24 November 2022

How Asset Management Software Can Help the Oil & Gas Industry

Oil and gas are two primary fuel sources, and this industry plays a major role in the energy market, and in turn, in the global economy. The processes and systems involved in this industry are extremely complex and require state-of-the-art technology for smooth functioning. Effective asset management is a necessity for businesses in the oil and gas industry in the current scenario, where competition is constantly increasing.

The Importance of Asset Management Software for the Oil and Gas Industry

Asset management can be defined as the process of developing, operating, and maintaining all assets involved in a business to optimise its productivity throughout its lifecycle. This provides businesses with all the relevant information to ensure optimum performance throughout operations. With the help of an effective asset management strategy, businesses can also extend an asset’s life and improve efficiency further, which eventually results in better returns on investment.

In small businesses with limited number of assets, it may be possible to keep track of all assets manually, but it still leaves you open to the risk of human error. In relatively larger businesses, on the other hand, it is nearly impossible to manage everything without a comprehensive system or software in place. Today, businesses in the oil and gas industry need to scale up to meet the higher production demands. This is why it is all the more important to have proper asset management software for oil and gas industry businesses.

Benefits of Asset Management Software for the Oil and Gas Industry

Here are the top benefits of using asset management software in the oil and gas industry:

Optimise Asset Performance

To enhance the productivity of a business, it is important that all the assets keep performing well. With the help of asset management software, you can ensure that every asset is working fine, without any problems. This leads to ensuring better efficiency across the business.

Proper Record Maintenance

Asset management software maintains detailed records of all assets, including their maintenance schedules, overall performance, history, real-time tracking, etc. This ensures that they are easily discoverable and visible at all times.

Identify Ghost Assets

Ghost assets are those assets that exist in the records but are not in a condition to be used. With efficient asset tracking using the right software, businesses can easily identify ghost assets and take appropriate actions, like discarding, fixing, or replacing them.

Reduce Operational Costs

With access to proper records of all assets and their current operational statuses, businesses can take proactive steps, like scheduling preventive maintenance, etc. This eventually results in minimised operational costs and production downtime.

Every business relies on the output of its assets and with an efficient asset management system, you can make the most of the usable lifespan of those assets. In all asset-intensive industries, including oil and gas, asset management software is extremely important for any business to remain profitable.

Enterprise Asset Management solutions by IBM® Maximo for the oil and gas industry are scalable software solutions that can help businesses make better use of digital capabilities to improve business processes. The comprehensive asset management software for the oil and gas industry by IBM® Maximo provides several functionalities for better visibility of all assets involved in a business, such as field equipment, etc. It can not only help in lowering operational costs and reducing downtime but also increase production efficiencies and asset utilisation while maximising overall production outputs.