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ASSET MANAGEMENT

Who Drives Asset Management in Your Company and What is Asset Management?

I Was in the Dark Remember the adage, “If everyone is responsible, then no one is responsible.”  I spent the first six years of my career as an Army Officer in charge of soldiers and facilities that perform equipment (trucks, generators, missile launchers) repair.  I later worked in the civilian […]

Connected

Differences between such as LoRaWAN, RFID, or how they work together (Asset Tracking)

When it comes to oil and gas, LoRaWAN (Long Range Wide Area Network) is quickly drawing the attention of companies around the globe, especially for asset tracking. This technology is allowing companies to deploy their own private networks with ease. Not only does this enhance their ability to monitor their […]

The Short Guide to Asset Verifications During M&A

When you merge with or acquire a company, you are taking on an entire portfolio of assets. From real estate to equipment, proprietary knowledge to product designs, each asset needs to be identified and valued during mergers and acquisitions. This process is called Asset Verification or an Asset Walk Down. […]

WHAT IS ASSET MANAGEMENT?

Definition by Example Most industrial companies make capital equipment purchases on a regular basis.  Much care is taken to ensure the equipment item is fit-for-purpose, competitively priced, and properly accounted for in terms of how the budgeting for funds to purchase (and possibly finance) the equipment is managed.  But, what […]

How Can LoRaWAN Be Used to Track Assets In O&G?

Since we first formed our company, we have seen many changes in terms of developing technology. Although the evolution of technology has drastically changed (and improved) a wide range of industries, the oil and gas industry has benefited immensely. By investing in digital technologies, large oil and gas companies are […]

When Should I Perform a Physical Inventory Count (Stocktake)?

One question we are asked repeatedly is when should I perform a physical inventory count also known as a stocktake. There are several circumstances that call for a physical inventory count and it is recommended that each company documents these requirements to ensure they are followed consistently.   1. When […]

True Costs of Physical Count Errors in the Energy Industry

The True Costs of Physical Count Errors Inventory counting may not be the most exciting topic, but it is a critical one – especially in the oil and gas industry. Many companies in the space have hundreds of millions of dollars’ worth of spare parts in their inventories at a given time. […]

Augmented Reality Glass

Augmented Reality: For the Oil and Gas Industry, It’s Not a Mirage

Augmented reality is defined as a technology that superimposes a computer-generated image on a user’s view of the real world, thus providing a composite view. Augmented reality, or AR, is finding a place in a variety of fields, not the least of which is in the military. Tests conducted for the military have […]

Mobility

Why Should an Energy Company Consider BPO for Supply Chain Functions?

In today’s environment of low commodity prices and reduced earnings, oil and gas companies need to be more innovative than ever in optimizing the efficiency of their supply chains. Unfortunately, many firms overlook the possibility of outsourcing their supply chain management. Business process outsourcing, or BPO, for supply chain functions, […]

Rig Beach

Oil and Gas ERP’s – Will One Size Fit All? (Oil ERP)

ERP Oil and Gas ERPs – Will One Size Fit All?   When the term “ERP” is used, many flavors and functionalities come to mind. Unlike an organization like The American Kennel Club, there are no “breed standards” for an Enterprise Resource Planning system. As a matter of fact, with […]