When it comes to streamlining operations and increasing efficiency, visibility is key. Without visibility into the moving parts of your job sites, such as rentals, equipment, spend, vendors, and more, it’s impossible to identify areas of opportunity.
The lack of visibility within oil and gas specifically is due in large part to the slow innovation of ‘back-office’ technology. The oil and gas industry has made huge strides in creating innovative ways to get resources out of the ground. New technology has been developed that helps you see exactly what is happening within the well at any given moment. But tasks such as managing job sites, sourcing equipment, tracking quotes, and the like have not experienced the same innovation.
Unfortunately, this lack of innovation results in limited visibility in those same areas, leading to missed opportunities, revenue leakage, and operational blind spots. But recently, new advancements in back-office technology are helping oil and gas companies gain visibility and address blind spots across their operations.
What Gaining Visibility Can Do for Oil & Gas Companies
Through the advancements in new industrial technology solutions, oil and gas companies can view real-time spend information and create accountability, easily and efficiently manage vendors, as well as connect the site and the back office.
View Real-Time Spend and Create Accountability
Traditionally, visibility into current rental expenses has been almost non-existent. This means that “leakage” and other inefficiencies are expected and accepted as part of operations. When spend reports run on a 60-90 day delay, it is difficult to catch mistakes, act quickly, and optimize.
Adding back-office technology to facilitate tracking rental expenses in real-time helps protect the bottom line and streamline operations. With increased visibility into your job site spend, you can:
- Streamline the process of gathering and organizing spend information.
- Create accountability across departments and vendors.
- Understand opportunities for spend optimization.
- Gain visibility into spend at a specific site and across your organization.
Easy and Efficient Vendor Management
Vendor management is a back-office responsibility that is crucial to the success of your site. Managing vendor lists through various scattered spreadsheets or clunky, hard-to-use software solutions can cause blind spots and lost time. Implementing technology to facilitate vendor management processes creates a cohesive and centralized place to manage your vendors and increase site visibility.
When technology is introduced to vendor management, it allows your company to keep the most important information in one centralized place. Instead of searching through spreadsheets for a specific vendor, you can find the right contact for the exact equipment or services you need immediately. It also helps you identify opportunities within your current network and track your quote history—which leads to even more visibility into your site.
With a centralized, easy-to-use vendor management process, you’ll streamline communication, create accountability, and improve visibility across your job sites.
Connection From the Site to Back Office
Does the back office (whether at home or otherwise) have a clear view of the day-to-day operations of a site? Unfortunately, the answer is probably no. Operators and Service Companies manage dozens or even hundreds of service contractors while problem-solving at lightning speed. Traditionally, it is hard to relay everything that’s happening at a site back to the home base. This might not be a glaring issue now, but in the long run, the lack of communication can have unwelcome repercussions.
But by adding visibility through job site management technology, HQ no longer has to continually ask the field for updates to know how things are going. With visibility into job sites, leadership can understand the status of a site, what assets are on location, and so much more. The back office and field are now on the same page, without having to manually email, call, or text updates.
The key is to create a centralized source of information that prevents any breakdowns in communication.
Visibility = Power
Gaining job site visibility is achievable through adding the right technology into back-office operations. With recent advancements in this type of technology, O&G companies can stop blind spots, gain access to more data, and understand their operations on a level that previously was not possible.
By utilizing site management software and creating visibility across your job sites, you’re empowered to make better decisions, streamline tedious tasks, and ultimately, create better operations.