Competitive advantage of asset management

Technical + commercial + financial = your solar plants best friend. Dig deep into asset management and why comprehensive AM should be prioritized.

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When we talk about asset management of solar power plants, we talk about monitoring and administering the solar assets during their operating lifetime, whether it’s a single solar power plant, a solar farm or a solar site. Solar asset management compiles all asset related information, paperwork and live events in one platform. Numerous industry experts conflate solar asset management with operations & maintenance, but AM is more concerned with the administration and compliance of all contracts created by the project organization. Investors in solar assets are primarily concerned with reducing potential risks and generating the necessary profits.

The purpose of asset management is to deliver value to the asset owner by aiding in the everyday operations of the facility. It adopts a complete approach, understanding the asset owner’s demands for management support of its operations, not just from an asset perspective, but also taking into consideration creditors, suppliers and consultants amongst others. In addition are policy management and liaising included in AM.  

In the majority of situations, each function of the solar power business operates separately in silos. Whenever the need arises for two or more departments to collaborate or work together to achieve cohesiveness, the exchanging of data or information is challenging. This is because the departments are unaware of how or what to communicate of information on a particular domain or portion of the power plant. They are unable to comprehend what the other department is requesting, which is one of the primary obstacles for the plant to operate efficiently.

For example, technical personnel will most likely not understand precisely what the finance department is looking for when it requests the income projection for the next fiscal year. The technical department will probably not know whether it’s the generation at inverter level, the plant meter level, the export-import ratio, or something else they are looking for. A successful Asset Manager should be well-versed in all facets of business, but that does not mean they are an expert in all fields of the operations.  

Comprehensive AM is the way to go

But what advantage gives implementing an asset management system to the client? Combining the technical, commercial, and financial components of asset management provides a competitive advantage to the client. When asset managers are able to view all relevant data in one dashboard, their decision-making is enhanced due to less misunderstanding and more control over facts. Our goal by providing the dynamic and comprehensive asset management platform Skyfri Intelligence is to improve and fasten decision-making processes, reduce superfluous work, expand team expertise and impact analysis or underperformance on financial metrics. The greatest advantage of integrating all three into one platform is that it equals to a single source of truth.

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