SANTA CLARA, Calif., August 8, 2017 /PRNewswire/ -- Based on its recent analysis of asset performance management solutions for the oil and gas industry, Frost & Sullivan recognizes Oniqua with the 2017 North America Frost & Sullivan Award for Product Leadership. Oniqua's IQ Optimization Suite ably addresses asset management requirements in the oil and gas industry by optimizing the management of critical maintenance spares and materials across the full asset life cycle. Designed as a cloud-based solution specifically for complex, asset-intensive maintenance, repair, and operations (MRO) environments, the flexible configuration, interactive dashboards, advanced reporting, and intuitive visualizations of the solution transform data into actionable insights and help users balance costs and risks.
The IQ Optimization Suite boasts a unique combination of four modules:
- MRO inventory optimization
- Maintenance optimization
- Procurement optimization
- Equipment optimization
The IQ Optimization Suite extracts the existing master data and history from a customer's enterprise resource planning (ERP) and enterprise asset management (EAM) systems and segments it by lead times, part usage, criticality, and other information. This enables it to present recommendations for spare part decisions based on the thresholds set during software customization and business rules definition.
"The biggest differentiating feature of the IQ Optimization Suite is its advanced analytics capabilities that were specifically intended to manage oil and gas MRO issues such as the slow-moving, non-seasonality nature of spares," said Frost & Sullivan Research Analyst Sankara Narayanan. "Unlike traditional ERP or EAM applications that lack capabilities such as inventory optimization, Oniqua's solution determines the levels of inventory by taking into account several variables such as average value, size, and lead times, which affect planned and unplanned demand."
This solution does not simply help save money but also ensures that performance and service levels remain top-notch by presenting a comprehensive portfolio of master data services, opportunity assessments, and rapid value services. The company's highly efficient resource pool (the Professional Services team) can identify a customer's specific MRO problems and immediately remedy them.
"Being technology agnostic, the solution is designed to work with all major ERP systems, EAM systems, and data warehouses to synchronize data. Additionally, the company offers both cloud and on premise solution deployment," Narayanan said. "It eliminates the need for system experts as it has a host of user-friendly functionalities such as what-if analysis, multi-dimensional inventory forecasting algorithms, dynamic inventory segmentation, intuitive visualizations, and drag and drop. Furthermore, it has leading-edge reporting and interactive dashboards that not only enrich user experience, but also provide the visibility required to effectively manage inventory."
The Oniqua IQ Optimization Suite is in use in more than 30 countries, supported by offices in North America, South America, South Africa, Europe, and Australia. Oniqua's IQ Optimization Suite has attracted the attention of leaders from a range of other industries including mining, petrochemicals, utilities, manufacturing, and transportation. Oniqua's ability to work across a range of industries and its strong product strategy are expected to boost its growth potential in the coming years.
"We are honored by this award and recognition," said Carlos Fairgray, Oniqua's executive vice president of technology and innovation. "Oniqua is proud to have attained a near-perfect score on each of Frost & Sullivan's customized decision support scorecard criteria. The team's dedication and relentless pursuit of delivering on best-in-class products are making a real difference in the industry. We are pleased our efforts have been recognized by such an esteemed research and analysis firm as Frost & Sullivan."
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality, gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it supports.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
Oniqua provides Intelligent MRO (maintenance, repair and operations) capabilities that are transforming the way Oil & Gas, Mining, Utilities, and Manufacturing companies manage their capital-intensive assets. The company's unique cloud-based offering combines the world's most advanced MRO analytics technology with analyst services, consulting, master data cleansing, and industry expertise to optimize the performance of materials management and operations and maintenance activities. Oniqua does the heavy lifting on behalf of customers so they can achieve rapid benefits in the form of reduced waste and costs, minimized risks, greater efficiencies, and smarter decisions across their MRO operations. Oniqua is proud to serve many of the world's largest energy and resources companies, including ExxonMobil, ConocoPhillips, BP, Phillips 66, New Gold, Occidental (OXY), ADMA, BHP Billiton, Tennessee Valley Authority (TVA), American Electric Power (AEP), Nebraska Public Power District, Rio Tinto, Newmont Mining, Lundin Mining, Freeport McMoRan, and many others. To learn more, visit www.oniqua.com.
About Frost & Sullivan
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Alisson Moore/Oniqua Intelligent MRO
P: 303 525 5994
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