The Scope of Asset Management in the Oil & Gas Industry

Nowadays, the high-functioning assets, oil, and gas, are in demand by multiple industrial sectors. However, it sometimes becomes incredibly challenging to maintain a steady scale of operations, from procurement to selling. Managing an extensive network with disparate facilities and a large production sale is highly dependent on these industrial assets. A well-designed asset management system can help industries deal with ongoing asset management challenges and overcome any market turbulence.

Growing Importance of Asset Management for the Oil & Gas Industry

Asset Management is of utmost importance to the Oil and Gas industry, as it provides a defined methodology for designing, operating, maintaining, and decommissioning assets in a cost-efficient manner. As a result, it further helps in:

  • Lowering operational costs to around 20-30% marginally
  • Increasing the visibility of all operations in real-time
  • Improving the operational efficiency by mitigating operational risks
  • Avoiding potential failures, resulting in reducing downtime
  • Enhancing alliances across several enterprise functions
How to Discover the Right Asset Management Software for Your Business?

It’s crucial to understand the objectives and expectations of a business before identifying the right system. At the same time, managing diverse resources at a time can be a tedious task. So, it’s imperative to have a well-coordinated approach to managing these resources. Besides, the software must be well-suited for better results with the product vertical.

Why Choose FieldEquip Asset Management Software?

A reliable asset management software plan in action can help oil and gas companies with optimum positioning and enable them to upgrade and incentivize their business operations by leveraging automated systems. That’s where FieldEquip comes in and empowers businesses with robust asset management capabilities.

assets management

This blog will run you through the key benefits of FieldEquip Asset Management Software for oil and gas companies:

  • Preventing Unplanned Equipment Downtime
    If equipment is in a bad state or breaks down, it can lose productivity, time, and costs. However, using asset management software prevents downtime and alleviates losses. The software conducts regular asset management checks to identify a problem and fix it before it causes downtime. Also, predictive asset maintenance, a feature of asset management, plays a vital role in regularly monitoring the conditions and performance of assets, thus removing the scope of equipment failure.

  • Improved Inventory Control
    FieldEquip’s inventory tracking system gives clear visibility to businesses in locating and handling stock and eliminating the likelihood of inventory getting under/overstocked. Besides, the software helps maintain optimum efficiency by enabling automatic notification features that update as soon as the stock reaches the threshold level. It ultimately results in increased efficiency and fewer workflow disruptions.
  • Access to Valuable Information with Mobile App

    FieldEquip’s Mobile Field Service App for asset management gives access to a broad range of capabilities. Field technicians can directly access the asset directory anytime and anywhere using the mobile app. Whether it is products’ availability, a calendar view of assigned jobs, equipment service history, procedural checklists, asset knowledge base, or capturing equipment photos, videos, barcodes, and receiving signatures digitally, technicians can access information via a mobile app.

  • Cost Savings
    To enhance operational efficiency, it’s imperative to streamline maintenance, operations, and asset allocation. Using asset management solutions of FieldEquip, the Oil and Gas industry can remain safe from the unpredictable market. The software helps optimize processes and reflect long-term profitability, improving uptime and performance.

To Conclude

The asset management software has a vivid scope for various industries, specifically the Oil and Gas industry. Considering the industry’s significant challenges, it is important for companies to monitor the real-time location, performance, and safety of assets, and FieldEquip can help them streamline processes, eliminate interruption, reduce costs, and minimize environmental change. The next-gen asset management system also helps businesses track asset maintenance history, asset movements, etc. The ultimate objective of FieldEquip’s Asset Tracking Software is to save enterprises time and cost. The software increases organizations’ productivity and helps monitor assets in real-time. Besides, it facilitates notification & alert when assets are due for maintenance. So, if your equipment is not yet equipped with efficient asset management software, it’s time to maximize your business output and minimize inadequacies with FieldEquip.

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