--- title: Why Asset Inspection Software Is Essential for Oil and Gas description: Learn how asset inspection software can help you get rid of unnecessary tasks and prevent failures in your oil and gas operation. image: https://blog.ftq360.com/hubfs/asset%20management%20system.png --- [![logo](https://blog.ftq360.com/hubfs/logo.svg)](https://ftq360.com/) [APP LOGIN](https://www.ftq360.net/Account/Login) [BOOK A 20 MINUTE DEMO](https://ftq360.com/book-a-demo/) - CONSTRUCTION - [Construction Quality Management Software](https://www.ftq360.com/construction-quality-management-software) - [Construction Checklists](https://www.ftq360.com/construction-checklists) - [Book a Demo](https://www.ftq360.com/book-a-demo/) - [Customer Testimonials](https://www.ftq360.com/customers/) - HOMEBUILDER - [Home Builder Software](https://info.ftq360.com/home-builder-quality-control-inspection-platform) - [Factory Built Housing Software](https://info.ftq360.com/factory-built-housing-software) - [Home Builder Checklists](https://www.ftq360.com/homebuilder-checklists/) - [Book a Demo](https://www.ftq360.com/home-builder/book-a-demo) - [Customer Testimonials](https://www.ftq360.com/customers/) - ENERGY - [Oil and Gas Software](https://info.ftq360.com/oil-gas-quality-inspection-software-global-inspection-team) - [Renewable Energy and Power Delivery Software](https://info.ftq360.com/power-delivery-quality-safety-platform) - [Energy Rebate Program Software](https://info.ftq360.com/streamlining-compliance-and-quality-control-for-home-energy-rebate-programs) - [Book a Demo](https://www.ftq360.com/energy/book-a-demo) - [Customer Testimonials](https://www.ftq360.com/customers/) - MORE - RESOURCES - [Video Library](https://info.ftq360.com/video-library) - [Blog](https://blog.ftq360.com/blog) - [Ebooks & Guides](https://ftq360.com/quality-management-guides/) - [Maturity Assessment](https://ftq360.com/maturity-assessment/) - [Project Quality and Safety Plans](https://www.firsttimequality.com/) - [Training](https://ftq360.com/training/) - [Additional Services](https://info.ftq360.com/intelligent-inspection-review) - CHECKLISTS - [Construction Checklists](https://www.ftq360.com/construction-checklists) - GOALS - [Safety Management](https://www.ftq360.com/safety-management/) - [Defect and Deficiency Reduction](https://ftq360.com/defect-and-deficiency-reduction/) - [Quality Management Inspection Efficiency](https://ftq360.com/increased-operational-efficiency/) - [Quality Program Improvement](https://ftq360.com/quality-program-improvement/) - [Compliance and Risk Verification](https://ftq360.com/compliance-and-risk-verification/) - ABOUT US - [Mission](https://ftq360.com/mission/) - [Expertise](https://ftq360.com/expertise/) - [Customer Testimonials](https://ftq360.com/customers/) - CONTACT US - [Book a Demo](https://ftq360.com/book-a-demo/) - [Get in Touch](https://ftq360.com/get-in-touch/) - [SAFETY APP](https://www.ftq360.com/safety/) - [LOGIN](https://www.ftq360.net/Account/Login) - [DEMO](https://ftq360.com/book-a-demo) × #### Subscribe to receive insights # Why Asset Inspection Software Is Essential for Oil and Gas Posted by [Ed Caldeira](https://blog.ftq360.com/blog/author/ed-caldeira) ![](https://blog.ftq360.com/hs-fs/hubfs/Ed-Caldeira-contact.png?width=35&name=Ed-Caldeira-contact.png)   [mailto:edc@firsttimequality.com](mailto:edc@firsttimequality.com) GET INSIGHTS STRAIGHT TO YOUR INBOX SHARE [< Back to blogs](https://blog.ftq360.com/blog) ![asset management system](https://blog.ftq360.com/hs-fs/hubfs/asset%20management%20system.png?width=751&name=asset%20management%20system.png) [Asset inspection software](https://info.ftq360.com/oil-gas-inspection-software-global-inspection-team) is essential for regular routine maintenance of both onshore and offshore oil rigs.This software can help you focus on critical systems, manage assets, use accurate data to assess asset performance, eliminate unnecessary tasks, and create reliable inspections that prevent failures. This article will cover how inspection software is integral to a solid risk management strategy. ## **The Price of Failure in Oil and Gas** In the oil and gas industry, proper asset management is a key component of risk management and prevents downtime as well as costly disasters. In fact, the price of failure in this industry is incredibly high from both an environmental aspect and from the time and effort needed to remediate failures. Routine inspections have now become the norm and asset inspection management software is the best way to get them effectively done. When a platform is down, costs of $10,000 per hour can seem steep, but it is a pittance as compared to a disaster. For example, [British Petroleum](https://theconversation.com/bp-paid-a-steep-price-for-the-gulf-oil-spill-but-for-the-us-a-decade-later-its-business-as-usual-136905) incurred more than $60 billion in damages that included civil and criminal penalties, clean up charges, natural resource damages, and economic claims from the Deepwater Horizon oil spill in 2010.The offshore incident was a result of a string of reckless decisions and missed inspections made by asset managers in the months and years leading up to the disaster. [![\[DOWNLOAD THIS GUIDE TODAY\] HOW INSPECTION APPS ARE DRIVING DIGITAL TRANSFORMATION IN THE OIL & GAS INDUSTRY](https://no-cache.hubspot.com/cta/default/3353989/8b58e27f-154e-49a2-beaa-d972aede0717.png)](https://cta-redirect.hubspot.com/cta/redirect/3353989/8b58e27f-154e-49a2-beaa-d972aede0717) To prevent such disasters, asset managers must improve their risk management by leveraging a reliable asset management inspection software system. ## **What Is Asset Inspection?** Asset inspection is a process that helps identify, assess and correct any conditions that may cause machinery, equipment, and installations to fail. You must inspect equipment, as there is a variety of equipment, machinery, and installations that need to be regularly inspected on an oil rig. These include the rig's derrick, the Blowout Preventer (BOP), and the mud pit. In addition, the pipes that carry oil and gas from the wellhead to the separator also need to be regularly inspected for leaks. Other equipment that you must routinely inspect includes the rig's cranes, winches, scaffolding, safety valves, and firefighting equipment. Check out FTQ360's Oil and Gas QA/QC:   Part of an asset inspection on an oil rig also includes taking various measurements. For example, inspectors might measure a drilling tool thickness, pump RPM, check the torque of bolts securing a crane. In addition, they might measure the pressure or flow rate of a fluid, the temperature of a heat exchanger, lubricant contamination, temperature, or the take soil samples in an area. By taking these measurements, inspectors can ensure that all equipment is functioning correctly and that there are no potential safety hazards. Some measurements might also be used to calculate reserves or production rates. As such, they play an essential role in ensuring the safety and efficiency of oil production. ## **What Is an Asset Management System?** Asset management is the coordinated activity to realize value from your assets. An asset management system is a set of interrelated and interacted elements that establish an asset management policy, objectives, and processes to meet these objectives. ![asset inspection software](https://blog.ftq360.com/hs-fs/hubfs/Picture2.png?width=700&name=Picture2.png) (Image source: [Researchgate.net](http://Researchgate.net)) Inspection software is a critical component of an asset management system in oil and gas, allowing you to proactively identify and resolve potential issues before they cause problems and providing a dashboard that ensures complete visibility and transparency into your compliance requirements. By properly documenting all inspection and testing activities, you can react in a measured way rather than deal with an emergency, ensuring that your rig continues to operate safely and efficiently. In addition, inspection software can help you develop and implement an effective Inspection and Testing Plan (ITP), ensuring that all inspections are completed as scheduled and assigned to the appropriate personnel. ## **How Do I Choose an Asset Management System?** When choosing an asset management system, there are a few key factors to consider. - **Built-in Inspection Checklists**: The system should have [built-in inspection checklists](https://www.ftq360.com/drilling-rig-audit-checklists/). This will ensure that all pertinent information is collected and that nothing is overlooked. Second, the system should allow for easy data collection and verification. This will help to ensure accuracy and compliance with regulations. Also, the system should generate easy-to-read inspection reports. This will eliminate the need for paper records or spreadsheets, which can be cumbersome and difficult to interpret. - **Project Specific Inspection and Test Planning Capabilities**: Another critical feature to look for is the ability to create project-specific inspection and test plans. This will allow you to customize the inspection process to your specific needs. - **Cloud-based platform**: The asset management system should be cloud-based. This will allow you to access it from anywhere, at any time. It will also make it easy to share data with other team members. - **Real-time issue communication**: The system should provide real-time issue communication. This will allow you to quickly and easily identify and resolve problems. - **Consistent QA/QC data**: The asset management system should provide consistent QA/QC data. This feature will help ensure that all inspections are carried out in the same manner and that the results are reliable irrespective of who carries out the inspection. - **Powerful analytics**: Powerful analytics are essential for tracking and managing assets effectively. The ability to generate accurate reports and insights is critical for making informed decisions about allocating resources. Furthermore, powerful analytics can help identify trends and patterns that may be otherwise hidden. When evaluating asset management systems, be sure to inquire about the system's analytics capabilities. ## **What Is the Main Advantages of Using Asset Management Software?** The following are the main advantages of asset management platforms in oil and gas: - Increased safety - Reduction in equipment downtime - Easier maintenance and repairs - Improved production rates - Reduced operating costs - Easier asset tracking and management - Enhanced regulatory compliance - More efficient use of resources - Quick identification and resolution of problems - Powerful analytics - Custom advantages - Mobile device accessibility (in some instances) Asset inspection software will save you unnecessary costs. Paper-based inspection forms used to be the norm but like any other thing today, everything is changing to digital. Thankfully, here at FTQ360, we provide a powerful asset inspection platform for oil and gas. Our platform offers a wide range of features designed for [first-time quality](https://www.ftq360.com/general-contracting/quality-program-improvement/) every time. The oil and gas software has everything you need to get the job done right, from our easy-to-use interface to our powerful reporting tools. Sign up for a [free demo](https://ftq360.com/book-a-demo/) today and see how we can help you streamline your asset inspections. [![How Inspections Apps are driving digital transformation in oil and gas](https://no-cache.hubspot.com/cta/default/3353989/a87688f6-e0a4-443c-85f9-7d247d426fdf.png)](https://cta-redirect.hubspot.com/cta/redirect/3353989/a87688f6-e0a4-443c-85f9-7d247d426fdf)   ### Related Articles ## [How Upstream Oil and Gas / Energy Projects Can Align ITPs With the Project Schedules](https://blog.ftq360.com/blog/aligning-inspection-and-test-plans-with-energy-project-schedules) On energy projects, the schedule comes first, and it carries more weight than it does on most building work. The schedule is...   [READ MORE](https://blog.ftq360.com/blog/aligning-inspection-and-test-plans-with-energy-project-schedules) ## [ITPs Fail on Oil & Gas / Energy Projects And How to Restore Systems Completion Governance and Startup Control](https://blog.ftq360.com/blog/why-inspection-and-test-plans-for-oil-gas-energy-projects-fail) Large capital projects, from oil and gas facilities and LNG terminals to offshore platforms, refineries, pipelines, and...   [READ MORE](https://blog.ftq360.com/blog/why-inspection-and-test-plans-for-oil-gas-energy-projects-fail) ## [How to Create a Construction Site Checklist in 15 Minutes](https://blog.ftq360.com/blog/how-to-make-a-construction-inspection-checklist) Setting up a [Construction Checklist](https://www.ftq360.com/residential-construction/) is one of the most important steps in building your quality management system. While it might...   [READ MORE](https://blog.ftq360.com/blog/how-to-make-a-construction-inspection-checklist) [Prev Post](https://blog.ftq360.com/blog/improve-your-oil-and-gas-asset-management) [Next Post](https://blog.ftq360.com/blog/safety-software-for-production-homebuilders) ![logo-light](https://blog.ftq360.com/hubfs/logo-light.svg "logo-light") ##### CONTACT US [410-451-8006](tel:410-451-8006) [support@FTQ360.com](mailto:support@FTQ360.com) ##### FIND US 1997 Annapolis Exchange Parkway Suite 300 Annapolis, MD 21401 United States ##### Follow Us - - [Privacy Policy](https://ftq360.com/privacy-policy) © 2025 FTQ360 Inc ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Ed Caldeira", "url" : "https://blog.ftq360.com/blog/author/ed-caldeira" }, "dateModified" : "2022-12-06T14:34:09.337Z", "datePublished" : "2022-07-13T13:24:23.000Z", "headline" : "Why Asset Inspection Software Is Essential for Oil and Gas", "image" : [ "https://blog.ftq360.com/hubfs/asset%20management%20system.png" ], "mainEntityOfPage" : { "@id" : "https://blog.ftq360.com/blog/asset-inspection-software", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.ftq360.com/hubfs/FTQ360%20Logos/logo-5x.png" }, "name" : "FTQ360" } } ``` ```json { "@context" : "https://schema.org", "@type" : "FAQPage", "mainEntity" : [ { "@type" : "Question", "acceptedAnswer" : [ { "@type" : "Answer", "text" : "Quality procedures are the steps contractors take to produce work that is safe, reliable, economical, and durable. The quality procedures are designed to create a framework for ensuring that construction projects will be completed in the most cost-effective manner possible." } ], "name" : "What are quality procedures in construction?" }, { "@type" : "Question", "acceptedAnswer" : [ { "@type" : "Answer", "text" : "Construction quality is the degree to which a construction process produces a product that meets the expectations of its users. Construction quality can be evaluated by several methods, including cost, time, and safety. A building's owners typically pay for quality construction through higher initial costs but may ultimately save on future repairs due to less need for repairs." } ], "name" : "What is construction quality?" }, { "@type" : "Question", "acceptedAnswer" : [ { "@type" : "Answer", "text" : "Maintaining quality in construction can be challenging. In order to maintain construction quality, you need to have a systematic framework for how you work and what sort of tools and techniques you use. One important tool is a quality assurance plan, which is a document that contains your construction methodology. The construction methodology should detail the steps that are taken when constructing a building or home to ensure that the final product will be what was designed. Another tool is quality control, which involves inspecting each step in the process from the original design drawings all the way through to completion." } ], "name" : "How do you maintain quality in construction?" } ] } ```