Digital Transformation in the Oil and Gas Industry
The roadmap of many oil and gas companies today stands on the cusp of digitization. While other similarly sized industries such as aeronautics, renewable energy and manufacturing have successfully adopted technology to help boost business and processes, oil and gas still loses money due to a lack of efficiency in operations. According to Deloitte, this loss stands at a whopping $35 billion reported by listed upstream, oilfield services, and integrated companies worldwide in 2016.
The same report also states that even an increase of 1% in capital productivity is enough to write off this cumulative net loss. The empirical data seems to clearly indicate that the oil and gas industry is primed for a digital transformation. The easy availability of connected devices, combined with smart apps that can streamline all aspects of the production process by utilizing the latest cutting-edge technology, makes the choice to go digital a no-brainer.
We at Incture Technologies are actively working towards aiding this digital transformation. Our apps and solutions have helped transform operations and processes across multiple industries, and quite a few of our marquee clients are working in the oil and gas sector.
One of the prime examples is an ongoing project with a leading multi-national oil and gas company. The company works with thousands of resources taking care of day-to-day operations, repair, maintenance and many other such tasks.
The staff provided data on pen and paper, which resulted in very low visibility for the company’s admin team, as well as process inefficiency and an inability to accurately predict costs of operations. They wanted to improve operational efficiency, reduce manual paperwork and digitize the entire process.
This is where Incture stepped in to provide two solutions in the form of the Digital Field Ticket (DFT) and Integrated Operations Platform (IOP) apps. DFT is used for tasks where third party vendors are involved. Earlier the whole process of invoice creation and verification would take weeks, due to geographical difficulties. But with DFT, the vendor staff can upload data from any location, even while offline!
The company now requires less than 8 hours to create a digital ticket, seek approval and document in the service center sheet. DFT has been adopted for 40 vendors so far and plans are in place to implement the solution for the company’s operations with more than 400 vendors.
The IOP app, on the other hand, is a one-stop solution to monitor all aspects of the production process. Earlier there was no system in place to effectively monitor requirements, task assignments and task completion. The data about operations was also scattered across multiple systems, making data anlytics a difficult task.
IOP helped the company communicate more effectively, assign tasks to the best suited teams, achieve real-time visibility and capture data across the board. This helped them reduce turnaround time by as much as 40% in some cases.
The apps were also integrated with multiple process points; thus adding transparency, accuracy and predictability to all invoicing functions undertaken by all stakeholders.
This just one example of how our technology is helping industries adapt to a brave new world and boost profitability while they’re at it. If you want to see what kind of value we can create for your organization, reach out to us at email@example.com for a free demo!
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