Q&A with Brad Maheu

Q: Why track my assets?

A: Just knowing “what is it” and “where it is” presents a challenge to a lot of upstream oil and natural gas companies. All companies can benefit from the implementation of processes that address the acquisition, transfer and decommissioning of assets. Some immediate benefits are effective redeployment of surplus, proper physical asset valuation and simplified regulatory reporting, while long-term benefits include life-cycle costing and input into future asset acquisitions.

Q: How do I know my work activities are getting done?

A: The 5R’s – ensuring that the right work is carried out at the right time on the right assets with the right parts and utilizing the right people is especially challenging in a geographically diverse company, but knowing that this work is getting done is even more so. Establishing the right corporate-wide key performance indicators (KPIs) is critical to ensuring that all levels of the organization are focused on getting the right work done.

Q: How do I know that I am addressing the right asset management issues?

A: A lot of companies address the symptoms stemming from asset management issues and not the root causes. An assessment by an independent third party brings in a fresh perspective and industry knowledge. It allows a company to review all aspects of its asset management processes and get to the root of the issues. It also allows for all stakeholders to provide feedback, and this helps obtain their early buy-in for the changes that will need to be made.

Q: How do I measure the value-add of my maintenance activities?

A: Too many organizations try to use their financial chart of accounts to capture how they are spending their maintenance dollar, and this approach results in a chart of account that is too cumbersome and inconsistently utilized. To truly measure the value of their maintenance activities, most organizations do not know what information they need until they need it. A well-implemented enterprise asset management solution contains a huge amount of detailed information that can be mined to get the information when it is needed.