Why is it so difficult for the oil and gas business to achieve good data management?
Companies experience a $2 million annual loss due to poor data management procedures. Furthermore, 95% of IT leaders claim that difficulties with daily data management contribute to increased operating costs, poor productivity, and a failure to remain competitive.
Handling data effectively is a significant challenge in the oil and gas industry. Although it is widely acknowledged that data is the foundation of decision-making, strict software frequently prevents a true grasp of the integrity of the data utilized in critical decisions.
More than 65% of participants in our internal study on Obstacles in Production Accounting voiced scepticism about the reliability of their data.
How do we ensure that our data succeeds in a time when good data significantly impacts how businesses operate?
1. The Essential Function of Modular Low-Code Software
Traditional IT systems sometimes limit rather than liberate. They may impede corporate goals and result in decreased productivity. This state of affairs shouldn’t continue.
Adopting a low-code solution gives you unmatched flexibility to support, not impede, your business goals. It’s simple to use, doesn’t call for specialized knowledge or outside help, and gives your team the freedom to respond to internal questions and make changes independently quickly. By doing this, you can obtain vital data faster and give control of the data to the people who know your company the best.
Genuinely flexible systems also offer thorough transparency, making the quick examination of results possible. For instance, EnergySys offers distinctive calculation logs that can be downloaded and studied, making detecting and correcting errors easier. This gives complete assurance in the reported data.
Cloud-native software is the only option that provides flexibility and user-friendliness to regulate data effectively. It enables efficient, flexible, and secure data sharing between groups, locations, divisions, and companies.
2. Automatization: A Foundation
In the Veritas whitepaper “Realizing the Power of Enterprise Data,” 97% of IT leaders admit that daily difficulties make it difficult to make timely strategic decisions, resulting in lost revenue opportunities. For an organization to remain competitive, it must respond quickly to reliable data. To do this, automation is essential.
By automating mundane manual tasks, your staff can devote their abilities to projects that call for human intervention.
For instance, processing data from various sources and places is a task that many teams must complete. Data integrity could be compromised, and it could take days to upload and validate this data manually.
No matter where the data came from—an email, a partner report, a data historian, or another source—cloud-native software enables automatic loading and validation of the data. The team only needs to intervene when specified validation parameters indicate data irregularities because they are notified when the procedure is complete. This makes sure that your staff focuses on work that has value.
3. Anytime, Anywhere, Any Device: Secure Role-Based Access
Team members who have access based on their roles can only access the data that pertains to those roles. When combined with cloud technologies, this freedom is unrestricted by location, server, or network.
On every internet-capable device, secure access to vital data becomes possible anytime and from any location. A seamless data view has abolished the need for reports or manual adjustments.
This is especially useful in situations requiring continuous operation, such as the unanticipated difficulties encountered during the COVID-19 epidemic. Many businesses have to make the switch to remote work arrangements quickly.
You may work effectively from any location using cloud technologies and role-based access. All that is required is a secure login and a browser. Whether at work, on the go, or in your garden, you can get the information you need and continue where you left off.
4. Consistent Prices, Best Value
It is frequently underestimated and seen as a significant cost centre in the oil and gas industry. Increased costs may be a factor in poor data management.
Unexpected updates, data storage expansions, and add-on features can add up quickly. Costs can increase further if external consultants with specific knowledge run the system, which limits its viability to larger businesses.
Software built for the cloud retains cost predictability. It functions as a service, requiring payments just for what is necessary. Consider EnergySys as an illustration. An annual subscription covers infrastructure, maintenance, upgrades, and disaster recovery.
The cloud-based architecture enables simple scaling as you add or sell assets. Hardware costs are removed. Resources can be allocated to development without worrying about keeping reserves.
5. Accept Simplicity
Contrary to popular belief, complexity is only sometimes preferable. Surprisingly, 40% of IT leaders believe that having too many data management solutions reduces the effectiveness of the organization as a whole and the quality of the data.
A single system that adapts and expands to suit your changing demands will help you embrace simplicity. An open-source solution makes it easier to integrate with third-party software, resulting in a network of interconnected systems that deliver crucial data.
For instance, the open standards-based EnergySys web services API makes it easier to create reports and dashboards in programs like Microsoft Power BI and Excel. Data reporting, sharing, and analysis are streamlined due to familiarity and reduced data sources used by different departments.
Conclusion
Effective data management is unquestionably difficult but essential for corporate success in the oil and gas sector. When done properly, it reduces operating costs, boosts productivity, and—most importantly—minimizes decision-making risks with immediately accessible, accurate data.
Finding the greatest fit among various standards and oil and gas software development company options can seem like a crapshoot. However, by taking into account the preceding realizations, these essential characteristics can be reduced to five crucial actions:
- Choose a solution that may be customized to meet the demands of your company.
- Utilize automation to free up your expert workforce so they can concentrate on providing value.
- Give evergreen, omnipresent services a top priority.
- Choose wise spending over extravagant spending.
- Select a product that easily interacts with current technologies and provides a thorough understanding of corporate data.
Successful oil and gas industry data management is possible when these measures are properly carried out.