How To: Simplify Asset Data Management

How To: Simplify Asset Data Management

Do you know the real cost of poorly managed critical asset data? Aside from having a frustrated and disengaged team, decentralized data hurts your bottom-line. It increases the probability of safety incidents and slows productivity for teams and contractors that need to share and access it.

In a 2018 RedEye survey, one state-owned electrical distribution company discovered that they were wasting as much as $104,000 a week in search time alone.

Capture tacit knowledge

Common uncontrolled data sources such as paper, USBs, and hallway conversations, make it difficult to maintain a single source of truth when passing information from person to person. An individual can spend decades contributing to the maintenance of the same asset, holding a wealth of unwritten knowledge that their team can only access through them. If that person chooses to leave the business or retire, there’s a risk of that knowledge leaving with them.

I get a lot of enquiries from others who are seeking information which is a continual distraction from my mainstream activities. – Senior Engineer, Energy Provider

Part of the solution is to implement a data management system to pool all data and documents into one place, creating a common data environment. Complex data records are transformed into metadata, which gives users the ability to search beyond document titles. A version-controlled, single source of truth provides all users with data accessibility and visibility while allowing the data set to be modified as your organization evolves.

Improve safety and productivity

Too often we hear stories of workers arriving at scheduled jobs with an armful of incorrect papers. A severe safety incident or error eventually reveals that they’ve been working off the wrong document or version. EAM systems are a kaleidoscope of information, with a range of data sources and formats being fed into them.

On a county project a contractor used the wrong version of the drawings and ended up drilling through one of our pipelines. – Engineer, Oil & Gas

Not only does RedEye allow organizations to manage drawings and documents efficiently, but that data is linked to asset operations and maintenance tasks. Workers have access to a full range of asset information, available online, offline, and even underground. This includes easy access to the asset’s history of drawings and mark-ups, safety inspections, issues, location, scheduled jobs, and other essential metadata.

Leverage cloud-based technology

In Gartner’s 2019 Hype Cycle for Oil & Gas, analyst Simon Cushing gave cloud-based engineering information management (EIM) a “high benefit rating” with mainstream adoption occurring in the next 24 months.

Cloud-based EIM solutions offer considerable advantages in terms of capital and operational cost savings by improving the accessibility and trustworthiness of shared engineering information. They can improve project efficiency, reduce delays and repeat work, mitigate scope change, optimize materials and inventory management, and reduce information duplication. This is achieved by enabling real-time collaboration and more efficient workflows among diverse virtual teams working around the clock, and by facilitating complete and efficient handovers from projects to operations. – Simon Cushing, Gartner Analyst, 2019


Respond to asset changes in real-time

Maintenance teams can raise issues on their mobile or tablet, providing managers with real-time access to live field data. Linking issues and jobs to assets and sub-assets allows you to track all related activities for better maintenance outcomes.

Build a comprehensive version-controlled dataset

Each asset will have its own set of metadata that is either shared or unique. Over time, attributes and metadata can be updated so your asset information stays dynamic rather than static. As your data is updated, it can be accessed and maintained within a common data environment. Any linked documents will update when the source file has been changed, including uploaded paper versions.

Work securely across print and digital

With QR codes, each asset is linked to a saved list of version-controlled information accessible on any device. When onsite, maintenance teams can choose to mark-up a digital or physical drawing and it will be saved and shared across teams without duplication.

Connect all systems in a common data environment

RedEye’s API allows organizations to plug into any system, and we personally assist with integration to ensure your workflow is uninterrupted.

Make better decisions with visualized asset health data

User-configurable dashboards display visualized data to monitor an asset’s Issues and Job completions. The insights from this data can help you make greater strategic decisions around your asset maintenance.

Case Study: Visualizing Operations & Maintenance Inspections on a 3D Model

Our clients often begin the digitalization process with this 5-minute survey to help identify current pain points and prioritize areas for improvement.

If you’d like to discuss your specific requirements with our team today, we’re here to help!

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