Enventure to Optimize Inventory for a Large European Oil and Gas Producer

Portsmouth, NH July 22, 2020 – Enventure has signed a contract with one of the large European Oil and Gas producers to optimize their overall MRO Inventory boost asset performance and empower data-driven decision-making. The client is one of the leading producers of Oil and Gas in Eastern Europe. The oil field owned by the company is one of the largest gas-condensate fields with Natural Gas and Crude Oil. The company has a production capacity of 130+ million barrels of oil equivalent and has both domestic and export options for maximizing the value of these resources. The major problems for the Oil and Gas producer were not limited to data reliability but also extended to wrong MRO procurement leading to high inventory costs. Here are some of the challenges:

• Non-standard spare parts descriptions.
• A high number of duplicate spare parts in the ERP and CMMS systems
• The same spare parts with different naming nomenclature and stock codes lead to the issuance of multiple POs.
• More no. of Obsolescence and non-moving inventory resulted in increased inventory holding and carrying costs.
• Difficulty in identifying spare parts for equipment, without a proper linkage between parts information and equipment.
• High MTTR caused by lack of right spare parts
• High maverick purchases due to inaccurate inventory reports and even though parts are available in stock.
• Absence of standards for material classification and poor spend visibility on various MRO parts categories.

With the engagement, Enventure will provide a customized solution to the client that equips them with the skills required to build next-generation Inventory Optimization and MRO Data Excellence. As one of the large producers of Oil and Gas, building a high-performing MRO supply chain, with real-time spend visibility and high-level supplier engagement are the ways to succeed in a rapidly evolving corporate world. Enventure will set up a dedicated team of MRO engineers with varied disciplines in Mechanical, Electrical, and Instrumentation for over 8 months to Classify, Cleanse, and standardize the MRO material data. All the MRO material data will be classified based on the UNSPSC international standard. The data is cleaned and enriched by sourcing catalogues from manufacturers worldwide. Enventure will ensure the consistency of the MRO material across the categories through an automated process. Enventure will derive the power of the in-house cloud-based intelligent platform “Partlinq” to ensure high quality of MRO Data now and in the future with specified rules of Data Governance. Additionally, an online robust project management tool provides clear visibility to stages of the project and better control over the timely completion of the project. “This engagement is strategically important for the client in their advent to MRO Data Excellence and Inventory Optimization”, says C K Bharathan, VP, Operations, Supply Chain & Asset Management Solutions, Enventure Engineering. “With over 2 decades of expertise in supply chain management, we will be able to transform the client’s control over their parts Inventory, Supply Chain, and Plant uptime. This engagement serves as a proof point and enhances Enventure’s services strategy for asset-intensive process industry organization derive world-class supply chain setup, add substantial revenue growth, and increase their competitive positioning. About Enventure: Enventure Engineering (enventure.com) is a privately-held, ISO 9001:2015 & ISO 27001:2013 certified Engineering and Supply Chain Solutions company, with full-fledged delivery centers in India. Enventure has been serving clients in North America and Europe since 1997 and is today a preferred supplier of engineering and master data management services to Fortune 500 companies, across different industry verticals such as Hi-tech Electronics, Oil & Gas, Water Treatment, Automotive, and Industrial Manufacturing. Enventure provides a wide variety of services to Clients, in areas such as Plant Design Engineering, Building Engineering, Master Data Management, MRO Data Services, Component Engineering, Environmental Compliance Support, and Product Design.