Benefits of Asset Tracking & Maintenance for Oil & Gas Firms

The oil & gas industry is one of the top industries in the world. According to the Trendrr blog, there are 5 organizations belonging to the oil & gas industry are mentioned in the list of top 10 largest industries of the world, in terms of generating revenue.

This is proof that the oil & gas industry is dominating the business world. It has millions of workers worldwide and generating hundreds of billion dollars globally, each year. Therefore, it plays an important role in the country's GDP.

But it is not an easy job to produce petroleum, it takes a lot of hard work for workers to work on heavy machines. You might get an idea by the fact that for drilling a well it takes a coordination of around 10-15 different service companies. When lots of activities are going around, it might be tough to keep track of all your assets as well as rented assets.

However, companies are getting smart especially oil and gas as they are moving toward a smart solution. i.e. asset tracking software, it keeps track of assets and equipment to get the real-time visibility that too from remote areas.

What is Asset Tracking Software?

It enables you to track your assets' movement. Assets include costly items such as equipment, tools, fleet vehicles, rental equipment, and computer devices which are very important for a business in order to run their daily operations. It provides information such as asset status, location, etc.

Asset management software benefits are accomplished via RFID Tag, GPS, QR Code (asset tracking method). The main objective of the software is to refine the asset usage, provide security to valuable items & scheduling maintenance.

Another objective is to increase asset control efficiency and decrease equipment loss. This software provides several features through which you will be able to save money & time for your organization.

Indeed, asset tracking is crucial to your organization's business growth and compliance.

Asset tracking software can scan the entire IT infrastructure for IT assets and keep records of the whole IT inventory in an organization. Some of the tasks that are performed by asset tracking software are:

• Inventory Management
• Tracking Asset Status
• Maintenance Record Management
• Software Licenses and Vendor Contract Management

Also Read: 5 Most Common CMMS Software Mistakes That a Company Does

What are the assets & equipment of the oil and gas industry?

There are a lot of assets & equipment of the oil and gas industry:

• Heat Exchangers

Heat exchangers transfer heat from one fluid to another. They have utilized in warming applications as well as cooling applications such as freezers and AC.

• Tank vessels

The vessels are used in process installations for gas, oil, oil-refining, petrochemical and other industries, including inflammable and hazardous media.

• Towers

Tower's main aim is oil processing. Towers are covered with thermal spray aluminum (TSA) and insulated finally, ladders and platforms were installed.

• Air coolers

Air coolers are designed for refrigeration of liquid and gaseous media heated in the process cycle of different types of production.

• Dust collectors

Dust collectors are designed for natural gas cleaning of mechanical impurities and liquid at compressor stations of trunk gas lines.

• Pumping equipment

The oil and gas industry depends on a wide diversification of pumps to perform every stage of the process including upstream, midstream, and downstream functions. They accelerate the transference of fluid from one place to another.

• Evaporators

The main purpose of the evaporator device is that it turns the liquid form of a chemical into a gaseous state, just like liquid water turned into water vapor (H2O).

Other than this, reactor equipment, trunk oil pump, water treatment and water purification, shutoff and control valves, boiler & auxiliary equipment, pipeline connecting accessories are also some of the equipment used by oil and gas industry.

Also Read: Everything You Need to Know About Incident Management

How Asset Tracking Software will be helpful in asset & equipment maintenance?

Asset Tracking Software can be very beneficial in terms of asset & equipment maintenance. It provides several advantages to the oil and gas industry.

Missed To Read: What Are the Benefits of Tracking Consumables with an Inventory Management System?

1. Schedule maintenance

It is one of the important parts of the oil and gas industry. If maintenance is not done on time then an unexpected breakdown can occur. It can be very dangerous for an organization as it can burn a hole in your pocket. However, asset tracking software can assist you in avoiding these costly maintenances.

Through asset tracking software, assets are well-maintained. It boosts the company's bottom line & saves unnecessary expenses. It also enables you to track assets & helpful in keeping them in good condition via schedule maintenance.

You can get alerts & notifications for the asset maintenance which means you do not have to worry for maintenance. Moreover, no need to write it manually in the record. Through asset tracking software you can retrieve each asset's records from history about maintenance.

2. Generate asset reports

With the help of asset tracking software, you can get every crucial information about your assets and equipment.

It provides you details about asset performance, which asset needs maintenance. It also informs you if an asset is taking more maintenance than usual.

When asset tracking & management is done correctly and efficiently, you can find accurate reports. The reports are used by top management. It also plays a vital role in making strategical decisions & future goals. Through which you can make business decisions.

A strong compliance function can set apart your company from your competitors. With the assistance of the software, you can get reports of an asset within minutes.

3. Incident Management

The process of managing the disruption of services, functions, or operations in an organization is known as incident management.

Incident management is also known by other names such as breakdown reporting and the Helpdesk ticketing system. An incident is an event that disturbs the operation. It may involve the failure of equipment, asset, or service. It could lead to a loss of productivity.

The purpose of the Incident management process is to restore normal service operation as quickly as possible and minimize the adverse impact on business operations. Another objective of incident management is to ensure daily operation run smoothly and if there is any problem, then solve it in minimum time.

4. Check-in/Check-out

It is one of the most important features of the asset tracking software and for oil & gas companies. It can improve accuracy and reduce the time spent in sending and receiving assets, inside or outside the premises. Through this facility, you can find an asset by its name, tag, vendor name, employee name, etc.

Check-in & check-out is very useful for industries or companies which have lots of asset for tracking especially the oil & gas industry. It allows multiple assets to multiple assignees for checking in & out in a single transaction. Here is an example, suppose a vehicle transferring inventory & equipment from one working location to another.

However, when you cross-check the list with available assets and you find lesser assets, it will be huge chaos. So, to avoid these types of scenarios adopt asset management software and use check-in & check-out features for asset tracking.

Also Read: What are the steps involved in the Incident Management Process?

Conclusion

If the oil and gas companies are not utilizing this robust system then their productivity is definitely diminishing. Asset tracking software is the need of the hour in oil and gas industry. You can make the most of it by using this technology & take your business to the next level. It's high time to optimize your asset performance & streamline your business operation.