Tool Inventory Software Improves Oil & Gas Jobsite Management

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The average oil and gas company is responsible for managing multiple jobsites. Each of those sites need properly maintained tools to increase worker safety, performance, productivity and company morality.

The Solution

Tool inventory software continues to raise the standards for job site management by helping save millions of dollars in lost equipment, tools, and maintenance.

A 2017 McKinsey Global Institute  stated that, while productivity within the oil and gas industry has grown, it remains behind sectors like manufacturing and retail. Among the management practices and technologies that may improve capital-project performance, the report says, is the implementation of more digital technologies. Tool inventory software is a giant step in the right direction for the oil and gas industry.

Tool Inventory Tracking

Tool inventory tracking applies a unique barcode to every tool and piece of equipment across all job sites. This helps companies know exactly what they have, the condition it’s in, and where it’s located so they can be prepared for projects, and eliminate inventory surprises.

The ability to view inventory across multiple sites is especially helpful, allowing managers to immediately determine where a tool is needed and if one is unavailable. Check-ins and check-outs are easy to monitor and help establish accountability.

With real-time, accurate information, companies can make informed decisions about what they need to order and when. They don’t order tools that aren’t necessary. Budgets are especially critical in the oil and gas industry because every project has its unique variables, from the terrain, oil, gas demand, to price fluctuations.

The Benefits

Safety can’t be emphasized enough, and this may be where digital technology holds most of its significant value. Tool inventory software allows companies to set up custom notifications and alerts so they can keep up with routine preventive maintenance.

In turn, they avoid more intensive and costly repairs, risks to workers’ safety, and frustrating delays. When unexpected breakdowns or other issues occur, the software enables users to create work orders, even across multiple locations if needed.

The value of tools and equipment also must be reported for accounting and compliance purposes. Tool inventory software tracks those figures so managers no longer have to resort to guesswork, which often leads to errors and penalties.

Theft is a common concern for any company that maintains a large inventory of tools and equipment. The barcode attached to each asset effectively tracks the item – sometimes even down to its exact GPS coordinates depending upon the software.

Accessibility

Mobile technology is a complete game-changer for tool and equipment tracking and maintenance. Workers may request tools from the field with a smartphone or tablet, monitor the status of repairs or orders, and cut down on wasted time and money. Asset Panda’s tool inventory software syncs with the cloud and is powered by a free mobile app with a built-in scanner. Everything oil and gas companies need to track and manage the lifecycle of their job site inventory is centralized within the app for anytime access.

 

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To learn more about Asset Panda’s tool inventory software, or to begin your free 14-day trial, visit assetpanda.com


 
By:

Courtney Roush

Courtney Roush is a freelance writer, editor, and communications strategist with 25 years of experience. Her favorite discipline is crisis communications – and it’s a highly relevant one in our present times.

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