Many companies are now adopting new technologies that optimise inventory management, which is crucial to the success of remote assets, like offshore drilling platforms.
Key fact: 2,006Mmt of crude oil was transported in 2019. In 2020, this fell to 1,855Mmt
Tracking software, like QR inventory systems, are one such technology that’s improving inventory management in the petroleum industry. These systems allow workers to track and manage inventory via their smartphones, storing all data in a centralised cloud database.
Predictive maintenance solutions are also important to inventory management, using sensors to forecast an asset’s life cycle, detect faults, and calculate future failure timelines. This enhances asset integrity and productivity, improves corrosion management, and reduces costly maintenance work.
Key fact: Predictive maintenance can reduce industrial equipment costs by up to 40% and reduce downtime by 50%
By optimising inventory management, new technologies improve the flexibility of the supply chain by safeguarding against inherent risks.
Benefits
Improves asset performance
Optimises inventory
Reduces material shortages
