In the Oil & Gas industry, maintenance productivity is closely linked to operational efficiency. Despite the uncertainties surrounding supply and demand, costs, and regulations that make achieving profitability challenging, maintenance is one area that companies can manage effectively. By improving maintenance productivity, oil and gas companies can enhance cash flow and better navigate industry challenges. Increased maintenance productivity not only boosts operational efficiency but also minimizes downtime and manages costs more effectively. Therefore, monitoring and enhancing maintenance productivity should always be a top priority.
Achieving maintenance productivity and effectiveness is a tedious process. Developing maintenance Standard Operating Procedures (SOPs) and fostering a cultural shift requires data, guidelines, consensus among various stakeholders, and several other essential components. The diagram below summarizes the key building blocks of an effective maintenance strategy:
Here is a step-by-step approach for achieving and monitoring the maintenance productivity.
The first step in building a robust maintenance productivity monitoring plan is to zero down on the key performance indicators (KPIs) that will be used to measure improvement. The KPIs will provide clarity and help shape the execution strategy. While the specific KPIs may vary slightly depending on the unique situation and priorities of each plant facility, here are some metrics that Oil & Gas companies can use to assess their maintenance productivity:
Once the KPIs are finalized and agreed upon by all the stakeholders, the next crucial step is building the data collection and integration mechanism. The quality and reliability of the data will define the success or failure of all further efforts. These are the most common areas from where the data for monitoring and finding out opportunities to improve will be gathered:
The number of assets maintained in an average-sized plant will be large. Also, the data will be gathered from multiple locations and formats and will need to be standardized, cleansed, and transformed. Once the data is ready for use, the organization will need advanced analytics tools to make the most of it in the least amount of time.
After capturing and analyzing the data, the next crucial step is to transform that data into actionable insights and implement improvements within the plant facility. This will enhance the efficiency of plant operations. The following tasks will help ensure this improvement:
Monitoring of the actual maintenance-related activities being conducted on the floor is also necessary. The time taken to identify spare parts, retrieve them from the stores, execute precise maintenance procedures, and similar activities impacts the efficiency and effectiveness of maintenance. Here are some standard mechanisms to ensure maintenance efficiency and quality:
Any project can veer off course if it lacks concrete goals. Fortunately, the Oil & Gas industry follows established standards, providing numerous benchmarks to help set these goals. The following activities can aid in defining achievable objectives:
Maintenance is a routine activity, and hence, it should be reviewed regularly. It is very important to establish reporting formats and frequency before the project commences. The reports should directly link to relevant and important KPIs.
When it comes to maintenance, a 'one size fits all' approach is not effective. Implementing multiple strategies can enhance maintenance outcomes and reduce costs. Here are the most common maintenance strategies used by Oil & Gas companies:
Although everything can be digitized, physical maintenance is still a manual task. Hence, productivity of maintenance personnel plays a key role. Here are some quick wins that can boost the productivity of the maintenance team:
Cost of maintenance is always a critical parameter to monitor. Oil & Gas organizations should periodically carry out the following to monitor costs:
Technology can be useful for improving maintenance efficiency and reducing costs. It can significantly enhance the monitoring of inaccessible assets that are otherwise challenging to maintain. Here are some of the most common maintenance tracking technologies gaining traction in the Oil & Gas industry:
Monitoring and enhancing maintenance productivity is not a one-time task; it must be ingrained in the organization's culture. Depending on each organization's unique needs and challenges, a comprehensive strategy can be developed using the suggestions discussed in this article.
At Hofintech, we empower companies to take control of their assets with our tailored solutions focused on Asset Data, Materials, and Maintenance & Integrity Management.
With our expertise and customized approach, we help maintenance-intensive businesses streamline their processes, gain confidence in their asset data, and achieve operational excellence. Our solutions are designed to seamlessly integrate with your existing workflows, eliminating the need for time-consuming adaptations and maximizing efficiency from day one.
Contact us today to learn how our custom EAM data solutions can propel your business toward efficiency and success. Hofintech is a Hofincons Group company, an industry leader with a 48-year track record in Industrial Asset Management.