How to choose asset management software for oil and gas in 2024

Are you a business owner looking for oil and gas asset management software that meets all the oil & gas industry needs in 2024? Making the right decision requires a great deal of research & knowledge.

Fortunately, we are here to help you make smart decisions about what to invest in. In this article, we’ll provide insight into which oil and gas asset management solutions will give your company the best returns in 2024.

The power of digital transformation in oil and gas

The oil and gas industry has always been known for its complex operations and challenging work environments. However, with the advent of new technologies, it has become possible to automate many of the business processes, making them faster, more accurate, and cost-effective.

Business process automation is a game-changer in the oil and gas companies, offering numerous benefits that revolutionize the way companies operate. For example, automating the procurement process can reduce the time and effort required to search for the right vendors and negotiate contracts. It can also improve inventory management, allowing companies to optimize stock levels and reduce waste.

On top of that, modern software protects your sensitive data and systems from security breaches. Cybersecurity threats are a significant concern in the oil and gas industry, as they cause disruptions in operations and lead to safety and environmental risks. That’s why switching to top-notch oil and gas data management software with built-in security features is not a luxury – it’s a necessity.

Types of asset management software for oil and gas

There are several types oil and gas software for asset management, each meeting a specific business purpose. Let’s make a brief overview of them, so you can better uderstand what exactly you need for your company.

Fleet management software

This type of software is great for managing such assets as vehicles and equipment. It offers features that allow users to track the location and status of their assets in real-time, provide maintenance alerts and reminders, optimize fuel utilization, and document safety compliance records.

Production planning software

This solution helps companies maximize their production by enabling them to plan and manage the entire production process. With oil and gas software, you can create, simulate, and optimize plans for drilling operations, manage wellhead data in real-time, track personnel assignments and equipment utilization rates, identify potential bottlenecks in the production process, generate custom reports on key performance metrics, and more.

Logistics management software

By using logistics management software, businesses can manage their operations with greater efficiency as they have a comprehensive view of materials and resources in the supply chain. It enables users to monitor delivery times and identify potential bottlenecks in the logistics process. With oil and gas land management software, you can create custom reports for key performance metrics, reduce paperwork, and more.

Safety compliance software

Safety compliance software helps users track and manage safety protocols, providing them with visibility into potential hazards in their operations. This software also helps oil and gas companies to stay on top of safety regulations as it provides automated alerts when changes occur, allows to document safety compliance records and audits, and more.

At Blackthorn Vision, we could consult you on any type of software mentioned above. Just get in touch with us to learn more about advanced oil and gas technologies.

What to choose: off-the-shelf product or custom asset management system?

When it comes to finding the right software solution for your oil and gas business, you have two main options: off-the-shelf or custom solutions. Both options have their own set of pros and cons, and it’s important to understand them before making a decision.

Off-the-shelf products

Off-the-shelf products are pre-built software solutions that can be purchased and implemented by oil and gas companies to manage their assets.

Pros:

• Quick and easy to implement since the setup process is generally straightforward.
• Cost-effective, vendors often provide services such as installation, training or support.
• High level of reliability with built-in features that have been thoroughly tested and proven to work.

Cons:

• Limited customization options which may not meet your specific requirements.
• Standard updates may be out of sync with changing needs or growing business demands.
• Difficult to integrate with existing software systems and third-party applications.

Off-the-shelf products have several advantages, including quick and easy implementation, cost-effectiveness, and high reliability due to thoroughly tested built-in features.

However, there are also some drawbacks to consider, such as limited customization options, standard updates that may not align with changing business demands, and difficulty integrating with existing software systems and third-party applications.

Custom solutions

This type of solution is tailored to the specific needs of each company, taking into account factors such as the type of assets being managed, the size and complexity of operations, and the regulatory requirements that must be met. Obviously, costum products also have positive and negative aspects explained below.

Pros:

• Completely tailored to your exact requirements and specifications.
• Fully integrated with existing software systems and third-party applications.
• Easily adaptable to changing needs or growing business demands.

Cons:

• Longer implementation process with more resources and time required.
• Higher cost due to the need for ongoing customization, maintenance and training.

Custom software solutions have several advantages, including being tailored to the exact specifications, full integration and easy adaptability. At the same time, drawbacks include longer implementation processes that require more resources and time, and higher costs.

So what to choose?

Summing up, off-the-shelf products are pre-built software solutions that can be quickly implemented, while custom solutions are tailored to your specific needs.

Off-the-shelf oil and gas accounting software may be suitable for businesses that require quick and easy implementation, cost-effectiveness, and high reliability. However, if your business has specific requirements that cannot be met by standard software, you may face limited customization options and difficulty integrating with existing software systems and third-party applications.

On the other hand, custom software solutions may be more suitable if you have complex operations and require tailored features to meet specific regulatory requirements. Custom software solutions also provide full integration and easy adaptability to changing needs or growing business demands. However, these solutions require longer implementation processes, more resources, and higher costs.

However, you don’t always have to start from scratch. With the power of modern technology, you can upgrade and modernize your existing software to take it to new heights. More about it below.

Is modernizing your legacy software worth it?

When it comes to choosing the right software for your oil and gas business, you may feel stuck between two options: off-the-shelf or custom software. However, there is another option that can provide significant value to your business: modernization of existing solutions. Modernizing existing software solutions in the oil and gas industry can bring numerous benefits to businesses, including:

• Cost savings. Modernizing an existing software system can be more cost-effective than building a new one from scratch. This can be especially important for oil and gas companies that may be facing budget constraints.
• Increased efficiency. Upgraded software can lead to increased efficiency in operations and processes, allowing companies to streamline workflows and improve productivity.
• Enhanced safety. By modernizing safety-related software, oil and gas companies can ensure that their operations meet the latest safety standards and regulations.

At Blackthorn Vision, we have deep knowledge and expertise in application modernization. Our team can work with you to identify areas of improvement, implement new functionality, and enhance the overall user experience.

Our team has a proven track record of successfully creating and improving legacy software for the oil and gas companies. For example, we recently helped Sensia upgrade their existing web-based application, adding new functionality and making the customer experience even greater.

So whether you need a new software system developed from scratch or an existing one modernized, we have the capabilities to tackle even large enterprise-level projects. Our team of skilled developers and engineers can work with you to identify your specific needs and create a tailored solution that helps you achieve your business goals in the oil and gas industry.

Summing up: the best oil and gas asset management software in 2024

The oil and gas industry is rapidly evolving and embracing new technologies to increase efficiency and reduce costs. Software development plays a vital role in this evolution, providing innovative solutions that enhance exploration, production, and distribution processes.

At Blackthorn Vision, we understand the importance of staying ahead of the curve in this dynamic industry. Our oil and gas software development services are designed to help you leverage cutting-edge technologies to achieve your goals. Whether you need customized software solutions or integration with existing systems, our team of can deliver results that streamline your operations and boost your bottom line.

Don’t let your competitors gain the edge. Contact us today to learn more about our services and take the first step towards a more efficient, profitable future.