Challenges in the petrochemical industry are mainly related to asset management, particularly where it relates to operational efficiency, sustainability, and economic volatility. As a trusted partner, Timenow supports asset management in your organization. You can feel confident that we are equipped to handle complexities across your organization, from strategic planning, to operational execution, and environmental compliance. We’ve put together an FAQ on asset management addressing some of the biggest questions we receive from petrochemical leaders.
What are the challenges for Asset Management in the context of petrochemical, and how is Timenow involved?
Asset management in the petrochemical sector is never straightforward. Volatile crude oil prices, mounting decarbonization pressures, and project scope creep, turn every project into a balancing act of cost, safety, and compliance.
Nowhere is this complexity more evident than in Shutdowns, Turnarounds, and Outages (STO). These events expense, labor-intensive, material-intensive, and add a strain on equipment. Every extra day offline can mean millions more in lost production. Scope creep from emergent work, supply chain delays, and scarce skilled personnel only add to the pressure.
Beyond STOs, plants must also navigate environmental and regulatory demands, from strict safety standards and hazardous decommissioning to the global push for lower emissions and better waste management. At the same time, economic volatility and workforce gaps put further strain on already tight margins.
What the industry needs is not just project support, but a partner who understands these realities and can deliver discipline, predictability, and results where it matters most.
Timenow helps petrochemical operators navigate the high-stakes challenges of asset management. With deep expertise in STOs, EAM/CMMS, and RAM analysis, supported by digital tools like TimeConnect and iRoutes, we deliver predictability, reliability, and safety. Our ISO 55000-aligned strategies and project controls reduce downtime, extend asset life, and support the industry’s transition toward safer, smarter, and more sustainable operations.
How do AI (Artificial Intelligence), IIoT (Industrial Internet of Things), Machine Learning, and Big Data impact Asset Management in the context of petrochemical, and how is Timenow leveraging them?
The petrochemical industry is entering a new era of Asset Management, where digital technologies, AI, Machine Learning, IIoT, and advanced analytics, are transforming how plants maintain reliability, safety, and profitability. These tools enable predictive maintenance strategies that anticipate failures before they occur, optimize complex Shutdowns, Turnarounds, and Outages (STOs), and provide leaders with real-time visibility across massive, capital-intensive operations. For executives, this shift represents more than an upgrade in tools, it’s a competitive advantage that reduces downtime, extends asset life, and strengthens compliance in an environment of volatile markets, strict regulation, and rising decarbonization pressures.
Timenow stands at the center of this transformation with proven expertise and purpose-built solutions for the petrochemical sector. Having managed over 150 STOs, we combine technical depth with digital innovation through platforms like Time Connect, which delivers centralized, real-time project oversight, and iRoutes, which digitizes inspection routes to improve predictive maintenance programs. Our services extend from EAM/CMMS implementation and RAM analysis to operational readiness assessments and ISO 55000-aligned strategy consulting. By partnering with Timenow, petrochemical leaders gain not just a service provider, but a trusted advisor committed to safer, smarter, and more sustainable operations.
Why are generational shifts and the shortage of skilled workforce hitting asset management so hard in the context of petrochemical plants, and how does Timenow help its clients overcome these challenges?
The petrochemical sector faces a growing workforce challenge: a shortage of highly specialized labor coupled with the rapid loss of institutional knowledge as experienced professionals retire. For plants operating complex, aging infrastructure, this gap directly impacts operational efficiency, safety, and the success of capital-intensive events like Shutdowns, Turnarounds, and Outages (STOs). Every shortage of skilled welders, operators, or project leaders increases the risk of delays, cost overruns, and compromised safety. Add to this the financial strain of training, the complexity of managing mature facilities, and the pressure of volatile markets and asset management becomes as much about people as it is about plants.
Timenow helps petrochemical leaders bridge this gap with flexible expertise, proven methodologies, and digital solutions. With over 150 STOs managed, we bring the project leadership and sector-specific knowledge needed to keep shutdowns safe, on time, and on budget. Our EAM/CMMS implementations, tailored Project Execution Plans, and ISO 55000-aligned strategies reduce dependence on scarce labor by standardizing processes and capturing knowledge. Digital tools like TimeConnect provide a single source of truth, enabling real-time visibility and effective coordination across large, temporary workforces. By combining technical depth with adaptive support, Timenow empowers petrochemical plants to reduce downtime, extend asset life, and build resilience in an industry where reliability and safety cannot be compromised.
What proven gains does Timenow’s umbrella of services offer in asset management for petrochemical clients?
Petrochemical operations demand precision, discipline, and foresight. Timenow has proven that with the right mix of structured planning, digital innovation, and seasoned expertise, asset-intensive projects can achieve measurable gains in cost performance, schedule predictability, and operational efficiency. Our methodologies consistently deliver results: clients have achieved 15–18% improvements in cost performance, up to 35% reductions in capital expenditures, and avoided financial risks as large as a $500M NPV loss through robust front-end planning. In practice, this translates to fewer overruns, tighter budget control, and capital projects that deliver real value instead of financial surprises.
For petrochemical leaders, the stakes are highest in Shutdowns, Turnarounds, and Outages (STOs) where every day of downtime costs millions. Timenow has successfully managed 150+ shutdowns, combining operational rigor with advanced tools like TimeConnect for real-time visibility and iRoutes to digitize and streamline inspections. These solutions have reduced project delays by up to 15%, improved repeatability and quality by 20%, and empowered faster, better-informed decision-making across teams.
Beyond the numbers, we provide what this sector needs most: clarity, governance, and risk mitigation. With tailored Project Execution Plans, ISO 55000 alignment, and expert leadership, we help petrochemical operators control scope, extend asset life, and meet rising sustainability and compliance pressures all while keeping plants productive, safe, and future-ready.
Annual outages are high-impact, risk-prone interventions in petrochemical plants. How is Timenow’s expertise in project management a game changer?
Annual outages or Shutdowns, Turnarounds, and Outages (STOs), are among the most complex, costly, and risk-intensive events at petrochemical plants. Time is a critical factor: saving even a single day of downtime can translate into millions in avoided production losses. Yet these projects are vulnerable to scope creep, resource shortages, and escalating costs that undermine predictability and performance. What’s needed is not just more manpower, but a disciplined, strategic approach that treats STOs as capital-intensive projects requiring rigorous planning, execution, and oversight.
This is where Timenow brings measurable impact. With over 150 shutdowns managed, Timenow applies deep industry experience, structured methodologies, and digital innovation to give operators control over their most high-stakes events. From tailored Project Execution Plans that prevent scope creep and cost overruns, to digital platforms like TimeConnect and iRoutes that deliver real-time visibility, all for collaboration, and provide analytics. Timenow equips your leaders with the tools and insights to reduce downtime, extend asset life, and maintain compliance. Backed by ISO 55000-aligned strategies, operational readiness assessments, and sector-specific expertise, Timenow helps petrochemical producers turn unavoidable risks into opportunities for efficiency, reliability, and long-term sustainability.
How does Timenow ensure asset reliability and performance improvements in aging petrochemical facilities?
Aging petrochemical facilities carry risks of cost overruns, downtime, and compliance failures and therefore demand constant maintenance, complex shutdowns, and carefully managed upgrades. Timenow brings proven expertise in Asset Management, STO execution, and reliability analysis, backed by over 150 shutdowns successfully delivered. Through EAM/CMMS implementation, RAM modeling, and ISO 55000-aligned strategies, we help operators strengthen safety, extend asset lifespans, and build resilience against the financial and operational pressures of an evolving industry.
What sets Timenow apart is the combination of rigorous project management discipline and advanced digital tools. Platforms like TimeConnect provide real-time visibility into shutdown performance, while iRoutes digitizes inspection routes to reduce downtime and enhance preventative maintenance. Together with tailored Project Execution Plans, risk management frameworks, and operational readiness assessments, we ensure you as petrochemical producers gain not just immediate cost and efficiency benefits, but long-term reliability and sustainability. We position plants to move from reactive maintenance toward safer, smarter, and future-proof operations.
How does Timenow collaborate with internal maintenance and reliability teams at a petrochemical facility?
Timenow partners with petrochemical operators to strengthen maintenance and reliability teams through Reliability-Centered Maintenance (RCM) frameworks. Using methodologies such as Failure Modes and Effects Analysis (FMEA), Fault Tree Analysis (FTA), criticality assessments, and reliability modeling, we help plants identify risks from corrosive environments, high-pressure and high-temperature processes, and hazardous materials. This allows you to better understand asset behavior, prevent unplanned failures, and build strategies that improve safety, compliance, and operational performance.
A core part of this partnership is structuring complete asset hierarchies and optimizing Computerized Maintenance Management Systems (CMMS) and Enterprise Asset Management (EAM) systems. By improving data quality, standardizing maintenance routines, and shifting from reactive fixes to predictive monitoring, Timenow helps your petrochemical teams overcome fragmented data and process monitoring gaps that often obscure early failure signals.
To ensure long-term resilience in the face of workforce challenges, such as reliance on scarce specialist skills, Timenow provides training, clear procedures, and standardized processes that simplify execution and reduce dependency on individual expertise. For senior leadership, we deliver transparency through Key Performance Indicators (KPIs) and planning tools that directly align asset management with strategic objectives, from reducing operating costs to meeting decarbonization and regulatory commitments.
By combining proven methodologies, advanced digital solutions, and structured knowledge transfer, Timenow empowers petrochemical facilities to extend equipment life, maximize uptime, and strengthen reliability across their operations.
What results have petrochemical clients achieved by partnering with Timenow on Asset Management initiatives?
Timenow has built its reputation by guiding asset-heavy industries through the toughest challenges of Shutdowns, Turnarounds, and Outages (STOs) events that define reliability, safety, and profitability in petrochemical operations. With more than 150 shutdowns successfully managed, Timenow combines deep technical expertise, advanced digital tools, and disciplined methodologies to help you contain costs, control scope, and minimize downtime. Our integrated approach, spanning EAM/CMMS implementation, RAM analysis, and tailored Project Execution Plans (PEPs) directly addresses the operational realities petrochemical leaders face: volatile markets, tightening regulations, and the constant pressure to do more with less.
The results speak for themselves. Industrial clients across oil, mining, and steel sectors with comparable complexity and risk have achieved 15–18% cost improvements, 35% reductions in capital expenditures, and up to 20% gains in project repeatability and quality with Timenow’s support. Our TimeConnect platform ensures real-time visibility and control, reducing execution delays by as much as 15%, while robust risk and scope management strategies have prevented multimillion-dollar losses.
Partner with Timenow to gain a proven ally in reducing downtime, extending asset life, and advancing toward safer, smarter, and more sustainable operations.
How does pricing work for asset management projects with Timenow?
Every project for petrochemical clients is scoped and priced according to their unique operational realities. Factors such as the scale of the shutdown, turnaround, or outage (STO), plant size, regulatory requirements, project timelines, and the degree of workforce involvement all shape the investment. Objectives like improving asset reliability, reducing unplanned downtime, ensuring compliance, or preparing for decarbonization targets also play a decisive role in defining scope and cost.
What sets Timenow apart is the precision of our methodologies. By applying proven practices such as Reliability-Centered Maintenance (RCM), Failure Modes and Effects Analysis (FMEA), and Fault Tree Analysis (FTA), we deliver clarity, speed, and accuracy that are critical in high-risk petrochemical environments. Our in-house digital platforms, including TimeConnect and iRoutes, provide real-time oversight, streamline inspections, and enable hybrid delivery models that combine local expertise with remote resources, drastically reducing the cost of implementing best-in-class asset management.
With more than 150 shutdowns executed worldwide across complex, capital-intensive industries, Timenow brings measurable results: reduced downtime, extended equipment lifecycles, and stronger compliance with evolving environmental and safety standards. Each solution is tailored, competitive, and designed to generate tangible returns for petrochemical operators. Curious what a tailored strategy would look like for your facility? The Timenow team is ready to walk you through it.