26 Sep Keeping track of your assets
Oil and gas operations are known to be capital intensive. Total attention is required to every component to ensure that all operations run smoothly and successfully. Therefore, it is crucial that the management and movement of equipment is as efficient as possible. Oilfield theft happens frequently and costs millions of dollars each year to oil and gas companies. The status of your equipment needs to be constantly monitored to ensure that your operations run smoothly.
Whether you run an upstream or midstream operation, if work comes to a halt due to lack of equipment, the loss of time and money can have catastrophic consequences on your business. Using asset tracking solutions, oil and gas companies can tightly manage equipment during each project.
Tracking inventory in the oil and gas industry can be challenging, with many assets and inventory being in various temporary locations, but having a good system that effectively tracks these assets can ensure that your projects run without fail.
Manage your equipment
Having a software that can manage your inventory allows you to track your equipment, wherever it is located. It also means that you can get live notifications on when the equipment needs attending to.
The below are just a few reasons why you would need to track and manage your equipment.
Depreciation – For accounting purposes, you need to know when your equipment’s depreciation. Having this information in an easy to read report can be a lot easier for your accounting team and can even save you money if done correctly.
Statutory requirements – Does your equipment need to be inspected on regular basis for compliance reasons? Equipment tracking allows you to see when your next scheduled inspection is to ensure you don’t miss it.
Costs – You can easily monitor a piece of equipment to ensure that it is still benefiting your business. Sometimes, if equipment is expensive to purchase or maintain, it needs to be carefully monitored to ensure it is not having a negative effect on cash flow.
Warranty – Track warranty information with your equipment software so that you know when items are out of warranty. This is also a good avenue for you to place the correct warranty information if you need to go back to the manufacturer.
Reduce your operational costs
To reduce your operational costs, you need to have a good idea of exactly what is going on inside each project. There is nothing worse than having your Supervisor purchase expensive equipment, only to discover that you’ve already got some of this inventory in stock, or maybe you haven’t purchased enough equipment and your job needs to be put on hold.
With effective equipment tracking software, you can reduce your costs by knowing exactly what equipment you have on hand and allocating it to specific job sites. Your operational costs are also reduced by having an easy to use software, eliminating the need for your employees to spend hours on locating, tracking and reporting on pieces of equipment.
Tracking and managing equipment are important parts of any operation and will only benefit your oil and gas company if done correctly. Spreadsheets no longer suffice in this department and don’t provide the in-depth information or user-friendly requirements of a modern software. Our Generwell software has recently introduced a new Equipment module specifically for the tracking and management of equipment in the oil and gas industry. Click below to read more.