Does the Oil and Gas Industry Need a Digital Transformation?

PrashanthOil and Gas

As technology advances, companies are finding new ways to integrate new software and programs to help improve productivity and efficiency. However, some companies are refraining from digital advancements because they fear big changes. This is apparent in the Oil and Gas Industry as companies choose to stick with outdated methods which continuously costs them time and money. 

In this blog, you will learn why digital transformation is needed in the oil and gas industry and how ServiceEcho’s field service management solution can help companies keep up to speed for all their Oil field service needs.

Reduce the use of paper 

The reduction of paper usage is considered to be an environmental benefit. According to the World Economic Forum, the reduction of paper use by the Oil and Gas industry will reduce the CO2e emissions by 1.3 billion tons, which is considered to be a benefit that is worth about $430 billion. In addition to the environmental benefits, the reduction of paper is also beneficial for businesses because it improves organization internally and reduces operating expenses. Data recording is a recurring task in the oil and gas industry because it is later analyzed to make core decisions on important tasks like measuring pore pressures, predicting negative drilling zones, and other associated tasks. So having an efficient documenting method is pivotal, as an outdated method will result in a ton of binders and shelves to sort through when the time comes for decision making. An outdated documenting method will lead to a lot of downtimes and poor decision-making. With a digital documenting tool, OFS technicians are able to document live videos, pictures, and data all in a file that can be accessed within a click of a few buttons. This will allow OFS companies to be more accountable and transparent when it comes to decision making, as they will be able to analyze data in real time and make more informed decisions. 

Increase Productivity 

In the OFS industry, there are many repetitive tasks that take a lot of time away from the more important services that need to be done in the field. According to the Boston Consulting Group, introducing digital upgrades in the oil and gas industry will experience major benefits. Some include a 50% to 60% reduction in data interpretation time and cost in the exploration phase, up to 70% reduction in engineering hours in the field development stage, 20% to 30% faster well delivery, and more productive wells in the drilling stage and 3% to 5% increased production. With this study, it is evident that implementing a digital solution will increase productivity in many areas in the oil and gas industry as it shortens the amount of time it takes to complete a number of tasks. At ServiceEcho we acknowledge the importance of productivity and how frustrating it can be when spending too much time on repetitive tasks like administrative work.  As a solution to this, we have created a robust mobile application that allows companies to schedule technicians, quote and invoice customers, and routing options for technicians to get to their work orders quickly. Doing these tasks manually can get exhausting and lead to miscommunication. 

Customer expectations are Changing 

In a service providing industry, it is best that technicians are well aware of customer expectations as they tend to always change. In an increasingly impatient world, customers are expecting faster and more personalized services. To effectively meet customer expectations, technicians must be able to navigate through work orders efficiently and be able to provide transparent services. With ServiceEcho, technicians have all the resources and information they need to complete a work order without delays. Having the ability to have manuals, client details (warranties, service history, statuses), and other essential information at their technician’s fingertips is a game changer. With oil and gas technicians spending a large portion of their day on the road, it is best that they are provided with a navigation system that allows them to map their work order location to one another with a few touches. With ServiceEcho mobile solution, technicians can calculate and map out optimal routes to oil field service locations. This will allow them to reach customers on time and provide faster, reliable service. Customers are also able to receive real time status updates on their service, for example, on where their technician is, and offer accurate ETAs. Invoicing is something that worries customers, as they fear being charged hidden costs and random markups. With a digital invoicing system, companies are able to be more transparent and provide more accurate pricing information. In addition, they are able to refer back to any invoices at a later date if needed. Technicians have the ability to generate an invoice on the spot and present it to the customer, rather than waiting a few hours, days, or even weeks! 

To remain competitive in the oil and gas industry, companies need to begin investing in digital transformation as it has the potential to unlock approximately $1.6 trillion of value for the industry, its customers, and society according to the World Economic Forum. ServiceEcho can tailor an FSM solution to your Oil and Gas organization specific needs, our team is devoted to implementing our robust software solution, so you can reap the benefits from day one. Ready to learn more?  Book a Demo or speak to one of our experts to learn more about what ServiceEcho can help you achieve.

At ServiceEcho, we are devoted to implementing a robust software solution, so you can reap the benefits from day one. Ready to learn more?  Book a Demo or speak to one of our experts to learn more about what ServiceEcho can help you achieve.