IFS Applications Software Number Two in Oil and Gas Enterprise Asset Management
ITASCA, Ill. (June 07, 2011) – IFS AB, the global enterprise applications company, has been identified as the second largest vendor globally in enterprise asset management (EAM) software for the oil and gas industry by ARC Advisory Group, the leading information technology research and advisory firm for industry and infrastructure.
ARC Advisory Group, in its new publication “Enterprise Asset Management and Field Service Management, Five Year Market Analysis and Technology Forecast through 2015,” places IFS in this number two spot with regard to market share. IFS Applications achieves this market share because it is used not only by companies that own the complex assets used in the upstream and downstream oil and gas industries, but by the contractors and supporting industries that engineer, fabricate and support these assets during their lifecycle.
“In the oil and gas industry, pipelines extend through wide geographies with pumping stations along the way. An unplanned interruption can cause a pressure surge, failure, and environmental impact concerns. High equipment uptime with excellent maintenance execution is critical. But, it is also a commodity business where prices are fixed and controlling costs determines profitability,” ARC Advisory Group Research Director Ralph Rio said. “In this market sector, the ecosystem of EPCs, contractors and service providers demands collaboration, sharing of asset data, and project management. EAM solutions that are accessible and usable by all of the stakeholders that touch the asset data have growing demand.”
“Virtually all companies within the oil and gas value chain need EAM plus powerful project management and asset design management functionality that allows them to manage critical dynamics including risk, cost, time, resources and cash,” IFS North America Director for Energy and Asset Management Patrick Zirnhelt said. “For example, more and more, EPC contractors are being required by owner-operators to provide all of the design-build asset data at handover to facilitate a more seamless transition into the operations and maintenance phase of the asset lifecycle. Because IFS Applications provides robust project and asset design management capabilities integrated with our EAM applications, we are able to support the transition more smoothly than traditional maintenance packages, providing true asset lifecycle management throughout the design, build, operate, maintain process and even through decommissioning.”
For more information on ARC’s findings, visit http://www.arcweb.com/Research/Studies/Pages/EAM.aspx to view an overview or obtain the full-length report.
The oil & gas industry is one of IFS’ targeted vertical market segments. IFS offers a complete, integrated industry-specific solution that manages the entire project and asset lifecycle from engineering, procurement, material management and fabrication to installation and commissioning. IFS Applications includes functionality for contract and project management, risk management, budgeting and forecasting, engineering and material management, manufacturing, document management, service and asset management, all integrated with financials and human resources. IFS targets EPCI contractors, project-based manufacturers and service providers. Customers include Grenland Group, Babcock Engineering Services, Heerema Fabrication Group, Dresser-Rand, Yantai Raffles, Seawell, Apply Sørco, APL, Hertel, Bergen Group Rosenberg, BWO, and Hamworthy Gas Systems.
About IFS
IFS is a public company (OMX STO: IFS) founded in 1983 that develops, supplies, and implements IFS Applications(TM), a component-based extended ERP suite built on SOA technology. IFS focuses on industries where any of four core processes are strategic: service & asset management, manufacturing, supply chain and projects. The company has 2,000 customers and is present in more than 50 countries with 2,700 employees in total. For more information about IFS, please visit: www.IFSWORLD.com
Source: IFS
