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Tag: Physical Count

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, […]

Lean Process Management

Words of Process Improvement Wisdom During times of financial stress and heightened market volatility, we often hear these words being used in efforts of reducing overhead. Words such as “Lean, efficient, cost control or reductions, and so on.” When the market pendulum swings back from a bull market, we often […]

Inventory Criticality – What Are Your Critical Spares?

Truly Critical? Figure – Example of Shaffer Style Annular Ring..Ring.. It was early Saturday morning when Joe got the call from the rig telling him the upper annular had failed a pressure test and that they would need to disassemble it to see what the problem was.  Joe quickly called […]

What Do Materials Coordinators Do?

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

Inventory nightmares– 8 transactions that Cause them & 1 tip to completely solve them with proper Inventory Accuracy

Inventory Accuracy RIIIING… RIIIIIING… Your eyes pop open  with a wince of agitation as your wife’s fist withdraws from your shoulder.  “Shut that thing off or answer it…” she crankily croaks as she rolls back onto her side to drift back off to sleep.  You look at the clock face of the […]

10 Practices To Improve Inventory Accuracy In The Oil & Gas Industry

    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 […]