Gaining efficiency and lowering costs have become the unofficial mantras of the energy sector during the latest industry downturn. As the supply-demand imbalance dragged down commodity prices and profits, many companies have turned to technology to improve operations.
The growing complexity of land based workforce logistics and technology advancements are driving business process automation and innovations to optimize the supply chain. True digital transformation can be achieved through a paperless future with information exchanged on computers and tablets and digitally signed by stakeholders.
2016 was a challenging year for the Oil & Gas industry. Rampant supply, a weakening global demand, the slowing economic growth around the world were a few factors leading to the woes seen. However, these challenges for the industry present some excellent opportunities. Innovation has never been more critical in the oil and gas industry. The writing on the wall is clear; companies must innovate, or perish!
A common complaint in the Oil and Gas industry is that there is “too much of data and there is not enough information”. Leading Oil and Gas companies are now recognizing that valuable information is available yet remains untapped. The volume of data has been ever increasing. Concepts of digital oil field, new technologies and ubiquitous availability of broadband have added to the volume, variety and velocity of data.
As volatile oil prices prompt the search for additional savings, more companies are looking to manage their logistics and business travel as a single process through a single provider. A streamlined process allows for easier reporting, both for internal tracking purposes and for reporting activity based on local regulations, a tricky task when managing crew rotations in manual spreadsheets.
The challenges faced by Oil & Gas companies in efficiently managing people logistics to various parts of the globe to support their operations are many. Different companies try to tackle the challenges in the industry differently.