The Art of “Sharing” in the Oilfield

In light of the recent lower oil price environment, equipment rental companies are being asked for increased transparency with their customers. With the oilfield equipment rental market forecasted to be worth about $53 billion by 2019, there is no better time for rental companies to start impressing current and future customers.

With Geoforce’s Asset Share, rental companies are able to build online asset networks with their customers, much like people build social networks with their friends and families on Facebook. After installing Geoforce’s GPS tracking devices and using our Track and Trace software application, rental companies can selectively share traceability and visibility of certain assets on rent to customers. This is a huge advantage in ever competitive rental markets, as what was previously known jokingly as “dumb iron”, can now become serious “smart iron”.

Rental companies can share as much information as they want, including maintenance and compliance status, and past and current locations. By showing the last time the asset received maintenance, companies can provide complete transparency and accountability to its customers. With the location data shared into their accounts, customers gain a comprehensive view of ALL the assets at their disposal, both rented and owned, and can thus make better rental, dispatch, and purchasing decisions.

By utilizing Geoforce’s Asset Share, rental companies are helping to grow the world’s largest network of connected oilfield equipment and “spreading the oilfield wealth” through “asset networking”! Remember, sharing is caring!