If you want your energy company to run like a well-oiled machine, one of the best investments you can make is in business intelligence.
Sometimes just ONE timely insight can more than pay for the entire project.
Which Wellhead? Where? When?
We have a client in oil exploration and production who installed IoT (Internet of Things) sensors to detect problems at the wellhead. They also had a system that showed each wellhead’s production volume and a third system used for job scheduling. The problem was that the systems weren’t connected. They had all the data, but no business intelligence to quickly determine what needed to be done.
When a problem arose, someone on the team had to manually look up the information, determine how to proceed, and then schedule the right resources to get to the job site. Meanwhile…the clock kept ticking and millions of dollars in downtime could quickly be lost to non-production.
Today, the company uses PowerBI, DataCONNECT data warehouse, and other business intelligence tools along with Microsoft Dynamics 365 automation tools to provide timely, actionable insight. This project paid for itself almost instantly because the cost of downtime was so significant.
Where are your operational bottlenecks?Whether you’re an oil exploration, oilfield services or midstream company, you’re juggling lots of information and competing priorities. Business intelligences tools can give you a birds-eye view of KPIs (Key Performance Indicators) and anomaly alerts such as:
- Oil production levels per job site or wellhead
- Optimized predictive maintenance scheduling
- Oilfield rental equipment usage levels
- Resource utilization rates
- Project job costing
- Inventory replenishment needs
Strategic Business IntelligenceIt’s clear that business intelligence tools can help you react quicker, but the real value comes from building your insight into your strategy:
- Where should you expand operations?
- Where are opportunities to increase profits?
- Are there services that you should stop offering and instead outsource this work to a partner?
Business Intelligence is Becoming Essential
Information is nearly useless if it’s delivered in reports after-the-fact. You need accurate insight in time to make informed decisions.
Today’s business intelligence tools are easier and more affordable than ever before. Power BI, Cortana Analytics, DataCONNECT, Azure and other BI tools can be setup to synthesize, analyze and distribute information to your managerial teams from multiple systems, including IoT sensor data, Microsoft Dynamics 365, and other line of business systems.
What wasn’t even possible a few years ago is quickly becoming a business essential for oil and gas industry executives.
Are you ready to compete on a whole new level?
Author: David Huether, VP Engagement & Alliance Management