Data collection is subjective, inconsistent and prone to human error. Inspections are conducted on a periodic basis, and sometimes the find rate of time-based inspections is less than 2%, making more than 98% of the inspections unnecessary. In other instances, the inspection interval is too long, and adverse incidents occur as a result. For example, to inspect some assets in the oil and gas industry, such as flare stacks, operators must take them out of service, causing lost revenue.

Once inspection data are collected, value must be extracted from it. This process also is manual and not integrated, leaving findings disorganized and subject to interpretation. These findings can vary from inspector to inspector or even from one day to the next. In the process of transferring and communicating inspection results for paper or PDF reports, data can be lost. Additionally, firms often delete much of the data after the report is finished, which limits the ability to learn from historical records. Overall, reporting can take six months or more after the inspection is completed.

Read the full article at E&P Magazine.