Managing utility-scale renewable energy assets was never easy. And, as portfolios diversity and grow, it's not getting any easier. Each asset class presents a fresh set of challenges, and the need for specialized tools and solutions that address these challenges is more important than ever.
In our latest "Ask an expert" video series, “Purpose-built solutions,” our Director of Product Operations, James Resetco, explains why purpose-built solutions are essential for success and looks closely at how bringing together domain-specific solutions under one common asset model helps owners, operators, and service providers grow and diversify their portfolios with confidence.
When we talk about purpose-built solutions, we’re talking about software applications designed to meet the specific needs of a particular industry or market. For example, EHR software for managing health records in the medical space or renewable energy management software for overseeing the day-to-day operations in clean energy production.
These solutions have distinct advantages over more generic or industry-agnostic tools, like Salesforce or Jira. These types of tools can be tremendously useful and necessary. However, customizing them to meet your specific needs often comes with significant costs and long implementation times, and these products generally lack industry-specific innovations.
In contrast, purpose-built solutions come ready to address the unique challenges of a given sector. They evolve with the industry and incorporate the collective knowledge of users, improving as they learn from leading organizations in the field.
For clean energy organizations, choosing solutions that are purpose-built for the management of wind, solar, and energy storage assets can increase time-to-value and decrease total cost of ownership (TCO), allowing stakeholders to take advantage of industry best practices and expertise out of the gate.
So, once you decide a purpose-built solution is the right choice for your portfolio, how do you decide whether you should buy from a specialized vendor or build your own?
Organizations that opt for a DIY solution often face unforeseen challenges—maintaining long-term upkeep, dealing with complex integrations, and shouldering constant investments in infrastructure and compliance. The reality of building your own solution can be more costly and time-consuming than it seems at first glance.
Watch part one of the “Purpose-built solutions” video series “Should you buy or build?” to learn more about the expectations and realities of building your own renewable energy management software in-house.
Part 1: Purpose-built solutions: Should you buy or build?
In addition to choosing a specialized vendor to help you manage your clean energy assets, partnering with one vendor that offers a suite of integrated products and a unified data system provides a major advantage over working with multiple vendors and their various tools.
An integrated application suite allows for seamless communication between tools and a more streamlined operational experience. For example, a performance analyst creates a work order directly in a field service management tool, which syncs automatically with the asset management tool. And when all your tools work off a common data model, it simplifies operations. You get improved efficiency, tighter integrations, and the ability to handle new challenges in real-time.
The power of a unified data system
One of the most important parts of an integrated suite is a unified data system. This means that all relevant data—such as performance metrics, key calculations, maintenance schedules, financial reports, and operational statuses—from different asset classes and systems are stored and accessed through one unified platform.
This improves the reliability of advanced analytics and operations, as all systems work from the same high-quality, validated information. This also helps reduce wasted effort by ensuring that once data is onboarded, it’s accessible across the entire suite.
In the second part of our series, "Purpose-built solutions: The benefits of an integrated suite," James dives deeper into how partnering with a single vendor that offers an integrated suite of products and a unified data system benefits organizations managing renewable energy assets.
Part 2: Purpose-built solutions: The benefits of an integrated suite
Anticipating the needs of the industry, Power Factors began to expand its offerings through a series of strategic acquisitions, bringing together industry-leading solutions under the Unity platform. The result is a comprehensive renewable energy management suite that covers every aspect of asset management, from analytics to monitoring and controls to financial reporting to field service operations.
Customers benefit from an end-to-end solution that simplifies workflows and is agile enough to support their evolving needs, whether they’re expanding into new asset classes or shifting operational strategies.
In the third and final video of our “Purpose-built solutions” series, “The benefits of a unified REMS suite,” James breaks down the advantages of a unified REMS suite. From scalable infrastructure to advanced analytics, learn how the right tools can propel your business forward.
Part 3: Purpose-built solutions: Scale faster with a unified REMS suite
Interested in learning more about Power Factors’ Unity renewable energy management suite? Get in touch!