Asset management is getting greater relevancy in enhancing operational efficiencies for oil and gas companies, according to a GlobalData report.
Asset management is a comprehensive process that involves handling, developing, operating, maintaining, and sourcing organizational assets by enhancing productivity and reliability throughout their lifecycle. The asset management team peeks into optimizing possibilities, supply, and demand of resources with a collective interest of minimizing expenses and performance of assets.
Both Oil and Gas are in-demand and high-functioning assets as they are typically required across multiple industrial sectors. It is highly exhausting to preserve a steady scale of operations, from procurement to selling. Also, dealing with broad and diverse networks involving disparate facilities and production scales is completely factual relying on industrial assets.
Market dynamics vary with time, and industrial operations infused with asset management authorize to predict and overcome difficulties, virtually increasing operational efficiency and managing all key issues of oil and gas companies. Market turbulences can also impact the assets; thus, a well-designed asset management plan with all resources in hand along with a supply chain renders necessary in analyzing exposure and minimizing failure.
In any industry, taking time to reflect and learn from the past, before moving forward is always worthwhile. To determine areas for improvement in enterprise-wide asset management within an oil and gas organization, an audit is quite valuable. An asset management audit looks at all the assets within an organization; their features, the interdependencies between them, and the components concerned.
For example, gleaning an awareness of how performance has been impacted by shutdowns, both scheduled and unscheduled. How much-unplanned downtime has there been in the last year? What is the existing maintenance strategy? What is the perfect maintenance schedule for various types of assets, based on their unplanned maintenance thus far?
Another key factor to audit is compliance. How has your company been functioning with respect to compliance, both completion of inspection reports and promptness? Are there any bottlenecks in the method that is delaying compliance,
After auditing the existing systems, a risk analysis can be executed. For example, one goal of risk analysis would be to ascertain which assets are most at threat of failure, keeping in mind their interdependencies with other methods.
Once an oil and gas company has a comprehensive understanding of their current asset management status, they are:
Managing such diverse assets, over numerous locations, is a mammoth task. A mammoth task with threatening consequences if not handled well. This is where oil and gas Asset management software can make a substantial impact on the productivity and efficiency of a company’s assets.
There are without a doubt various oil and gas asset management software choices to pick from on the market. Where do you start? Here are some features to consider.
You are certainly going to desire to have a system that helps the compliance requirements which you must adhere to for each type of asset. Having the capability to update the additional regulations as needed is also be key. This can be achieved through a checklists feature and reporting engines that can create reports on each piece of equipment compliance record.
Having an asset management software that holds track of your equipment, their maintenance schedules and history. If you can further have the option to create work orders for the forthcoming inspections and maintenance, you can benefit from additional automation and assurance that nothing slips through the cracks.
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How is the software and asset information linked to your technicians in the field? If they can receive a checklist to a mobile device, for example, efficiency can be improved and shorter time is spent in determining what needs to be achieved. In an ideal world, the technician should be able to rapidly achieve their inspection reports right in the field, to refuse any need to re-key information back at the office, or any lost paperwork.
Another feature to look after for your oil and gas asset management software is the automation of scheduling. If your work orders can be automatically connected to a service scheduling software, you can guarantee that all work orders are automatically scheduled on time, to the most suitable technician. Further, with a routing feature, not only can you supervise the creation of technician’s schedules, but also optimize their routes from one appointment to the next, preserving more time and money.
If you feel that asset management within your oil and gas company is not operating as effectively as it could be, it may be the right time to think oil and gas asset management software. Taking the leap to improved efficiencies and productivity, and reduced expenses through automation could be just what your profit margins required.
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