5 New Approaches to Managing Assets in the Saudi Arabian Oil Industry
High competition and decreasing margins have made asset management crucial for
Saudi Arabian companies operating in the Gulf economy.
Only if the companies increase operational efficiencies through the right asset management strategies do they overcome the negative impacts of these
deterrents.
deterrents.
Here are some of the most viable approaches to making asset management
meaningful in the Saudi Arabian oil market.
Approach #1: Predictive maintenance
Predictive maintenance has become integral in the oil and gas industry of Saudi
Arabia. Therefore, it is a pivotal part of the asset management strategy.
The industry's high-risk involvement and the market volatility make predictive
strategies successful in Saudi Arabia.
Saudi Arabian oil and gas companies can keep hazardous disruptions at bay by
making necessary predictions based on data analytics.
With the Industrial Internet of Things all set to add $15 trillion of value to the global
economy by 2030, the Saudi government is ready with open arms to welcome this
technology into the petroleum industry—its traditional stronghold.
Approach #2: Focus on non-traditional assets
The oil and gas industry in Saudi Arabia has several non-traditional assets,
including experimental equipment, safety tools, etc. The proper charting and
documentation of these assets can minimize disruptions in the Saudi Arabian oil
and gas setup.
Although the resources are not directly related to extraction or refining, they still
involve quite a lot of money and play a crucial role in the production process.
Therefore, by proper documentation, the duty to maintain these resources can be
allotted to suitable personnel. Consequently, it ensures that overheads incurred
from these resources minimize and the profit margins increase.
Approach #3: Fleet management automation
Saudi Arabian oil and gas companies depend heavily on their fleet to transport
necessary assets and tools. Any breakdown in these fleets will directly lead to
downtimes and business disruptions.
There should be a dedicated fleet management team in the Saudi petroleum
companies to avoid this situation.
The global Fleet Management Software Market will reach USD 59.08 billion by 2028.
It covers the business growth of several top vendors, all of whom are already active
in Saudi Arabia.
Therefore, affordable and scalable fleet management solutions for oil and gas
companies will become more common in the coming days in Saudi Arabia.
Approach #4: Asset label solutions
Leak detection and repair professionals are the most crucial foot soldiers for any oil
and gas company.
The problem with the equipment and assets in an oil and gas setup is that they are
costly and prone to several hazardous malfunctions. The best possible and
upcoming method to make life easier for these workers in Saudi Arabia is to attach
asset tags to equipment. They help constantly monitor the equipment's health
remotely.
Asset tags also send alarms for any leak detection. Therefore, the automation of
the entire diagnosis process of a malfunction creates an atmosphere for prompt
action.
Approach #5: Asset tracking software
Oil and gas company owners in Saudi Arabia acknowledge the importance of asset
tracking software.
The success of asset management software in the oil and gas setup is primarily
linked to selecting the software. So, a thorough analysis of your existing abilities
and the goals of the organization is crucial to selecting the right asset management
software.
Many oil and gas companies in Saudi Arabia report that their assets need to be
moved quite often during the production cycle. Therefore, asset management
software with GPS capabilities is suitable for them.
The bottom line
Saudi Arabian oil and gas companies need to align strategic and investment
objectives with tech-based asset management. It is their best bet to maximize
value generation amidst cut-throat competition.
So, a sound asset management plan can deliver holistic benefits to Saudi Arabian
oil traders in a short span.
