After a few very tough years, the oil and gas industry is now in an extended period of recovery. After focusing almost solely on cost-cutting for years, midstream and downstream companies are now seeking ways to maintain costs while growing in the face of continued uncertainty.
Accurately predicting future business conditions may be impossible, but planning for business growth is not. A growth-driven performance management solution, enabling proactive management of equipment and assets, helps oil and gas companies maximize productivity and control costs.
Current ERP tools for reporting are inadequate and don’t give users a complete view of all the data required to make business decisions. Instead, adopting a single solution to enable self-service reporting and collaboration between Finance, Operations, Compliance, and Field Operations can radically streamline inefficient equipment asset management (EAM) processes.
Attempting to monitor the location and maintenance requirements of equipment and assets on multiple project sites using paper logs and spreadsheets is an inefficient and error-prone approach. Reports from packaged ERP applications are unwieldy and take too much time to download. And, often ERP data will only show part of the picture. Visibility into multiple data sets and systems is required so that team members can make the best decisions.
For example, a single asset management ERP report is typically used to show project production requirements and which assets are on which project sites. By the time the report is run the data is outdated, and even then it only shows where the equipment and assets are. Another separate system – or perhaps an Excel file – keeps a service log of maintenance history and service requirements for each asset.
To proactively plan maintenance and avoid downtime, a complete picture and accurate data are required. It's only with an understanding of which assets across multiple project sites require maintenance (and by when) is proactive maintenance planning is possible. A performance management system that provides a single, real-time view of ERP data and other critical data enables continuous monitoring necessary for predictive maintenance and condition-based maintenance. Real-time insights support alerts so team members throughout the organization are empowered to quickly take action and escalate issues if needed.