A New Way of Managing Assets?

The latest Asset Performance Management (APM) solutions have allowed Oil and Gas operators greater automation and support than traditional practices. 

Compared to traditional solutions, the latest innovations save organisations time and cost by providing them with the ability to make centralised decisions quickly with real-time data. 

Old ways vs new methods 

Routine Maintenance Planning vs Zero-Based Planning & Campaigns 

Operators are rebuilding maintenance plans from the ground up to ensure only value-adding activities are planned. Maintenance plans are being grouped into campaigns to improve efficiency. 

Time-based Maintenance vs Predictive Maintenance 

Early adopters are also moving beyond condition-based maintenance (based on time and meter triggers) to truly predictive models (based on mathematical analysis of a machine’s historical, current and predicted state). 

Batched and Offline Data Processing vs Real-time Condition Monitoring 

Operators are also moving to real-time monitoring and decision-making. It is too slow and expensive to batch up asset data, recombine it in offline models and ask equipment and data experts to pore over it, looking for anomalies. Operators need efficient real-time fault analysis so that equipment experts can focus on potential issues and quickly plan efficient interventions before equipment fails. 

Complex Manumatic Processes vs Automated Workflows 

Operational processes that have historically been executed on paper, spreadsheets and manumatic solutions are too complicated, slow and resource-heavy. This manumatic legacy is quickly being replaced with automated workflows supported by APM and other technologies.  

Localised Data and Decision Making vs Centralised Decisions Supported by Digital Collaboration iReal-time 

Decision-making in operations is increasingly becoming centralised to improve internal efficiencies and reflect that managing complex mission-critical assets needs an inter-disciplinary approach and round-the-clock team of experts. This team needs APM tools that identify faults in real-time and supports collaboration to prevent failure and maximise uptime. 

Expensive On-premise Systems vs Affordable Cloud Services 

The latest APM tools are pay-as-you-use, cloud-based Software as a Service (SaaS) solutions that minimise your cost and risk. Contrast this with on-premise systems that demand up-front licence costs and require significant internal IT resources to set up and manage. 

This blog is an excerpt from our Guide to Asset Performance Management for Oil & Gas Operators Download the full guide for more insights, such as What Does Excellent Asset Performance Management Look Like?.