Why Should Oil & Gas Companies Clean Their Asset Data Periodically?
October 5, 2023
Every Oil & Gas company needs a large amount of data on its assets to ensure that the assets function smoothly. This data forms the basis of many day-to-day decisions and activities such as ordering spares and carrying out periodic maintenance. That being said, the asset data itself needs periodic cleansing for many reasons. Over time, some OEMs will change their recommended spares or will change the maintenance intervals and procedures. It is common for Oil & Gas companies to expand their existing facilities or replace/upgrade their equipment. If periodic data cleansing is not done, many discrepancies will creep in and affect the quality of decisions made.
1. Data Accuracy: As explained above, accuracy of asset data is crucial for decision-making, maintenance, and operational efficiency. Changes in asset status, locations, or specifications that are not reflected in the ERP will make the asset data inaccurate and irrelevant over time. Periodic cleaning will keep the data reliable, always.
2. Regulatory Compliance: The Oil & Gas industry is subject to a large number of stringent regulations and reporting requirements. To meet these compliances, periodic cleaning of asset data is essential.
3.Optimizing expenses: Inaccurate asset data can lead to over ordering spare parts, carrying out unnecessary maintenance, and/or equipment downtime. Periodic cleaning of asset data will ensure that your inventory is lean and maintenance efforts are optimal.
4. Optimizing RoI from assets: Cleaning asset data enables companies to identify underutilized or obsolete assets. Optimizing asset usage helps reduce capital expenditures, improve resource allocation, and increase profitability.
5. Safety and Risk Management: If asset data is inaccurate, safety and risk assessment of equipment will be far from accurate. Clean data leads to timely identification of potential hazards and quick action.
7. Data Analytics: Oil & Gas companies are increasingly relying on data analytics to make informed decisions. Clean data is the foundation of data analytics and strategic decisions made thereof.
The list of benefits of clean and accurate asset data is literally unending. Hofintech has been helping leading Oil & Gas companies maintain their data accuracy and integrity. Get in touch with us to learn more.
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.
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