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Delivering enhanced ROI from asset management data in Oil and Gas

How to realise the benefits of digital technologies

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With the current macro-economic environment driving rapid changes in both supply and demand, E&P companies are increasingly seeking surety of insight into their operations. At the same time, the industry is recognising the value of digital technologies to mitigate operational risk and optimise asset performance through providing access to data.

A digital infrastructure that can adapt to an evolving environment is an essential tool to help businesses stay agile. Utilisation of digital technology and harnessing the data it generates drives down production costs and pushes up productivity - but extraction of insight from data is not easy; and trusting the data for critical operations can be a challenge. While many organisations are drowning in data, the majority is never used and therefore the benefits of digital technologies are not realised - but taking the right steps now can ready businesses taking a longer-term view to pursue new opportunities.

The perennial thorn

While asset management and maintenance teams continue to see thousands of work orders generated by their Enterprise Asset Management (EAM) or Computerised Maintenance Management Systems (CMMS), there is often little detail as to the origin of the order, its validity or whether it can be changed. As such, many teams lack the ability to truly understand and prioritise asset risk and the consequence of failure. Furthermore, an ageing workforce means many organisations are suffering the loss of their risk and reliability subject matter expertise.

While technology to alleviate these challenges has progressed and been made easier to deploy and connect to systems, adoption and implementation is often a struggle. The result: an inability to fully address the causes of unplanned downtime, an overwhelming number of work orders and an inefficient deployment of maintenance resources - putting operations at risk. Now more than ever businesses will benefit from hurdling these challenges and gaining the insight needed to streamline asset maintenance in increasingly adverse conditions. So, what's stopping them?

Troubleshooting the data roadblock

Continually optimising the content of the EAM/CMMS system is vital to maximise ROI, but that practice of optimisation is not always the case. Terabytes of data are being collected throughout an asset's lifecycle but aren't being harnessed by the immense power of advanced analytics and digital risk modelling to further business objectives - which raises the question, what is the value of collecting it in the first place?

In the current climate of belt-tightening, there is a worry that properly restructuring EAM/CMMS data to reap the full benefits of maintenance optimisation will be time-consuming, costly and beyond the workforce's capacity and capability. But the consequence of this is that organisations will increasingly spend too much time and even more limited resources on routine maintenance while more critical asset performance, safety and compliance issues are under addressed.

Applying advanced analytics

For those organisations that have large existing investments in maintenance software, applying advanced analytics could be one way to take full advantage of the insights and efficiencies the data captured.

Advanced analytics, in the form of an asset performance management (APM) platform, enables automated interrogation of historic maintenance and inspection information, offering greater insight into an asset's safety, risk and performance. Using an EAM/CMMS system's swathes of data intelligently, in conjunction with a modern APM solution, such as LR AllAssets, allows decision makers to continually tune their maintenance and inspection activity and operational expenditure in response to the changing reliability and commercial attributes of the asset or facility.

Regardless of maintenance methodology, APM turns collected data into straightforward, actionable insights, not only increasing reliability and reducing risk, but also saving money and increasing uptime. Seamless integration with existing EAM/CMMS systems, as well as best-in-class equipment models/strategies from an independent industry expert enables an APM platform to provide an efficient and effective means of deriving an appropriate maintenance and inspection programme to be deployed into an EAM/CMMS, along with an associated underpinning audit trail and justification.

Whether the concerns are safety, reliability, the commercial attributes of your asset or facility, minimising OPEX or reducing facility downtime, investing time now to harness data and optimise enterprise asset management systems will only pay dividends when it comes to business performance.

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