Frost & Sullivan commends Oniqua's IQ optimization suite for operational efficiency in the oil and gas industry

1Frost & Sullivan 2017 Best Practice Award. (Image source: Frost & Sullivan)Oniqua helps companies optimize MRO spares and materials management, resulting in reduced costs, greater service levels, and increased efficiency

Based on its recent analysis of asset performance management solutions for the oil and gas industry, Frost & Sullivan recognises Oniqua with the 2017 North America Frost & Sullivan Award for Product Leadership.

Oniqua's IQ Optimization Suiteably 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 Oniqua IQ Optimization Suite is in use in more than 30 countries, supported by offices in South Africa, North America, South America, 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.

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 customisation 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."

"Being technology agnostic, the solution is designed to work with all major ERP systems, EAM systems, and data warehouses to synchronise 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."

"We are honoured 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."

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