Optimizing Critical Maintenance Spares and Material Inventories for for Oil & Gas
Prevent unplanned events, minimize risk and hit production targets with Oniqua Intelligent MRO.
Moreover; not only are you responsible for preventing unplanned events, but also for minimizing costs while doing so.
More Complexity, More Pressure
Having the right spares and materials available when needed—to perform both planned and unplanned maintenance—is essential to reliability and safety. Yet multiple factors make having the right part at just the right time extremely complex and difficult:
- Volume of items
- Diversity of equipment
- Lack of established BOMs
- Varying levels of criticality
- Inconsistent lead times
- Slow and lumpy demand history
- Consideration of upcoming projects
- Repairable items
- Time required to gather and organize essential data for decision-making
— just to name a few.
Optimization Through Intelligent Automation
We can help you achieve peak performance, maximal uptime and safety by ensuring you have the right part or materials when you need it.
Oniqua’s global, multi-site clients—such as ConocoPhillips, BP, Dow and ExxonMobil— optimize spares and materials with OAS. Utilizing OAS our clients report:
- Improved service levels
- Mitigation of production risks
- Enhanced reliability and safety of assets and infrastructures
- Improved operational and plant efficiencies
- Optimized maintenance supply chain processes
- Reduced costs
E&P and Offshore Drilling Inventory and Asset Optimization:
The offshore drilling and exploration industry is one of the most regulated industries in the world. To comply with these regulations while doing the business of drilling and exploration, material and maintenance managers must work together to ensure critical equipment is up and running.
Thus, excess of inventory is ordered yet unused. For years, the industry has overstocked to prevent downtime that could disrupt production.
Drillers rely on their maintenance management systems to task them with inspections and preventative maintenance. The problem is that these maintenance management systems were implemented to ensure that the overall project was completed on time and on budget. Emphasis on proper criticality and min/max levels on reorder points was usually done based on a recommended OEM; it was not verified with historical data.
Focused on ensuring they have enough inventory for the project/contract, MRO inventory expands year over year – but maintenance teams have a difficult time identifying where to reduce without causing harm to the business.
That’s where we can help. Oniqua helps E&P clients run more efficiently by making better business decisions based on actual data trends. We help you not only reduce waste by cutting down on overstocked inventory, but also to carefully analyze equipment criticality along with historical transactions against each asset holistically.
Let us help you make better decisions with Oniqua. We offer a low-cost data review and opportunity assessment with no commitment. These assessments will help identify potential savings from future spend and potential stock outs.
The Opportunity Assessment (OA) is a detailed process used by Oniqua to identify the financial and operational improvement opportunities for materials, specifically for inventory optimization.
How can you deal with materials complexity?
John, a materials manager, meets with his colleague Jim regularly to keep him informed about the critical materials that keep their upstream oil production running. John relies on his ERP system to track the location of these materials – but is plagued by complexity, inconsistent numbers, and even purchasing errors that cause operational delays.
After reviewing the situation, John and Jim decide to look for technology that can help them with these MRO-related challenges. They decide to search for a best-of-breed software solution, which can provide MRO optimization capabilities by leveraging existing data in their ERP system. They check with their peers, and they discover Oniqua.
Struggling to lower costs without hurting performance?
Steve, an inventory manager, sits down with his supervisor and explains his dilemma of trying to lower inventory and MRO costs while ensuring optimal service levels to meet uptime targets. They both agree it will be important to involve maintenance and operations in the discussion.
After doing some research, Steve tells his supervisor that the solution comes down to forecasting and taking concrete actions, with confidence. But they both know their ERP system doesn’t provide the specific capabilities needed for their MRO-specific challenges. They decide that a better approach would be to find best-of-breed technology and an application with “smarts” that doesn’t require four more years of education. They find Oniqua fits the bill.
Michael, an inventory manager, and his supervisor Jeff review a memo from their CFO about the need to reduce inventory levels. They believe they have the raw data to help them solve their inventory bloat, but they also know their ERP system really wasn’t designed to help them optimize their inventory levels.
So, Michael researches the term inventory optimization, begins to read white papers and attends webinars and seminars on the topic. He ultimately learns that the best solution for his company would be to implement a best-of-breed analytics solution that’s specifically designed for MRO inventory management and optimization. After going live with Oniqua, Michael’s company reduces total inventory by $2 million in the first year.
Oniqua helps Oil & Gas companies increase reliability and prevent unplanned downtime.