hefty fines because they didn’t receive inspection reports in time. Get an energy software solution and you will no longer need to worry about any compliance obligations. Tracking compliance, attaching crucial documents, setting deadlines, assigning tasks, and much more are all possible on an energy software solution. - Making Insightful Business Decisions
Energy assets are critical and expensive, so you want to be sure you are making the right investment decision. You can use energy software to analyze every aspect of the assets in your portfolio, creating customized reports with crucial KPIs for your firm. Track every coin spent in your business so you can make insightful decisions.
Take Control with QBI
The best energy asset software helps in reducing risk by doing more than just enhancing data collection. It covers all the tasks and needs in your energy business, thereby leaving no room for risks.
Our software has a wide range of capabilities under features such as energy management, reporting & analytics, tasks & compliance management, and legal entities. With its full customization feature, it is the best singular platform for managing business processes and minimizing risks.
Get in touch with the QBI team to implement energy asset management strategies.
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