Are you concerned with falling Crude levels along with falling profit margin? Read On..
Petroleum products such as oil and gas are a finite resource, with stupendously high demand, across the world. Newer levels of a demand shock, along with the depleting nature of this natural resource, begs for better management, in terms of project installation & handling. It is a specialist’s job, which requires the utmost clarity and business acumen. To derive meaningful profit, manpower allocation along with field asset performance monitoring is the must. Now, this is beyond the scope of ordinary software available in the market today. The challenge only multiplies itself by many folds, when the managers have to manage multiple extraction sites at the same time. This is where specialized Oil and Gas production software is absolutely necessary.
Need for a dedicated Oil & Gas Production Software
A technology boost, in the form of oil and gas production software, helps in identifying even the most minute cost-saving avenues of the entire project. Organizations must be able to capture, every threat perception and automatically generate its countermeasures. Also, it is important to have the leverage of a technology, by virtue of which every incoming threat, from multiple projects, can be viewed in one dashboard. This enhances the manageability of the project by establishing better control over the project landscape. The nature of this industry is highly capital intensive, which demands a careful and detailed approach while allocating and monitoring the budget. It is important to use advanced mathematical modeling techniques to carry out nodal analysis of the project. This would help in the optimization of the final product by identifying flowlines, wells and near well reservoirs.
This is why advance specific oil and gas production software is required, to carry forward day to day activities. It is important to understand the underlying physics and codify them through software so that the entire operation can be accounted for. It has been long observed that due to the critical nature of oil and gas projects, it becomes very difficult to feel mild financial discrepancies. The effects of the same can only be felt, when considerable damage has been done, in terms of resource wastage. To solve this problem, application of Oil & Gas production software is crucial to project success. CIOs around the world are not giving a second thought, for the implementation of this new technology, and rightfully so. The benefits or ROI (return on investment), from this technology, for outweighs the cost of its implementation.
Benefits of a good implantation plan
It is of the highest importance to choose a good technology partner, who would deploy the best implementation methodology, which is tried and tested. It is, therefore, important to understand the detailed organization’s system, which is crucial for the development of the implementation roadmap. Every process needs to be addressed through the software, which can only take place if smart data capture points are laid out. These smart data capture points from multiple project locations and wells, would feed live workable data into the system and generate a complete business picture. It is important to have project visualization capabilities of all the verticals of the organization.
Smart technology such as Oil and Gas production software generates live accounts payable vs receivable analysis, which is important for maintaining a huge supply chain like a crude business. Project managers need the leverage of real-time reports, on the resource allocation and associated cost dynamics of it, so that there is no evaporation of working capital. For better project management it is important to account for all the components of the supplier’s invoice. This will lead to a detailed understanding of the “Bill of Material”, and in the process make the P2P process (purchase to pay), robust and leak proof. With greater control over inventory, organizations can feel the pulse of the business and control the bottlenecks very easily. Future belongs to those organizations, who can instantly perform activity-based costing methods, which brings out the cost and the profit centers of the business.
The necessity of Oil and Gas production software, is felt all the more while tracking and monitoring high-value field asset. There are the host of offshore undersea assets like piping, submersible pumps, expensive valves, compliant towers to name a few. Only an advanced technology can collect maintenance data and forecast proactively the action required to run the show.