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Tag: Inventory Training

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. […]

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 […]

What Do Materials Coordinators Do?

What do offshore materials coordinators do vs. what others in oil and gas think they do?   Materials Coordinator= Storekeeper, Offshore Materials Administrator, OMC, Materialsman or similar.

Inventory Matters: Interview With Patrick Guicheney

In this interview series, Inventory Matters,  we will be speaking with industry leaders to gain their insight into improving inventory management in the oil and gas vertical. Interview #2 with Patrick Guicheney Question: What is the best advice you have received in your career in the oilfield?Answer: At the end of the […]

Inventory Matters: Introduction to Series

  “$650,000,000.00 US Dollars is not sexy enough for us to be interested”.  This was the response I received at an  engagement when discussing inventory management solutions with an executive of a well-known  “drilling company”.  The value of their spare parts at the time was close to 650 Million dollars. […]

Inventory Matters: Interview With Matthew Heaviside- Importance of Oil & Gas Inventory Management

It is imperative that drilling contractors ensure that inventory management at their facilities is operating effectively. With the few contracts that are available, it would be devastating to lose one due to an inventory management issue that might have easily been averted. In this interview series, Inventory Matters,  we will […]

Improve Inventory Accuracy In The O&G Industry -10 Tips

    In today’s economic climate, most leaders recognize that effective inventory management will result in significant cost savings and is a barometer of corporate health. A key component is ensuring that on-hand inventory is kept accurate, along with processes to determine the root cause of those variances and clear plans […]