As the owner of an oil and gas company, you must be aware of the problems that inefficient asset management software can cause. The issue is that there are many solutions in the market for tracking and controlling oil and gas assets. Which one is right for you? You'll require specialized software because your company works with complicated assets. This blog will discuss how to pick the best asset management software for your oil and gas business.
Why is Oil And Gas Asset Management Software Required?
Employees in charge of maintaining oil and gas assets primarily utilize oil and gas management software. This comprises not only in-house maintenance personnel, but also field service technicians. Managers utilize software suites like these to keep track of operations and optimize asset utilization.
Tracking different sorts of assets across multiple locations is one of the main reasons for utilizing oil and asset management software. Another reason for the requirement for such software is to improve asset or equipment productivity through preventive maintenance and repairs.
Oil & Gas Asset Management Software is the ideal solution for a company's physical assets, as well as their performance, risks, and expenditures, throughout their life cycles. Here's a quick outline of how such an asset management software can assist you in lowering overall management costs, particularly field expenses.
What are the Avoidable Expenses in Oil and Gas Asset management?
Expenses associated with some operational tasks can be regulated, and automated solutions can be utilized to manage those duties more cost-effectively with the help of technology. The following is a list of such expenses:
- Costs connected with long-distance asset transfers or several trips to and from fleets for asset transfers.
- If the resources aren't used properly, there will be a cost.
- Extra resources are being deployed to manage collaboration with suppliers and contractors.
- In a paper-based culture, the cost of data management is high.
- Expenses were incurred as a result of a flawed cost analysis.
What are The Key Characteristics of a Good Oil And Gas Asset Management Software?
There will be many options to pick from when looking for oil and gas asset management software. However, the application must have the following vital elements to fulfill your goal and qualify as an effective asset management software. Keep an eye out for these features when choosing asset management software for your business.
- The software should be able to define the numerous types of equipment and assets that your business uses.
- The software must help with oil and gas asset tracking and identify equipment's physical location in real time.
- The software should aid in the planning of human and material resources for repairs, installations, and maintenance.
- The software must be capable of smart scheduling, which allows it to keep track of impending maintenance dates, identify who are the available and appropriately skilled technicians, and then assign maintenance work to them automatically to avoid downtime.
- It must help with inventory management, spare parts, and other maintenance materials.
- The management must be able to monitor asset consumption, check for resource availability, including field technician availability, and track uptime, downtime, and overall operational productivity using the software.
- Reporting and analytics are also important in today's advanced oil and gas scheduling software.
- Because oil and gas firms generate and maintain a significant number of papers regarding their assets, the software must support advanced data management in order to process massive amounts of data.
- It should provide real-time data collaboration for a distributed team, allowing everyone to have real-time access to information regardless of their location.
- This software should be mobile app compatible so that field staff may easily access data and submit reports.
- Inspections for preventative maintenance should be convenient to plan using the software , and the results should be tracked as well.
- The software must also work as a collaboration platform, allowing the scattered team to communicate with one another in real time while keeping the communication trail completely transparent.
The way forward
Because ready-to-deploy software is developed for a broad range of applications, it may not include all of the characteristics listed above. Custom software development is the best way to ensure that your oil and gas asset management software has all of the functionality you need to meet your company's needs. You can scale up the functionality of custom software to meet your business needs. Another significant benefit is the software upgrade and maintenance assistance provided by the software development business.
Custom asset management software is unquestionably more expensive than ready-to-deploy software. However, the expense is justified when you consider the long-term benefits that the software can bring to your business processes by increasing operational productivity and efficiency.