ASCO plans to invest £18.3 million (approximately $24.4 million) over the next six years to enhance its logistics operations and material management, focusing on upgrading digital technologies, artificial intelligence, and automation. This investment will help the company's customers gain better visibility and control over their supply chains.
Investment Details and Objectives
A significant portion of this expenditure will be allocated to the development of ASCO's Integrated Logistics Management System (iLMS), which includes material, cargo, dock, and transportation management. Additionally, ASCO has prioritized improving its waste management system to provide better environmental reporting. These tools will operate alongside ASCO's 24-hour operational control centers in the UK and Norway, which coordinate transportation, shipping, marine, and air activities.
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Initial Results and Impact on the Energy Industry
ASCO has reported that the company's digital tools have already yielded tangible results. These results include an 80% reduction in material processing time for a major global energy company and inventory savings of £36 million (approximately $48 million) for an operator in the North Sea. These achievements demonstrate the positive impact of investment in innovative technologies on improving efficiency and reducing costs in the energy industry.
Mike Petigrew, CEO of ASCO, stated: "Our approach starts with the operational problem, not the technology." He added that this investment will aid ASCO's growth in the international arena and entry into new sectors beyond traditional energy.
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