TAM - Benefits

Costs related to exploration and production of hydrocarbons increases due to remote reservoir localization, increased complexity and maintenance.
Established procedures and routines within the Oil & Gas industry have to be challenged, and new ways to improve the margins in production, supply chain, maintenance and remote operations have to be found. Electronic Identification (RFID) of assets gives the possibility to connect reliable and updated information directly to each individual component and use this information within operations or across physical movements to improve processes and safety. Information availability, standardization and unique identification across the industry are also a basic requirement for integrated operations.

Automating business critical processes like maintenance of equipment and/or supply chain management of limited resources, through the use of TAM (Trac Asset Management) system, can reduce the need for time consuming manual interaction and reduce the risk for human mistakes. Since failures of even the shortest duration anywhere along the supply chain can instantly result into a multi-million dollar loss, it is crucial that this risk is reduced to a minimum.

Within the Oil & Gas industry, manual and paper-based processes are still the common approach. These processes are often labor-intensive, costly, represent significant opportunity for errors and often result in very slow movement of information along the value chain and between decision makers. Timely outdated information can threaten the health of the business, resulting in wrong decisions and actions and in its latest consequence, unplanned downtime in the field.

With one of the toughest operating environments in the world, the Oil & Gas industry depends on certified high quality equipment in all areas of the exploration and production processes. Real time availability of updated and correct information related to certification, modifications, operational limits, maintenance etc. will additionally reduce the risk for incidents and potential loss of production or even injury of employees.

By automating critical business processes, TAM delivers a wealth of benefits that help protect profitability — and customer satisfaction:

 - Employees spend less time tracking down missing equipment, improving staff utilization
 - Automated work processes reduce time consumption

 - Faster response times, based on correct information, to disasters, failures and outages
  minimizes downtime

 - Prompt inspections and more informed, on-the-spot repair decisions keeps production
  running as optimized as possible — increasing overall production volumes

 - Ensures proper treatment of all assets and compliance with regulations to protect against
  fines

 - Make vital asset information (length, pressure, temperature, history etc.) available to
  workers prior to execution of their task and prevent wrong interpretation of the current
  situation.