Harnessing Cloud-based Business Management Systems and ERP Software for the Digital Oil Field

 

The concept of the 'digital oil field' has long been discussed and has been known under various guises including the 'Smart Field' and 'Field of the Future'.

 

However, the common factor prevalent in each descriptor is the focus on using modern IT systems and their associated benefits to enhance and maximise all aspects of oil and gas operations.

 

With the sector facing a series of unprecedented concerns, including the current low price of oil, the global rise in demand for crude oil, increased safety measures and a declining work force, the key challenge faced by oil and gas production companies is to capitalise on both profitability and productivity in order to maintain a competitive edge.

 

To achieve this, technology systems which have traditionally been reserved for manufacturing, construction, industrial and defence industries are now slowly being introduced in to the oil and gas industry and are helping to change the way these companies gather, analyse and act on the thousands of pieces of data which run through their business. Chevron, a sector leader in digital oil field technology, accredits its digital oil field initiative with unlocking hundreds of millions of dollars in cost savings and improving output since its implementation in 2025.

 

The key to shaping the digital oil field is the ability to harness a company's IT system to focus on the objectives of the business – optimising production, improving safety, safe-guarding the environment and maximising discoveries – whilst determining how areas such as people, processes and technology interact in order to support these objectives. In essence, companies are using technology to bring together a series of often unconnected processes into a more easily understandable format, providing a clearer 'big picture' in a less time consuming and more efficient manner.

 

The ability to integrate the tidal wave of live data from multiple disciplines and geographic locations will not only increase asset integrity and production but costs will also be significantly reduced. Now that sophisticated data analysis and wireless technologies are readily accessible the oil and gas industry must look to embrace change and make the most of what is available. With the global market for the digital oil field projected to reach $38.49 billion by 2025, services and technology related to this sector are set to be of vital importance over the coming years.

 

Companies investing in the latest resource management and business intelligence software could see immediate benefits by embracing cloud-based business management and enterprise resource software for the digital oil field.

 

The Cloud Based ERP System

Cloud based systems are a relatively new concept for the oil and gas industry but the benefits of adopting such a system can not be underestimated. With a work force spread over a vast geographic location, mobility is a key issue within the sector. The increased use of mobile devices within the industry is not only making accessing data easier but also more efficient.

 

Mid-market oil and gas operators could use a trusted cloud solution provider to: access data any time, anywhere, with real-time visibility join up islands of information including HR, Finance, Sales, Operations and Inventory by providing single point reporting across all systems dramatically reduce IT costs by eliminating the need for hardware, reducing capex and internal IT support maintenance eliminate onerous spreadsheet-based reporting systems thereby improving employee productivity easily customise and adapt the system to suit specific business objectives

 

Business Intelligence and Discovery Applications

Mid-market oil and gas companies who have data which is tied up in complex systems or where data is spread across several separate systems can also benefit from Business Intelligence solutions.

 

Such solutions can simplify complex reporting for Supply Chain, AssetManagement, Human Resources, Operations, Safety and Finance departments – all of which are key in the digital oilfield – and provides the following benefits: the production of single point reports that reach across all levels of an organisation, from high level KPI's through to the deep analytical detail to make qualified and well-judged decisions using up to date information the creation of powerful, highly visual dashboards and up-to-the-minute personalised reports from multiple data sources across disparate systems a tremendously adaptable system which can be easily integrated into almost any existing system and supported by comprehensive training packages so that local teams can own how these reports are managed and maintained applications that work seamlessly with smart phones, tablets and web browsers ensuring that critical reports are available in any location at any time.

 

Pre-digital oilfield, the data reporting landscape in this sector used traditional information management systems which provided detailed data for each area but failed to meet the digital oilfield objective where cross-function transparency is essential. Despite being a technically advanced sector, the benefits which can be gained from investing in robust, modern IT systems will play a vital part in creating more efficient, safer and better managed operations.

 

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