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Using enterprise asset management and dedicated maintenance solutions, companies can intelligently combine their assets and a supply chain, access and analyze glitches, and detect issues or failures before they impact production.
FREMONT, CA: Based on the US Energy Information Administration, oil and gas enterprises consume the most energy resources in the country, accounting for 62% of total consumption.
As a result, demand for high-functioning assets and continuous uptime is common in many industries. Still, oil and gas production, from extraction to sale, may include a variety of facilities and a diverse logistical network, all dependent on the performance of industrial assets.
Companies can intelligently combine their assets and a supply chain through enterprise asset management and dedicated maintenance solutions, access and analyze glitches, and detect issues or failures before they impact production.
The present market turmoil in the oil and gas industry can catalyze ongoing changes in how businesses in this sector produce, which can, in turn, transform asset management strategies in the future.
Relation between Modern Technologies and Asset Management
Energy and utility companies are integrating more and more cutting-edge technologies, enabling complete asset management. These technologies incorporate data management and integration, distributed control systems, and asset management optimization.
In addition, the Industrial Internet of Things is a recent advancement that revolutionizes the traditional asset management approach (IIoT). It is an Internet of Things (IoT) for machines and computers, enabling intelligent industrial processes and advanced data analytics for transformational business results.
Big data management, viewing and reporting tools, asset maintenance optimization analytics, and monitoring are characteristics of IIoT-empowered technologies. So why do energy and utility companies need asset management?
• Lower risks
• Cost optimization
• Elongated lifecycle of assets
• Simplified maintenance processes and improved effectiveness
• Elevated operations flexibility
How can asset management resolve energy and utility industry issues?
When used in organizations and industries that rely heavily on asset utilization, asset management tools or software can help maintain and manage mission-critical machinery across entire operations. Aside from various features and tools, asset management software will provide businesses with several advantages, including:
• Establishing preventive and proactive maintenance programs
• Tracking asset performance information in real-time according to various KPIs
• Getting an accurate ROI for all assets
• Tracking asset lifecycle from acquisition to disposal
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