Is your organization keeping pace with the rapidly changing industry?
Within a generation, ground-breaking improvements in cloud computing, AI, and other advanced digital technologies have disrupted virtually every established industry in the United States. Everything, from automotive manufacturing to mining, has been impacted, and Oil & Gas is no exception.
Digitization enables faster communication, more efficient resource management, and access to immediate, data-backed insights right at your fingertips - in a sector worth upwards of 100 billion per year, widespread tech implementation was a foregone conclusion. A few decades ago, digital transformation and modernization were more or less optional – it was still possible to get by using old-school, analog methods. However, this is no longer the case for today's O&G operators, service companies, and investors.
Here's the good news: thanks to innovations in cloud computing and a great selection of market-ready software tools, incorporating cutting-edge digital oil field solutions into your existing operation has never been easier. Check out a few strategies for getting started below.
7 ways to improve digital Oil & Gas collaboration in 2022
1. Look for a purpose-built SaaS platform with a low barrier to entry
Why spend tens of thousands (or more) developing a custom in-house technology platform when you can access all the collaboration capabilities you need from purpose-built, industry-specific tools that already exist on the market? In addition to saving money, doing this will make things easier for your IT department and free up their schedule to work on cybersecurity and other critical operations.
2. Work with software that integrates with your existing tech stack
Rather than adding something entirely new to the equation, consider opting for a cloud-based solution that allows for the easy integration of NOV Welldata, Pason DataHub, and other 3rd party apps and software tools your organization is currently using. Compiling everything in one place will also help you collect data, establish a single source of truth, and communicate more efficiently between different internal teams and external partners, investors, and clients.
3. Maximize the value of your data and automate routine tasks
In today's competitive Oil & Gas market, the way you collect, store, and utilize data can significantly impact your bottom line. A tech solution that puts real-time WITSML data at your fingertips makes it easy for your team to track critical operational updates and create customizable, actionable reports. Optimized data collection and management can also be helpful for automating key processes and implementing new technologies like customized AI chatbots and advanced machine learning models. These tools can then be deployed to facilitate remote knowledge sharing between different locations and time zones.
4. Take advantage of workflows that provide end-to-end visibility for all stakeholders
One of the most challenging aspects of managing remote oil & gas projects is ensuring that everyone has access to the same info at the same time. When deployed correctly, digital solutions can limit human error and improve end-to-end operational efficiency. Look for cost-effective solutions that integrate with your existing applications and enable you to build sophisticated, customizable workflows that give relevant stakeholders visibility into each project's progress, process, and metrics.
5. Establish a single source of truth (and single point of collaboration) for your organization
Digitization can be a driver of positive change, but if your data is disorganized and all over the place, things can get chaotic in a hurry. Ideally, you want a system that enables operations, sales, regulatory compliance, and IT to work from a shared set of single-source information to ensure cohesiveness across the organization. At the very least, your tech platforms should enable seamless, real-time communication and knowledge sharing between different internal teams.
6. Update your project management tools for the digital era
In a competitive industry like Oil & Gas, every advantage counts. Something as simple as replacing complex, convoluted spreadsheets with interactive dashboards might not seem like a significant factor in a vacuum, but the hours you'll save quickly add up. Throw in personalized real-time alerts and notifications, team scheduling tools, and automated workflows, and the benefits of increased digitization only get more pronounced.
7. Connect operations, suppliers, and partners in one unified platform
The best way to ensure that your digital transformation strategy gets optimal results is by working with a solution that enables you to communicate with your internal teams and 3rd party partners from the same place. This type of unified channel-based collaboration is essential for ensuring that everyone remains on the same page throughout the project's entire lifecycle. Twenty years ago, different timezones might have been an excuse for delayed communication – today, there are powerful remote collaboration tools that connect all relevant stakeholders instantly in real-time.
Making changes to your tech stack? Don't forget to take cyber security into account.
Cybersecurity is critical for all businesses, regardless of size, scope, or industry. When digitizing key processes, it's essential to ensure that your confidential data and digital assets remain secure.
When evaluating different cloud-based software platforms, prioritize options that are both transparent about how they store your data and vigilant about keeping your info safe. In addition to your existing cybersecurity measures, it's advisable to implement multi-factor authentication. If you're worried about ease of access for your users, combine this with single sign-on to create a smooth user experience.
The next era of oilfield digitalization isn't on the horizon… it's already here.
For operators, service companies, and other major industry stakeholders, real-time, data-driven insights and an increased capacity for remote collaboration benefit drilling and production operations, regulatory compliance, accounting, sales, and everything in between.
Ready to explore the digital transformation possibilities for your organization?
There's never been a better time to get started. Schedule a free consultation today to learn more.