Digital intelligence (DI) for transforming the equipment supply chain.
Getting the right material to the right place at the right time relies on having the right information easily accessible. Equipment information management needs to change from a manual document centric approach to a digitally intelligent approach. Get it right and you can:
- Reduce vendor data review and approval by 75% and document control by 50%
- Eliminate gaps and discrepancies in your material master
- Reduce spend on spares by at least 20%
- Eliminate buying incorrect materials
Whether it’s a large greenfield project, a modification, turnaround or planned maintenance, poor management of equipment related information is one of the biggest causes of delay, downtime and lack of productivity over the life of an asset. A fundamental reason is poor information quality resulting in incorrect data, missing data, incorrect deliveries, lacking OEM model numbers, duplicated spares and time-consuming checking and verification. The result is a measurable loss in the millions of dollars.
THE CHALLENGES WITH CURRENT PRACTICE
During the project phase, supplier information goes through an extensive review processes, involving multiple disciplines in both the EPC and the Owner. With hundreds of thousands of documents and between 5-10 reviewers this often significantly contributes to delays in the project, poor quality and late handover of critical information to support operations readiness, as well as wasting massive effort due to duplication of data. Creating the material master always seems to happen right at the end of a project delaying handover and costing millions of dollars.
During the operations phase of an asset it is essential to be able to quickly identify what spares you have, what you need to buy, and to understand if you have existing duplicates. Without original equipment manufacturing model numbers and data this can be a time consuming and frustrating task, leading to lost time, lack of efficiency and the incorrect purchase of materials, or surplus stock. Ensuring the correct spares are provided for shutdowns is key to ensuring their successful execution.
There must be a better way?
Move from a document centric to a digitally intelligent environment
DI-equipment hub transforms the primary axis of equipment data management from a document centric to a digital centric approach. Based on industry standard coding and classification, tiered cloud based content catalogues, best practice workflows and templates the hub creates a single source of supplier data that can be used seamlessly across the value chain.
- Single source of equipment data, entered once and used many times
- E-procurement integration ready
- Private and secure content hubs, as well as shared manufacturer information
- Integrated material/tag mastering and supply chain collaboration capabilities
- Integrates with major ERP, DMS and Digital Asset solutions
- Access to digitally intelligent secure and public catalogues for materials and spare parts, cutting out time and errors in identifying and sourcing equipment and spares.
- Using dynamic workflow, information review and approval process is digitally transformed, streamlining information flow via standard workflows automatically monitoring and highlighting issues.
- Automatically build and verify material master data and documents against material tags for handover saving more than 60% of the conventional effort.
- Rationalize inventory improving procurement processes up to 90%, virtually eliminating mistakes and reducing inventory capital spend 20% on average.
- Vendor information is held in a hosted environment, providing access to the whole value chain from one single source. This removes a vast amount of duplication the need for all parties to hold and manage the information separately.
If you would like to learn more about how we could help you transform your vendor and equipment management regime with our DI-equipment hub, all our contact information can be found on our website contact page