How to choose Asset Management Software for oil and Gas in 2024

• By Bhavika Chauhan
• 04-06-2024
• Software

In the oil and gas business, where things change rather quickly, oil and gas asset management is important for continuation of procedures which are safe, efficient, and profit-making. Businesses this year have new technology which provides new ways of handling their assets. This is a challenge for entrepreneurs because there are a lot of options for asset management software and one cannot choose just one.

The global software asset management market size is expected to grow at a compound annual growth rate (CAGR) of 18.1%. This article gives you all the critical information to help you choose the right oil and gas asset management software.

What is asset management software for oil and gas?

Asset Management software for oil and gas is a collection of applications that help to monitor, maintain, and optimize the use of critical assets throughout their lifecycle. These assets range from drilling rigs and production facilities to storage tanks and pipes.

All of them are major commitments that should be closely monitored in order to ensure that they run smoothly and have a long life cycle. Asset management software is, in a nutshell, a repository for collecting, organizing, and analyzing information about assets in real time.

These software solutions assist business organizations to make strategic decisions and keep track of assets, and minimize loss of time and manage operational risks by incorporating features such as predictive maintenance and risk evaluation.

Benefits of asset management software for oil and gas

1. Improved operational efficiency:

Asset management software provides a clear view of the performance of the assets and the state they are in for oil and gas businesses. This assists them in identifying areas of weaknesses and gains the most out of their maintenance processes. This approach towards management of the assets minimizes downtimes, increases production and efficiency across the whole company.

2. Predictive maintenance:

Asset Management software can predict when a piece of equipment is likely to fail or perform poorly, thanks to the integration of analytics and machine learning. The use of predictive maintenance has been known to help companies avoid problems before they occur. These assist in planning the maintenance work for planned downtime hence reducing the costly unplanned downtime, thereby, enhancing the uptime and longevity of the assets.

3. Regulatory compliance:

The oil and gas industry is bound by regulations aimed at safeguarding the lives of everybody and the environment, as well as ensuring that every process is legitimate. To remain compliant with the rules, the correct records have to be maintained using the software, and the companies have to track the changes in the rules so that compliance with the rules can be automated. This way, businesses reduce the consequences that might ensue if they do not act in compliance with the law and protect their right to operate.

4. Optimized inventory management:

In particular, to minimize expenditures and avoid interruptions in work, it is necessary to monitor the availability of goods well in the oil and gas industry. Asset management software allows organizations to visually monitor stock levels of their products and how they are consumed and restocking.

This way they can utilize their stock to the optimum, not run out of stock and ensure that their customers are happy. Companies, therefore, need to strike the right balance between the available spare parts and consumables to increase reliability and reduce the costs of acquiring assets.

5. Data-driven decision making:

However, data can be useful on its own in this digital age. Asset management software collects vast amounts of operational data, including data to indicate equipment performance, data of previous maintenance, and records of legal compliance.
Various trends, investment choices, and asset utilization strategies can be identified from this data to help the decision-makers in their work. This leads to a continuous growth and strategic decision making.

Things to consider when choosing asset management software for oil and gas

1. Understand your requirements

As you develop a hiring strategy for asset management software, it is imperative that you first determine what your business requires. Drilling facilities, pipelines, refineries, and storage areas are the basic elements of oil and gas asset management.

Take some time to think about what your top problems are for instance, when a machine breaks down complying with the rules, time-scheduled maintenance, and monitoring your property. By understanding what works for competitors, it becomes easier to determine what features and functions are critical to your business.

2. Evaluate integration capabilities

Through ERP, SCADA, and GIS tools, different tasks in the oil and gas sector can be tackled. Your asset software should seamlessly connect to these systems, which will ensure that data is accurate, and workflows are shortened. Integration makes this possible by enabling up-to-date sharing of info, especially when it relates to decision-making and efficiency.

3. Take into account other aspects as well, such as Scalability and Flexibility.

This sector grows and shrinks based on the condition and performances of the markets and projects. Thus, the utility of the software is based on its modular and scalable capabilities.

Larger amounts of assets and users should be able to use it without it being affected. It must also embody adjustable features that uniquely adapt to your changing business.

4. Prioritize user-friendliness

An interface that is intuitive will facilitate your team to use the application. The software that is incomprehensible or highly complicated makes someone not want to get acquainted with it thus its benefits are not used to the full extent.

Go for software bearing a less complex design, has effective training, and is very user friendly. Personalized dashboards, as well as click-and-drag features combined with reporting forms in real time make it easier to use and more efficient.

5. Review data analytics and reporting capabilities

To handle assets deftly you have to acquire that data -insights. Using strong data analytics and reporting, the program must follow the health, how good assets work, the state of each one of them and find out any trends.

On the other hand, the real-time tracking, predictive analytics, and reports which extend the level of customization to your needs are a few good things. Advanced analytics can show people how assets are used, and how the operations are run by making smart decisions. Also, it provides information on the risks.

6. Ensure regulatory compliance

Harsh rules and safety must adhere to the oil and gas business. A penalty will be levied if you don't follow the rules. Besides that, you will also experience business problems. Take advantage of oil and gas software solutions that comply with the business’s standards.

Automation, audit trails, and regulatory reporting are ways that assist the companies in their compliance to ensure their activities remain legal. According to the latest research, the global Asset Management Software market size was valued at USD 5180.84 million in 2022.

7. Assess the maintenance management aspects

Taking care of maintenance is vital in overseeing oil and gas assets. Managing software for maintenance needs to be having tools for planning, work order processing, and inventory monitoring.

It prevents the machines from being out of operation, as well as extending the life of the asset and optimizing the operations. For achieving optimum performance through maintenance, consider condition based and predictive tools.

8. Consider mobile accessibility

In the field work, technology for controlling the mobile assets is required for oil and gas workers. Remote access allows the staff to access core data, modify the data of assets, to be alerted with real-time alerts from anywhere. If you are looking for easy access to it and convenient work in the field, make sure software with mobile apps or online tools that are flexible is available.

9. Assess cybersecurity measures

As technology is becoming an increasingly essential element in the running of the oil and gas business, cybersecurity is the most crucial issue for them. The very reason that it deals with confidential data could make it a target of cyberattacks.

Ensure that the program is encrypting data, verifying users, and makes security changes frequently. An additional measure to keep your personal data safe is through role-based access control.

10. Evaluate vendor support and services

It's important to look at both the product and the vendor's help and services when choosing asset management software. Think about the vendor's training, customer service, and image.

Reliable customer service can help fix technology problems and make sure that software is installed and works. You can change the program by using professional services such as consulting, modification, and integration help.

11. Seek feedback and references

Before you decide, talk to other oil and gas companies that have already used the software you are thinking about. It can show how well the software works, how reliable it is, and how happy the users are. Talk to present customers and ask for references from the vendor. Real-world suggestions can help you avoid making mistakes and make smart choices.

Future trends and innovation in asset management software for oil and gas

Technological advancement and shifts in the market remain a force for continued change in the oil and gas industry and hence asset management software is set for further innovation and transformation.

1. Digital twin technology:

This technology creates photo realistic replicas of physical objects, which enables them to be seen, tested, and evaluated contemporarily. When deployed with asset management software, it helps the oil and gas companies analyze how their assets are performing, develop better plans for maintenance, and simulate potential operating challenges ahead of time.

2. IoT and sensor integration:

The increased number of connected sensors and IoT devices has altered the way assets are managed – the real-time data enables condition, performance, and environment of the equipment to be monitored by the managers.

Through integrating IoT into asset management software, companies can obtain valuable information through sensors, identify issues, and optimize the utilisation of assets with the lowest maintenance and time costs.

3. Blockchainfor tracking assets:

As blockchain is a distributed ledger that allows for unchangeable and public records, it can be useful to control assets and document their flow in industries with complex supply chains, for instance in the oil and gas sector.

Integration of the blockchain based solutions in the asset management software will increase the level of openness, accountability and compliance to the rules throughout the lifecycle of the asset from purchasing it to disposal.

4. Augmented reality (AR) for maintenance:

It superimposes digital information on a real-life environment and thus provides technicians with directions and instructions as they perform repair and maintenance. Adding AR features to asset management software would mean that workers could be more efficient, make less mistakes, and receive support in remote areas through the assistance of experts which are preferable in cumbersome environments such as oil rig platforms and distant oil fields.

5. Edge computing for real-time analytics:

This technology puts data computation and analysis closer to the data stream. This allows individuals on the network periphery to make real-time decisions and obtain real-time insights.

Integrating edge computing into their asset management software, the oil and gas companies will be able to view real-time information from sensors and IoT devices. This allows them to react more instantly, perform preventive maintenance, as well as optimize the use of their assets.

6. AI for cognitive maintenance:

Cognitive maintenance relies on artificial intelligence, machine learning, and domain knowledge to enable proactive and predictive maintenance. Some of the things that can be done with AI include using algorithms in asset management software to determine when an equipment will fail, when to make the maintenance, and what working conditions will be most suitable due to analysis of past and current data and status of the equipment.

7. Improvements to cybersecurity and data privacy:

As more and more company assets and functions go digital, data protection and cyberspace threats are the most critical challenges facing the oil and gas industry. In future releases of asset management software, features like threat detection, data encryption, and secure user ID and password will be incorporated to safeguard assets’ proprietary operational and asset information from external and internal cyber threats, as well as compliance with regulations.

Conclusion

In 2024, if you're in the oil and gas business, you need to know which type of asset management software you need, look at the software's features, and think about how well they work with other programs, how easy they are to use, and how safe they are. This article has given you good information to help you make a choice that will help you manage your assets better, run your business more efficiently, and meet industry standards.

In the oil and gas business, which is very competitive, buying the right asset management software can help your long-term success and profits. Requesting feedback from industry peers and consulting an experienced oil and gas software development company can help you navigate this process. Such organizations can help you handle asset management and improve operations with their expertise and customized solutions.