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ASSET MANAGEMENT

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

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 world as a robotics Project […]

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?

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 happens next?  Typically, […]

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 […]

Asset Walkdown – Know Your Assets

   When does an asset walkdown typically take place?  One example is the acquisition of a new rig, equipment storage yard, or an industrial facility such as a refinery.  For the benefit of brevity let’s focus on rigs here.  After the deal closes what’s next from an equipment perspective?  You […]

How Mobile Printing Streamlines Rig Supply Chain & Warehouse Processes

To survive and thrive, the oil and gas industry must work more efficiently than ever, especially in a low-crude price environment. To make the supply chain more streamlined, I see many rig owners trying to operate with a lower headcount but not using technological advances to make the tasks easier for […]

Data

The Top 10 Challenges When Cleaning and Converting Master Data

Dirty data is a big problem—and too many companies don’t know how to handle it. According to a 2013 Gartner study, 20 percent of the information inside a database is of poor quality, and it’s costing organizations an average of more than $14 million every year.Data cleaning is a challenging issue […]

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. […]

Things to Consider When Conducting Year-End Physical Counts

We’ve looked at ways to improve inventory accuracy for oil and gas projects, such as increasing transaction discipline, labeling items clearly and using the latest technology. Yet inventory control is a constant challenge. There are many parts involved, and each one is important. Tracking each part is critical to rig success.Recently, I […]

Challenges of Doing a Physical Count

 John couldn’t believe what he was hearing from his OIM. “We are going on downtime for not having WHAT?” he asked. Apparently, his company had run out of VX Gaskets (metal gaskets for the wellhead) after the last few were used for In-Between Well Maintenance during BOP Pressure Testing. Then, due […]