IFS Applications software number one in Enterprise Asset Management for oil and gas

IFS, the global enterprise applications company, has been identified as the number one 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,” indicates that IFS Applications holds a dominant market share position in oil and gas globally. The IFS Applications EAM suite is used widely by engineer, procure, construct (EPC) contractors serving the industry, by oil field service companies, and even by upstream oil and gas producers worldwide.

“The asset intensive oil and gas industry has many project-driven improvements with tight turnaround schedules to minimize downtime," ARC Advisory Group Research Director Ralph Rio said. "Assets are often being altered through upgrades, retrofits, overhauls and other projects for asset lifecycle extension and productivity improvement. Project management and real-time visibility have become key needs in EAM software.

“Project management and asset integrity management are both critical concerns for our customers in the oil and gas industry,” Director of the IFS Oil & Gas industry team Carl-Magnus Adamsson said. “This means that an integrated solution that handles not only maintenance functions but all phases of the asset lifecycle is required. IFS Applications is unique in delivering a solution that handles the asset lifecycle, from asset planning and engineering, through construction, commissioning, operation and maintenance all the way through refits, lifecycle extensions and eventual decommissioning and replacement. The industry has already seen the problems that result when asset data is not organized and well managed. There is a renewed interest in ensuring that everyone is operating from one set of asset data so good decisions can be made to ensure asset integrity.”

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 markets. IFS offers flexible, component-based business solutions that manage the entire lifecycle of contracts, projects, assets and services. IFS Applications includes functionality for contract and project management, risk management, budgeting and forecasting, engineering, material management, fabrication, document management, service and asset management, all integrated with financials and human resources. Customers include Microseismic, Flexpipe, Grenland Group, Babcock Engineering Services, Shawcor, Heerema Fabrication Group, Seadrill, Yantai Raffles, Archer, Apply Sørco, APL, Hertel, Bergen Group Rosenberg, Technip, BWO, Semco Maritime, Reinertsen, STX Europe, NCA and Hamworthy Gas Systems.

About IFS

IFS is a public company (XSTO: IFS) founded in 1983 that develops, supplies, and implements IFS Applications™, a component-based extended ERP suite. IFS focuses on industries where management of any of the following four core processes is strategic: service & asset, manufacturing, supply chain, and projects. The company has 2,100 customers and is present in approximately 60 countries with 2,800 employees in total.

More information on IFS is available at www.IFSWORLD.com.

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