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.
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.
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:
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:
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.