--- title: "Asset Management in Oil and Gas: 6 Ways to Improve It" description: Improve asset management in the oil and gas industry with six QAQC strategies covering inspection planning, risk control, field data and asset readiness. image: https://blog.ftq360.com/hubfs/9a4f2f0a-b148-409e-8549-5de8da1a4fdc.jpeg --- [![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 # 6 Ways to Improve Asset Management in 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 in Oil and Gas: 6 Ways to Improve It 9:58   As the oil and gas industry continues to grow, so does the need for effective oil and gas asset management solutions. [Inspection software](https://info.ftq360.com/oil-gas-inspection-software-global-inspection-team) provides a critical tool for ensuring that assets such as onshore and offshore oil rigs are properly constructed and maintained. In addition, by focusing on [quality control](https://blog.ftq360.com/blog/how-oil-gas-checklists-improve-rig-check-inspections) (QC) early in the factory acceptance testing and the construction process, oil and gas companies can avoid costly issues later. Furthermore, an inspection plan is essential to ensure that all necessary inspections and tests are performed and that nothing gets missed during the fabrication of the tools and equipment, rig construction, or during its operating phase. Comprehensive report package can prove that everything has been inspected and all issues have been properly addressed. With thousands of technical components that need to function at 100%, implementing asset management solutions is no easy task for oil and gas asset managers as they cannot afford to take shortcuts. [![\[DOWNLOAD THIS GUIDE TODAY\] 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) An oil and gas company can be confident that its assets are being built and maintained to the highest standards by using oil and gas asset management software for inspections. This blog post will discuss six great ways to improve your oil and gas asset management using [inspection software](https://info.ftq360.com/oil-gas-inspection-software-global-inspection-team). ## **What Is Asset Management in Oil and Gas?** Asset management in oil and gas is the coordinated management of assets across their lifecycle to realize value while balancing performance, risk, cost, compliance, and reliability. It involves identifying, assessing, and prioritizing risks to the assets. The goal is to protect the health and safety of workers, the environment, and the general public while ensuring that oil and gas companies meet their production targets. Check out FTQ360's Oil and Gas QA/QC: ## **Four Asset Management Risk Areas in Oil and Gas** There are four methods used to manage asset risk in oil and gas: 1. **Factory Acceptance Risk Management. **This focuses on risks related to the fabrication and assembly of tools and equipment as is conducted at the contractor’s production facility. It includes inspections, tests, and corrections of deficiencies. 2. **Construction Risk Management**: This focuses on the risks associated with the construction of new oil and gas assets. It includes project planning, quality control, and contract management. 3. **Operational Risk Management**: This focuses on the risks associated with the day-to-day operations of oil and gas assets. It includes safety monitoring, incident investigation, and risk assessment for operational efficiency. 4. **Maintenance Risk Management**: This focuses on the risks associated with the maintenance costs and overall maintenance of oil and gas assets. It includes activities such as inspection, repair, and replacement. ## How QAQC Supports the Oil and Gas Asset Lifecycle Asset management and QAQC are closely connected, but they are not the same thing. Asset management covers the wider lifecycle of an asset and the value, performance, cost, and risk associated with it. QAQC provides the verification needed to prove that equipment, components, and systems meet requirements as they move from fabrication and construction through systems completion, commissioning, operation, and maintenance. This means inspection should not begin only after an asset enters service. Source inspections and factory acceptance testing can verify equipment before it leaves the vendor. Construction inspections verify installation and compliance in the field. [Systems completion and commissioning](https://blog.ftq360.com/blog/why-inspection-and-test-plans-for-oil-gas-energy-projects-fail) confirm readiness before equipment and systems are placed into operation. Once assets are operating, risk-based inspections and recurring inspection data help teams focus attention on the areas where failure risk is greatest. | Asset lifecycle stage | Asset management priority | QAQC and inspection role | | --- | --- | --- | | Vendor fabrication and FAT | Confirm equipment is suitable before shipment | Source inspections, testing, deficiency correction, and documentation | | Construction and installation | Confirm assets are installed to project requirements | Checklist inspections, technical tests, evidence, and deficiency closeout | | Systems completion and commissioning | Establish verified readiness for operation | Completion inspections, test results, open-item control, and release evidence | | Operations and maintenance | Protect integrity and reliability | Risk-based inspections, recurring-issue analysis, and documented inspection history |   This lifecycle approach helps prevent asset management from becoming a purely reactive maintenance process. Verification begins before startup and continues throughout operation, giving teams a more reliable record of asset condition, compliance, and readiness. ## **How Inspection Software Improves Asset Management in Oil and Gas** Inspection software provides several benefits that can help improve asset management in oil and gas. ### **1. Project Specific Inspection and Test Planning** By utilizing inspection software with built-in project-specific [inspection and test](https://blog.ftq360.com/blog/aligning-inspection-and-test-plans-with-energy-project-schedules) planning, oil and gas companies can improve their asset management processes by ensuring that all necessary inspections and tests are carried out in a timely manner, with progress fully documented so stakeholders can be kept informed. In addition, automated alerts and communication workflows help resolve any issues encountered during the inspection process. At the same time, dashboards and reports provide an overview of the progress for easy monitoring. ### **2. Eliminate Reliance on Spreadsheets and Manual Processes** [Spreadsheets and manual processes ](https://blog.ftq360.com/blog/5-benefits-of-replacing-excel-for-oil-and-gas-inspections)can be error-prone and time-consuming. Collecting measurements and data when construction, commissioning, and maintaining a rig is a complex process. Inspection software keeps up with the technical demands but makes the job easier and faster. For example, baked-in inspection checklists, templates, and workflows help ensure consistency and accuracy while reducing the reliance on paper-based and obsolete processes. [![\[DOWNLOAD THIS GUIDE TODAY\] 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) It also allows proof-positive compliance documentation by automating data capture and providing a central repository for all documentation. The software also offers real-time viewing of inspection data, so oil and gas companies can identify potential problems early and avoid costly downtime. In addition, oil and gas companies can use inspection software to create comprehensive asset databases that you can use for long-term planning and decision making. ### **3. Consistent Inspections** One of the most critical aspects of asset management is ensuring that inspections are conducted consistently. This can be a challenge when multiple distributed teams are involved in the inspection process. Inspection software helps to streamline the inspection process by providing a predictable and repeatable workflow that all team members can follow. This ensures that inspections are carried out consistently and allows oil and gas companies to track and trend data over time to identify potential problems. ### **4. Remote Inspections** Often, inspections are conducted in remote locations by third-party inspectors. However, you can now closely monitor inspections in real time and remotely using mobile technologies. The software is intuitive enough for someone to use with little or no training and can be operated on Android or iOS phones and tablets. Additionally, the software provides an all-in-one screen for handling inspections, photos, and reporting issues. The inspection software is also cloud-based so you can view real-time progress and answer any questions the Inspector might have. All data collected by the inspection software is date/time and GPS location stamped. Another benefit of [inspection software](https://info.ftq360.com/oil-gas-inspection-software-global-inspection-team) is that it allows you to conduct inspections offline and the software will automatically upload them to the cloud later. Lastly, the inspection software allows you to add as many high-definition pictures and videos as needed. ### **5. Streamlined Communications** Inspection software also helps to streamline communications between different teams involved in the asset management process. By providing a central repository for all documentation, oil and gas companies can easily share information between various departments and team members, and document deficiencies and corrections. Additionally, the software's communication tools allow you to resolve any issues during the inspection process quickly. Automated alerts and notifications help to keep everyone on track and informed of any changes or updates. ### **6. Insightful Analytics** [Asset Inspection software](https://blog.ftq360.com/blog/asset-inspection-software?) provides insightful analytics that you can use to improve asset management in oil and gas. The software's dashboards and reports provide an overview of the progress of inspections, identify areas of improvement, and track and trend data over time. Oil and gas companies can also use the software to create custom reports tailored to their specific needs. ## **How FTQ360 Supports Oil and Gas Asset Management** [FTQ360](https://info.ftq360.com/oil-gas-inspection-software-global-inspection-team)supports oil and gas QAQC across deficiency reporting, checklist inspections, engineering and completion inspections, field data collection, project-specific QAQC plans, proactive risk management, and progress reporting. This provides a consistent digital QAQC layer for verifying work, documenting evidence, closing deficiencies, and tracking quality from fabrication and construction through completion, commissioning, and ongoing inspection.  If you want to see how FTQ360 can support your oil and gas inspection and QAQC processes,  [book a 20-minute demo](https://www.ftq360.com/energy/book-a-demo)and see the platform in a live environment.   [![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/safety-software-to-improve-safety-walks) [Next Post](https://blog.ftq360.com/blog/asset-inspection-software) ![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" : "2026-08-14T09:24:19.473Z", "datePublished" : "2022-07-29T12:33:34.000Z", "headline" : "Asset Management in Oil and Gas: 6 Ways to Improve It", "image" : [ "https://blog.ftq360.com/hubfs/9a4f2f0a-b148-409e-8549-5de8da1a4fdc.jpeg" ], "mainEntityOfPage" : { "@id" : "https://blog.ftq360.com/blog/improve-your-oil-and-gas-asset-management", "@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?" } ] } ```