Asset Optimization Research Articles

Exploring advanced techniques in process automation and control: A generic framework for oil and gas industry applications

This paper explores advanced techniques in process automation and control, offering a generic framework tailored for applications within the oil and gas industry. The framework addresses the growing need for operational efficiency, safety, and sustainability in an industry characterized by complex, high-risk processes. The adoption of cutting-edge technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Industrial Internet of Things (IIoT) has revolutionized process control systems, enabling real-time monitoring, predictive maintenance, and optimization of production assets. Advanced Process Control (APC) techniques, including model predictive control (MPC), multivariable control systems, and data-driven analytics, play a pivotal role in enhancing production, minimizing downtime, and reducing operational costs. This generic framework leverages the integration of AI and big data analytics for optimizing control strategies, ensuring accurate decision-making and improving operational responsiveness to changing conditions. Additionally, the paper examines how automated control systems mitigate risks associated with human error, while enhancing safety protocols by providing early warnings and real-time insights into equipment performance. Automation also supports the industry's shift towards more sustainable practices by improving energy efficiency, minimizing environmental impact, and enabling remote monitoring in hazardous locations. Through case studies and examples, the paper illustrates the successful implementation of these techniques in upstream, midstream, and downstream operations, highlighting the significant role of digital transformation in driving innovation. The proposed framework can be adapted to diverse oil and gas settings, serving as a foundation for developing scalable, flexible, and sustainable automation solutions. By outlining the key components and benefits of advanced process automation and control, this study contributes to the ongoing discourse on how technological advancements can reshape operational strategies in the oil and gas sector. Keywords: Process Automation, Control Systems, Oil And Gas Industry, Artificial Intelligence (AI), Machine Learning (ML), Industrial Internet of Things (IIoT), Advanced Process Control (APC), Model Predictive Control (MPC), Predictive Maintenance, Digital Transformation, Sustainability.

The Influence of Asset Inventory on Optimizing Fixed Assets at PT. Indomarco Prismatama

This study aims to determine the effect of Asset Inventory on Fixed Asset Optimization at PT Indomarco Prismatama. The approach in this research is an associative / quantitative approach. The research was conducted at PT Indomarco Prismatama (Indomaret) which is located at JL Industri, No. 60, Tanjung Morawa B, Tanjung Morawa, Dagang Kerawan, Tj. Morawa, Deli Serdang Regency, North Sumatra 20362, Indonesia. Research started in February 2024 until completion. The population of this study were Indomaret employees who were in charge of recording assets and managing the assets of PT Indomarco Prismatama, 211 people and the number of samples in this study were 138 respondents. The data analysis technique uses simple regression. The results showed that Asset Inventory had a positive and significant effect on Fixed Asset Optimization at PT. Indomarco Prismatama Medan. Optimization of fixed assets at PT Indomarco Prismatama is determined or explained by the independent variable, namely asset inventory while the remaining 35.2% is influenced by other variables not examined in this study such as Maintenance and Maintenance, Employee Training and Competence and Asset Quality.

Multi-asset portfolio model optimization based on mean multifractal detrended cross correlation analysis

ABSTRACT In order to make the constructed investment portfolio model better adapt to the actual securities market, this paper incorporates the multifractal correlations into the portfolio model of multi-risk assets optimization. On the basis of using variable detrended covariance to measure multifractal correlations, the variable detrended covariance is embedded into the reward-risk criterion, the mean multifractal detrended cross correlation analysis portfolio (M-D) model of multi-risk assets is constructed, and the analytical solution of the M-D model of multi-risk assets is given. The empirical analysis shows that the M-D model not only can improve investment performance but also meet the return-risk criterion much more, reaching the goal of optimizing the multi-risk asset portfolio model.

Analysis of the Effect of Utilization of Science and Technology, Human Resources and Asset Land Management on Sustainable Optimization

Natural resources, especially land, are finite resources that constrain development. The limited availability of land in urban areas is disproportionate to the growing demand. This land is important for developing city infrastructure, such as office buildings, housing, education, health services, parks, and green open spaces, as well as other functions that support city infrastructure. The research was conducted as an effort to support government programs towards the optimization of sustainable cities by looking at the propositions of each variable. The product of this research helps the government optimize the development of sustainable cities. Testing with quantitative methods using partial least square data analysis utilizing Smart-PLS software. The results showed that the science and technology variable had an insignificant effect on the sustainable optimization of land assets in Malang City. However, the human resources variable and the asset land variable have a significant positive effect on the sustainable optimization of asset land in Malang City. The conclusion of this study shows that science and technology does not have a direct impact on the optimization of sustainable land assets in Malang City, but has a significant positive influence through the mediation of human resources. Therefore, researchers recommend improving science and technology in land asset management through improving the education and skills of human resources in the Malang City government.

The Influence of Asset Valuation, Asset Inventory, and Legal Audit on Asset Optimization

This study aims to fill a gap in the asset management literature by analysing the impact of asset inventory, legal audits, and asset valuation practices on asset optimization. The study involved 106 employees who participated in the completion of the questionnaire. The data was analysed using multiple regressions to test the proposed hypothesis. The results showed that asset inventory has a significant influence on asset optimisation. Asset inventory aims to ensure that company assets are recorded completely and accurately. A legal audit has a significant effect on asset optimisation. The implementation of legal audits to ensure regulatory asset control can increase asset optimisation. Asset valuation has a significant effect on asset optimisation. Consistent and proper asset valuation helps determine market value or tax needs. This research makes an empirical contribution to asset management theory, showing that planning, procurement, operation, and maintenance of assets are necessary to achieve optimisation. The findings provide a foundation for companies to balance policies and best practices to sustainably increase asset value. In addition, these findings are expected to be a reference for further research in the field of asset management and provide practical solutions for other companies facing similar problems.

Pengaruh Good Corporate Governance Terhadap Optimalisasi Aset Perusahaan Perbankan di BEI Tahun 2017-2022

Analysis of the impact of Good Corporate Governance represented by institutional ownership, management ownership, board of directors, board of commissioners, and audit committee, on the optimization of bank assets through the measurement of Return on Asset (ROA) is the purpose of this research. Banking companies listed on the Indonesia Stock Exchange (IDX) during the period 2017-2022 are the population of this study. Multiple linear analysis with purposive sampling as the sample size determination method is the method applied in this research. Based on the conclusion of this research, asset optimization of banking companies listed on the IDX between 2017 and 2022 is significantly influenced by the structure of the board of directors, the membership of the board of commissioners, and the quality of the audit committee. Meanwhile, from 2017 to 2022, asset optimization of banking companies listed on the IDX is not significantly influenced by either institutional or managerial ownership.

Development of an AI framework using neural process continuous reinforcement learning to optimize highly volatile financial portfolios

High volatility presents considerable challenges in the optimization of financial portfolio assets. This study develops and explores model-based reinforcement learning (MBRL) in this context. Existing literature suggests that while model-free approach offers certain computational advantages, it frequently fails to encapsulate the nature of highly dynamic capital markets. This limitation is due to an insufficient consideration of the interactions between agents and environmental states within the reinforcement learning framework. Conversely, MBRL encounters inaccuracies representing stochastically evolving states typical of volatile capital markets. To address these limitations, we introduce an innovative AI framework in the MBRL domain by integrating attentive neural processes with continuous-time MBRL. This novel approach, termed Neural Process Continuous Reinforcement Learning (NPCRL), is posited to enhance the ability of MBRL to adapt to volatile fluctuations in capital markets. The effectiveness of NPCRL is empirically evaluated through a series of experiments using three important performance indicators of financial portfolios: returns, risk, and drawdown recovery. The results demonstrate that NPCRL surpasses other methods in achieving a balanced trade-off between long-term returns and risk management. This study advances our understanding of machine learning development by suggesting methods that are more proficient at capturing and adapting in volatile training environments.

Improving IT Assets Management with ITIL 4 Framework

IT Asset Management (ITAM) is crucial for organizations as it enables efficient utilization of IT resources, cost reduction, and risk mitigation. Horangi, a startup company, recognizes the importance of asset optimization and aims to enhance its ITAM service. To achieve this, researcher conducts research to identify a suitable framework as a solid foundation. ITIL 4, a widely adopted IT service management framework, is chosen, along with the Continual Service Improvement and Service Value Chain models. These models provide guidelines and recommendations to identify weaknesses and improve current processes while enabling continuous improvement in response to the dynamic IT landscape. The research employs a qualitative approach, utilizing in-depth interviews, document research, and the ITIL 4 guidebook. The study aims to provide recommendations and a foundation for developing guidelines and workflows in ITAM within the company. However, a limitation of this research is not much research related to ITIL 4 in ITAM area and cannot proceed until the implementation of recommendations due to funding constraints and approval processes. To overcome this limitation, it is suggested that future research includes the implementation process to obtain more optimal evaluation results.

Energy Transition: The Impact of Increasing Energy Production from Renewable Sources on the Commercial Optimization Process of Conventional Power Generation Assets

Abstract Changing the way electricity is produced, as part of the energy transition process, brings new challenges to the energy industry and in particular to the power generation practices. The switch from energy systems based on fossil fuels to generation technologies based on renewable sources is proving to be much more complex than expected. Multiple recent studies have shown that the intermittency in renewable production processes is putting pressure on the system and increasing balancing and maintenance costs of the grid, calling for an efficient management of the electricity produced. Therefore, a complete phase-out of conventional power generation units (e.g. coal, gas and nuclear) is still difficult to imagine in practice, mainly because of their role in balancing the system during the hours when renewables are not available (e.g. no wind, no sun or reduced hydraulicity). From the perspective of technical and commercial management aspects, the operation of conventional assets involves the consideration of multiple constraints (such as a longer operating time before they are shut down, or a longer preparation time before they can be restarted) in order to avoid financial loss and further damages. Therefore, the aim of this is to: 1. study the impact brought by the large installed capacity of renewable assets on the energy system; 2. analyse the options for gradual phase-out of conventional assets, from the perspective of system stability; 3. draw conclusions on how the commercial optimization of the production assets should develop as the energy transition advances. The novelty of this paper lies in the fact that it makes a business study of this transition process, which does not really exist yet, and case and simulation studies, along with statistical and time series analysis were used as a methodological approach for the research.

Techno-economic evaluation of meshed distribution network planning with load growth and expansion with multiple assets across multiple planning horizons

The smart grid paradigm has ushered in an era where modern distribution systems are expected to be both robust and interconnected in topology. This paper presents a techno-economic-based sustainable planning (TESP) strategy, which can be used as a planning framework for linked distribution systems, seeking to discover a realistic solution among competing criteria of diverse genres. In this comparative analysis-based study, three voltage stability assessment indices—VSA_A, VSA_B, and VSA_W—and a loss minimization condition (LMC)-based framework are used in the initial stage to achieve optimal distributed generation (DG)-based asset optimization for siting, followed by sizing. The respective techniques are evaluated across two variants of multiple load growth horizons spread across 10 years. The suggested TESP technique is tested on two variants of a mesh-configured microgrid (MCMG) with varied load growth scenarios. One variant considers a 65-bus MG with a fixed load growth of 2.7% across two load growth horizons. The other variant considers a 75-bus MG with varied load growth across four load growth horizons, encapsulating an expansion-based planning perspective. The numerical results of the suggested TESP approach in a comparative study demonstrate its effectiveness, and it can be used by researchers and planning engineers as a planning framework for interconnected distribution tools across multiple planning horizons. The proposed study would contribute to enhancing the robustness and interconnectivity of smart grid distribution systems. This dual focus could lead to more cost-effective and reliable power distribution systems.

Renewable Energy Consumption, ESG Reporting, and Fixed Asset Turnover: Does it Work in Asia?

The purpose of this study is to provide empirical evidence on the effect of renewable energy use and ESG reporting on fixed asset turnover of companies in the energy industry and basic materials industry in the Asian region. No one has tried to see the effect of renewable energy consumption and ESG on the company's efficiency performance through fixed asset optimization, especially in the Asian region which is a strategic region for sustainability goals. The finding is renewable energy does not affect the fixed assets turnover of companies in the energy industry sector and the basic materials industry in Asia. However, ESG reporting represented by ESG score has a significant positive influence on the company's fixed asset turnover. The company's overall internal readiness aspect is an important thing that must be considered first so that the implementation of business practices that prioritize natural resource management in achieving operational activity efficiency advantages can achieve its benefits. A higher ESG score is a representation of controlled activity performance management in generating sustainable corporate efficiency through a higher fixed asset turnover ratio, and vice versa.

Management of Fixed Asset Management at the Manpower and Transmigration Service of Penukal Abab Lematang Ilir Regency (PALI)

Assets are the component with the greatest value and wealth that is vital for the running of an organization, whether in a government or private company. Researchers will focus this research on the Manpower and Transmigration Service of PALI Regency and how fixed asset management works. whether the implementation of asset management is in accordance with established regulations. So far, management of regional inventory items has been carried out on the basis of the provisions of Minister of Home Affairs Regulation Number 7 of 1997 as the main regulations for regional government inventory regulations. The aim of this research is to understand how fixed asset management at the PALI Regency Manpower and Transmigration Service works. This research uses qualitative research methods with an emphasis on Doli D. Siregar's theory of asset indicators, namely: asset inventory, legal audit, asset assessment, asset optimization, and asset monitoring and control. In selecting informants, researchers used purposive. The techniques used by researchers in collecting data are interviews, observation, and documentation studies. The conclusion from the results of this research shows that fixed asset management at the Manpower and Transmigration Department is not running well. This is because there is still a lack of human resources in the field of asset management, one of whose tasks is to inventory assets, and the large number of assets makes asset managers overwhelmed.

R&D deductions in the Czech Republic: Is the amount dependent on the size of a company?

Research and development (R&D) is considered a critical factor in the long-term performance of companies. Governments are therefore seeking to increase the availability of R&D support for enterprises. This support may include indirect or tax support, often offered as deductions from the tax base or credits on already calculated tax. The paper analyzes the average amount of R&D deductions depending on the size of enterprises in the Czech Republic that use R&D deductions. The research sample includes all companies residing in the Czech Republic that filed tax returns between 2009 and 2021. The methods of descriptive statistics, analysis of variance, and trend analysis were used to test the hypotheses. The results suggest a statistically significant difference (α < 0.01) between the average R&D deduction of companies using the R&D deduction and a company’s size. Furthermore, it was found that the average amount of the R&D deduction has changed and is expected to change as well. This trend in the case of micro companies is negative, and by other groups, it is relatively constant or slightly rising and is also expected to increase. Authorities could use these results to adjust tax laws governing R&D deductions in the Czech Republic. Acknowledgment This article was written as one of the outputs of support from the project of Excellent Research called “The impact of tax optimization of intangible assets on corporate finances and national public budgets,” which is being continuously implemented at the Faculty of Economics of the Technical University in Liberec within the years 2021–2022.

Asset Management, Optimization of Asset Use, and its Effect on Local Own-Source Revenue

Assets are one of the tools to generate revenue for a country. Given the important role of assets, this study aims to comprehensively determine the effect of asset management and asset optimization on PAD. The method used is literature study with descriptive analysis. The research results from 13 regions, 6 of which show that asset management has an effect on PAD, 2 regions state that asset management has no effect on PAD, 2 regions prove that asset optimization has an effect on PAD, and 3 regions state that asset management has no effect on PAD. The author can also conclude that asset management/management and asset optimization are closely related and affect each other.

Efektivitas Pemanfaatan Aset Wakaf Untuk Wisata Halal Sebagai Potensi Lapangan Pekerjaan

Waqf is one of the Islamic social instruments that has a dual role, namely as a religious institution and as an economic instrument. Waqf can improve the welfare of the ummah, support government spending, and absorb labor. The author applies a descriptive qualitative approach using the literature study research method. This method involves collecting data from various literatures, especially articles from scientific journals relevant to the research topic. Halal tourism is a travel concept that fulfills the principles of Islamic sharia in every aspect. The purpose of halal tourism is to provide a vacation experience that complies with religious principles for Muslim tourists, which includes spiritual, cultural, and also their practical needs while traveling. From the research conducted, it appears that the optimization of waqf assets has great potential in creating significant employment opportunities and can reduce the unemployment rate.

A Web-Based Platform for 3D Visualization of Multimodal Imaging Data in Cultural Heritage Asset Documentation

Complex demands in the field of cultural heritage preservation often require a multidisciplinary approach and substantial volumes of multimodal data integration and management. The conventional approach to tackling these issues revolves around using different H-BIM (historical building information model) solutions. This paper presents a prototype for a web platform that moves closer to the idea of a digital twin for physical cultural assets. Based on a light development framework, it is designed for online open access and features a versatile custom 3D viewer for intuitive interaction with the presented data. The concept requires a workflow similar to the video-game industry’s 3D asset optimization to generate highly detailed 3D models and to facilitate the display of multilayered imaging data. The technological stack features a minimal MVC architecture framework and front-end stylesheets. It is designed to be independent of specific databases, enhancing portability for potential future open-source releases. Moreover, the platform employs WebGL libraries to create a dynamic 3D environment interaction. The capabilities of the web platform were tested in a case study regarding the documentation of an important 17th-century church in Romania. Further developments and current limitations of the platform are also discussed.

Pengaruh Teknologi Informasi Dan Manajemen Aset Terhadap Kinerja Rumah Sakit Dengan Optimalisasi Aset Sebagai Variabel Intervening Pada Rumah Sakit Vertikal (BLU) Kementerian Kesehatan

This 2022 research entitled The Effect of Information Technology and Asset Management on Hospital Performance with Asset Optimization as an Intervening Variable at the Vertical Hospital (BLU) of the Ministry of Health. The purpose of this study is to analyze whether there is a significant influence between Information Technology and Asset Management on Hospital Performance based on the Director General of Treasury No.24 of 2018 regarding guidelines for evaluating the performance of BLU in the health service sector, with Asset Optimization as an Intervening Variable in Vertical Hospitals (BLU). Ministry of Health. The independence of the financial management of the Vertical Hospital to become a BLU is the same as how the Vertical Hospital can better utilize the assets that are currently available but are not yet optimal in terms of management. So there is a need for asset optimization at the Vertical Hospital so that it can provide more benefits for the general public as well as benefits for the Vertical Hospital within the Ministry of Health, especially in facing the current pandemic conditions which must be more prepared in terms of service (asset optimization) as a form of service readiness. Health when the pandemic returns. The research method used is Ex Post Facto Causality Research, with this type of research based on a time approach using a cross-sectional approach. Data management in this study will use PLS 3.2.6 Smart Software Structural Equation Modeling (SEM) Variance Based SEM or Partial Least Square (PLS) is a method used to cover the weaknesses contained in the regression method. The sampling technique used is Non-Probability Sample / Purposive Sampling which uses a total sample of 34 people, representing 34 BLU Vertical Hospitals. In the whole of this study, the biggest influence on the t-test is the influence of Asset Management on Asset Optimization (t count of 9.275 is greater than t table of 1.96), which has a positive and significant effect

Sparse and stable international portfolio optimization and currency risk management

This paper introduces a sparse and stable optimization approach for multi-currency asset allocation, aiming to improve portfolio performance and currency risk management. We demonstrate that the widespread industry practice of employing currency overlay strategies is suboptimal. In contrast, our proposed regularized joint optimization approach, which integrates assets and currencies, consistently outperforms currency overlay strategies as well as equally-weighted and non-regularized global portfolio benchmarks net of transaction costs. On average, the joint optimization approaches achieve 23.3% higher out-of-sample Sharpe ratios compared to their currency overlay counterparts. By addressing parameter uncertainty and inducing sparsity and stability, our method enhances the mean-variance framework, resulting in improved out-of-sample portfolio performance. These findings challenge the prevailing practice of employing currency overlay strategies and highlight the potential for additional gains in risk-adjusted returns through the joint optimization of assets and currencies.

The Effect of Asset Procurement Planning, Regulation, Asset Inventory, Information Systems and Human Resources Competence on Fixed Assets Optimization

This study examines the influence of asset procurement planning, regulations, asset inventory, information systems and human resource competence on the optimization of fixed assets (studies on asset administration at the Financial Services Authority). The research population is the employees of the Financial Services Authority. Determining the number of samples can be done by means of statistical calculations, namely by using the Slovin formula. This formula is used to determine the sample size of a known population, namely 3,134 Financial Services Authority employees. Furthermore, to perform data analysis, multiple linear regression through the use of SPSS software as a tool is used in this study. The results showed that (H1) was accepted with a significance value of 0.000 which is less than 0.050, needs planning and asset valuation had a positive and significant effect on asset optimization. (H2) is accepted with a significance value of 0.024 which is less than 0.050. An important aspect of asset optimization is the regulatory aspect. (H3) is accepted with a significance value of 0.000, which is less than 0.050. Asset inventory and legal audit have a positive and significant impact on the optimization of fixed assets. (H4) is accepted with a significance value of 0.000 which is less than 0.050, the management information system assists the process of managing finances and assets and reduces the risk of fraud from certain individuals. (H5) is accepted with a significance value of 0.003 which is less than 0.050, fixed asset management is weak human resource competence and lack of responsibility from related parties in managing fixed assets. So that competent human resources are needed in asset management

Pengaruh Inventarisasi Aset dan Legal Aset Terhadap Optimalisasi Aset: Literature Review Manajemen Keuangan

Every business needs to know which assets can still be managed and which ones need to be replaced. The purpose of this study is to analyze the effect of asset inventory and legal assets on asset optimization. The method used in this article is a qualitative method with a literature study or Library Research. The aim is to analyze the comparison of existing theories with previous theories in the research literature. The literature used is literature from research results or studies presented in scientific articles. All articles used are sourced from the electronic data literacy search engine Mendeley and Google Scholar.The results showed (1) Asset inventory affects asset optimization. (2) Legal assets affect asset optimization.
 Keywords: Asset inventory; legal asset; asset optimization