The future of the oil and gas industry is intelligent, connected, and predictive with smarter asset strategies at its core. Asset management in oil and gas today goes far beyond tracking equipment. It’s about managing high-value rigs, pipelines, and refineries operating in some of the harshest and most complex environments. No wonder digital transformation has become business-critical across the sector.
Gartner predicts that by 2028, over 50% of oil and gas companies will revamp their operational excellence strategies—putting intelligent assets at the center of their digital investments. And this shift is already picking up speed.
Yet transforming asset operations is easier said than done; especially when you’re up against aging infrastructure, unpredictable failures, growing compliance demands, and mounting cost pressures. Poor asset oversight can quickly escalate into operational downtime, safety risks, and millions lost in unplanned outages or inefficient asset use. Well, there’s a smarter, more connected way forward.
This blog unpacks the real challenges of asset management in oil and gas, explores how modern solutions are solving them, and walks you through a real-world use case to show it all in action.
Let’s dive in.
Challenges in Oil & Gas Asset Management
Managing assets in the oil and gas industry is complex as well as it is high-stakes. You’re working with capital-intensive infrastructure spread across remote geographies, all while balancing safety, compliance, and cost efficiency. Let’s break down the key challenges
1. Aging Infrastructure and Asset Fatigue
Many oil and gas assets have been operating beyond their expected lifespans. Equipment fatigue leads to higher failure rates, safety risks, and increased maintenance costs, demanding a proactive rather than reactive approach.
2. Harsh and Remote Operating Environments
From offshore rigs to desert pipelines, assets often operate in extreme, hard-to-reach locations. These conditions not only accelerate wear and tear but also make inspection and maintenance logistically challenging.
3. Safety and Pipeline Integrity
With hazardous materials and high-pressure systems functioning, even minor asset failures can trigger major safety incidents. Ensuring pipeline integrity and plant safety is a non-negotiable priority
4. Regulatory and Environmental Compliance
The industry is under increasing scrutiny for its environmental impact. Failing to meet compliance standards can result in penalties, project delays, or reputational damage.
5. Unpredictable Failures and Downtime
Sudden equipment failures can bring operations to a halt, costing millions in unplanned downtime. Without predictive insights, it’s difficult to get ahead of potential breakdowns.
6. Data Fragmentation and Integration Issues
Asset data often lives in disconnected systems; EAMs, databases, field logs; making it tough to get a clear, consolidated view of performance, maintenance history, or lifecycle status.
7. Technological Adaptation
While digital solutions are available, adopting and integrating new technologies across complex legacy systems can be slow and resource-heavy.
8. Market Volatility and Cost Pressures
Fluctuating oil prices and global instability put continuous pressure on margins. Companies must do more with less, optimizing asset usage and minimizing unnecessary spend.
9. Environmental and Community Impact
Beyond compliance, the industry must navigate increasing expectations around ESG (Environmental, Social, Governance). This includes reducing emissions, managing waste, and protecting local ecosystems and communities.
Overcoming these challenges calls for more than just maintenance checklists. It requires a holistic, data-driven strategy; one that uses IoT, AI, and predictive analytics; fosters cross-functional collaboration; and prioritizes continuous improvement.
Companies that embrace this mindset not only reduce risks; they drive greater efficiency, unlock long-term value, and build more resilient, sustainable operations.
For All Challenges One Solution: ServiceNow ITAM
ServiceNow IT Asset Management (ITAM) is built for complex industries like oil and gas where asset-heavy operations, high-risk environments, and rising cost pressures demand more than just traditional tracking tools. It’s a modern, cloud-based solution that gives you the control, visibility, and intelligence to optimize every asset across its entire lifecycle.
With ServiceNow ITAM, oil and gas businesses are transforming asset chaos into clarity, reducing downtime, meeting compliance demands, and driving long-term growth.
Here’s how it works:
1. Centralized Asset Visibility
Bring all your assets; IT, OT, hardware, and field equipment into one unified system. Track location, ownership, usage, and status in real time, across rigs, plants, refineries, and remote sites.
2. Predictive Maintenance
Move from reactive to predictive. By leveraging analytics and historical data, ServiceNow helps detect early signs of wear or failure, so you can fix issues before they turn into costly outages.
3. Lifecycle Automation
Manage the entire asset journey from procurement to retirement through automated workflows. Reduce manual errors, improve accountability, and ensure consistent processes across departments.
4. Compliance Management
Maintain full audit trails, track certifications, and align with regulatory requirements without last-minute rushes. ServiceNow ITAM ensures environmental, safety, and operational compliance at every step.
5. Cost Optimization
Identify idle, underused, or duplicate assets and eliminate waste. ServiceNow ITAM helps you make informed investment decisions, reduce unnecessary spending, and improve ROI.
6. Integration Capabilities
Easily connect with your existing systems like ERP, EAM, IoT, and field service platforms. ServiceNow ITAM acts as a central layer that brings data together for smarter, faster decision-making.
Overall, think of ServiceNow ITAM as the control tower of your oil and gas operations; always monitoring and optimizing. It is more than another IT tool; it’s your mission-critical co-pilot, helping you navigate aging infrastructure, remote sites, and rising costs with confidence.
For leaders like you, it brings structure, intelligence, and automation to every part of the asset lifecycle. From spotting risks before they escalate to making sure every rig, pump, and pipeline is accounted for and working at full capacity—ServiceNow ITAM helps you stay one step ahead. This results in less guesswork, fewer disruptions, and more value from every asset you manage. It’s the superhero your asset strategy has been waiting for; powerful, always ready, and built to handle the pressure.
Beyond ITAM: Other ServiceNow Solutions Powering Oil & Gas Operations
And while ServiceNow ITAM lays a strong foundation for asset intelligence, it’s just one part of a larger, connected ecosystem. To truly elevate operational excellence across the oil and gas value chain, solutions like ServiceNow ITSM and ServiceNow FSM work in tandem, bringing even more speed, service quality, and end-to-end visibility to the table.
Let’s take a closer look at how these platforms complement ITAM and help you scale smarter.
ServiceNow ITSM helps streamline internal service workflows, automating routine IT tasks, managing incident and change requests, and ensuring faster issue resolution. In high-stakes environments like oil rigs or refineries, minimizing service downtime is critical to safety and compliance.
ServiceNow FSM, on the other hand, empowers your field teams. Whether it’s sending technicians to remote pipelines or scheduling repairs on offshore platforms, FSM ensures the right person, with the right skills and tools, is dispatched at the right time. It improves first-time fix rates, optimizes travel, and reduces response delays.
Together, these solutions connect the dots across IT, operations, and field service, so your teams are not only reacting to issues but proactively preventing them. That’s the power of a truly integrated ServiceNow ecosystem.
Real-World Impact: Transforming Asset Management with ServiceNow ITAM
A leading Canadian oil and gas pipeline company faced major roadblocks due to outdated legacy systems, limited asset visibility, and inefficient manual workflows. These issues not only hindered operational agility but also made it difficult for employees to clearly understand their responsibilities, slowing down service delivery and decision-making.
This is where they partnered with Aelum Consulting.
As a trusted ServiceNow Premier Partner, Aelum implemented an integrated ServiceNow solution tailored to their unique needs. With IT Asset Management (ITAM), the company gained complete visibility into their IT and operational assets from procurement to retirement. Simultaneously, IT Service Management (ITSM) helped automate service requests, streamline issue resolution, and eliminate manual inefficiencies. Governance and reporting modules further enabled smarter, data-driven decisions.
The impact?
- 93% increase in customer satisfaction
- Complete asset visibility across locations and systems
- Streamlined operations with reduced manual effort
- Significant cost savings through optimized resource use
- A modern, connected, and intelligent digital ecosystem
With Aelum’s guidance and ServiceNow’s powerful platform, the company turned operational challenges into strategic advantages, building a future-ready foundation for growth in a dynamic energy landscape.
Looking to Lead in Oil & Gas? Aelum & ServiceNow ITAM Can Get You There
Every minute of uptime. Every asset performing at its peak. Every decision made with clarity. This is what modern asset management makes possible for oil and gas enterprises that truly aspire to lead.
At Aelum Consulting, we’ve seen the transformation firsthand. From outdated processes and fragmented visibility to intelligent systems that anticipate, optimize, and empower. With ServiceNow ITAM, we help industry pioneers like you take back control—boosting reliability, cutting waste, and turning asset complexity into competitive strength. Your asset management should do more than prevent breakdowns; it should power breakthroughs. Connect with our experts today!
Frequently Asked Question (FAQs)
1. Difference between asset integrity management vs asset management
Asset Management focuses on the entire lifecycle of an asset—from procurement to retirement—ensuring optimal performance, cost-efficiency, and utilization.
Asset Integrity Management, on the other hand, is a subset that specifically ensures assets are structurally sound and safe to operate, especially in high-risk environments like oil and gas. It’s about maintaining the asset’s condition to prevent failures and meet safety and compliance standards.
2. What are the key components of asset management in oil and gas?
Core components include asset tracking, preventive and predictive maintenance, lifecycle management, compliance monitoring, and integration with operations and field services for full visibility and control.
3. Is ServiceNow ITAM the best software solution to manage assets in the oil and gas industry?
ServiceNow ITAM is one of the most effective solutions for managing assets in the oil and gas industry. It offers centralized asset visibility, lifecycle automation, predictive maintenance, and seamless integration with enterprise systems. For companies looking to reduce downtime, ensure compliance, and optimize asset performance especially in complex, high-risk environments; ServiceNow ITAM provides a modern, scalable, and intelligent approach.
4. Can ServiceNow ITAM integrate with existing oil and gas systems like ERP or IoT platforms?
Yes, ServiceNow ITAM offers strong integration capabilities with ERP, IoT, EAM, and OT systems, enabling end-to-end visibility and smarter decision-making across your asset ecosystem.
5. How can we improve and manage assets in the oil and gas industry?
By embracing modern asset management solutions that combine real-time visibility, predictive maintenance, and automated lifecycle tracking. Tools like ServiceNow ITAM help streamline operations, reduce downtime, ensure compliance, and turn complex, capital-heavy assets into strategic business drivers—enabling oil and gas enterprises to operate smarter, safer, and more efficiently.