Case studies

Optimizing Asset Management and Performance in the Energy Industry: How Codvo Helped Achieve 30% faster Turnaround

About the client

Our client was a leading global provider of industrial software solutions that empowered businesses to manage and optimize their operational processes.

Their software solutions enabled businesses to connect, monitor, and control their operations in real-time, leveraging data and analytics to drive better decision-making. Their products cover a wide range of industries, including oil and gas, power and utilities, mining, and marine, among others.

Overview

Our team worked on the design& implementation of an API based advance analytics Industry 4.0 platform to manage assets, improve reliability & efficiency. Digitizing equipment, workplace & workforce. The platform was developed to be used primarily in the Oil & Gas sector during reservoir management, well construction etc.

Business Challenge

The client’s critical need was to create a comprehensive view of multiple data sources in an easily accessible format for the client's stakeholders. This was achieved through the development of slide view type dashboards that allowed for quick access to information. Additionally, the system captured real-time data from sensors and business systems, monitor dwell-site equipment, and assessed reservoir health to identify potential issues and take corrective action before they became significant problems.

The system's ability to derive maintenance plans that optimize equipment reliability and workforce performance was also critical. By analyzing data from various sources, the system could identify maintenance needs and develop plans that would minimize downtime and maximize equipment availability. This would ultimately improve workforce productivity and operational efficiency while reducing costs.

To ensure long-term effectiveness, the system needed to be robust, scalable, and capable of handling large volumes of data in real-time. It also needed to be designed to adapt to changing business needs and technology advances. By providing stakeholders with a comprehensive view of operations, the system enabled them to make informed decisions and take actions that improved overall productivity and efficiency.

Our Approach and Solution

Codvo Team worked on the end-to-end implementation. The solution offered by this system included the ability to execute end-to-end workflows that connect people involved in day-to-day maintenance operations seamlessly. Additionally, it offered failure management capabilities, which consolidated information about equipment non-conformances, providing insights into underlying failure modes and minimizing unnecessary maintenance. The system also provided real-time information about individual workload, personnel distribution, training, and workforce planning.

Fleet management was also included, which helped users select the optimal assets for the next job. Another critical aspect of this system was its ability to manage plant safety and productivity, utilizing video analytics and machine learning models. Finally, this system was built on a scalable, cloud-native SaaS architecture, ensuring that it can grow and adapt as needed to meet the needs of the organization.

Tech Stack

Highlights

Business Impact

The platform was deployed for reservoir management as well as for the well construction optimization of an energy industry partner.

Some of the benefits observed where as follows:

Reservoir Management
~90% increase in mean-time between maintenance
~30% faster Turnaround time
~$20+M Savings in 2 years
 ~4000 metric tonne CO2 reduction in one year
Well Construction
Digital workforce – Flagging of shortage/excesses
500+ man-days saved and re-allocated