How EAM Software Can Benefit Management in Oil & Gas Industry? – 2024 Guide

Companies in the oil and gas industry are facing turbulent times, due to the plummet in oil and gas prices and the pressing need to optimize and enhance work processes. Oil and gas companies invest in analytics, mobile, and Internet of Things services in order to correlate their processes, people, and assets, and therefore reduce costs, improve operations and streamline their workflow.

Whether you are operating in the exploration and production, pipelines and terminals, or refining and petrochemicals sector of your oil and gas company, achieving compliance, safety, and cost-effectiveness are your chief tasks. Thus, your best choice is opting for a feature-rich Enterprise Asset Management system that will transform your processes more reliable and profitable.

EAM software is a powerful, multifaceted, feature-packed tool that allows you a comprehensive overview of your assets, as well as means to manage those assets and improve their performance.

What do Enterprise Asset Management systems entail and how implementing one can help your oil and gas company manage their assets more efficiently?

What Can EAM Software Do For Oil & Gas Industry?

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Oil and gas industry companies can yield various benefits from using an Enterprise Asset Management solution, such as understanding the most useful practices for improving the productivity and performance of assets including monitoring conditions, hazards, locations, and costs of assets, and management of assets through their life-cycle, from acquisition, through work management and inventory control, to purchasing and preventive maintenance.

Enterprise Asset Management software employs action tracking, i.e., management of internal/external recommendations, pros and cons of new solutions and practices, and tracking employee competencies and assigned tasks.

Enterprise Asset Management systems allow remote access from mobile devices, for on-the-go overseeing the on-field work processes.

Industry-Specific Features

Moreover, EAM tools are designed to address specific industry concerns such as failure codes, asset specifications, location details, prioritization matrix, regulatory compliance, and condition for work.

EAM solutions provide in-depth failure reporting, and investigations of incidents and failures, defects, and work orders. An extensive learning repository of previous events and experiences supports optimization and improvement of the company’s work processes.

Besides providing your oil and gas company with extensive preventive maintenance, EAM software includes materials management, and risk analysis for locations, assets, and equipment.

EAM systems entail asset monitoring to help you avoid costly downtime and failures, as well as access to key information about work orders such as their status, priority, and relevant documentation.

Environmental and Health Compliances

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These systems help maintain compliance with industry standards such as PAS 55, ISO 14224, ISO 55000, and EPA requirements for greenhouse gas (GHG) emissions reporting. EAM system’s feature of Regulatory Compliance helps the management of assets for their compliance with all required health, safety, and environmental statutes. Besides, EAMs enable you to integrate health, safety, and environmental processes, along with engineering specifications, materials, components, parts, and processes.

Enterprise Asset Management Systems in All Oil and Gas Industry Segments

Industry-specific capabilities of an enterprise asset management system help petroleum exploration and production companies transform their drilling processes more cost-effective and lengthen the lifecycles of critical systems and equipment.

EAM solutions for Oil and Gas help midstream companies boost their performance, reliability, safety, and compliance with health and industry standards, thanks to asset management features and predictive analytics.

Why is Employing Enterprise Asset Management Important for Oil and Gas Companies?

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Generic EAM or CMMS systems aren’t robust enough for the oil and gas industry, which is why an enterprise asset management software dedicated to the oil and gas industry is the best choice.

In their efforts to attain the desired operational excellence, oil and gas companies will need to resort to employing an enterprise asset management system, and you can find out more about the perfect asset management system for the oil and gas industry by visiting Prozone, an EAM software vendor.

Employing a comprehensive enterprise asset management system that assists the management of production equipment, facilities, transportation, and infrastructure assets helps oil and gas companies adjust to developments and transformations in the incessantly turbulent industry.

Besides, EAM software enables companies to promote security and stability of their work processes, cut operational costs, adopt suitable practices and strategies, as well as sustain a cutting-edge thanks to the sophisticated analytics and recording technologies of the enterprise asset management system.

By utilizing an enterprise asset management system, oil and gas companies can manage and maintain assets, therefore increasing their reliability by reducing repetitive failure stops and changeover times.

EAM software helps oil and gas companies increase cost-effectiveness through maximizing assets’ lifetime, rising their return on investment, and decreasing operational expenses and maintenance costs.

Ultimately, enterprise management software helps oil and gas companies extract value from data and achieve a return on investment by optimizing and maximizing assets and their performance.