With the constant pressure of dropping oil prices, companies must do everything in their power to cut costs where needed, yet make the best use of their existing resources.
E&P companies deal with such vast amounts of data on a daily basis that it becomes overwhelming and difficult to manage. Data comes to the decision makers at different speeds, different times, and in different formats, creating more confusion than clarity. In the time spent figuring and analyzing the given data, critical business processes and decisions can be overlooked or skipped.
Fortunately, there is a way to capitalize on your company’s existing data while minimizing the time and effort needed to locate and analyze important oilfield information.
Thanks in large part to new technological advances, iStore’s Digital Oilfield initiative has given E&P companies access to valuable, organized information needed to make profitable decisions in just a short amount of time.
iStore powers the Digital Oilfield by keeping all of a company’s critical data in its existing data stores, making it easier for subject matter experts to edit and organize the information. The data is then federated into a master database, giving decision makers a full view of all the data needed to make better business decisions. The data is presented in a standard and simple format, making it easier to determine which actions will enhance the interests of the company. The information can be viewed through a single access point, often via website or company intranet, which eliminates the confusion and chaos of gathering data from multiple entities.
In addition to making data access easier and more efficient, iStore’s software generates operational reports, key performance indicators, production rollups, electronic well files, and joint venture workspaces. The technology enables and automates workflows, thus eliminating even more steps of the data-driven processes.
By connecting to the data where it is already stored, companies can use their existing IT infrastructures instead of moving their data to a new location and starting from scratch. This drastically reduces costs and gives companies use of the data they already have at hand. By having so much data at their fingertips, team members can easily reduce cycle time and increase overall productivity, as iStore’s software can be deployed within a matter of weeks and requires very little training.
Time is of the essence in today’s E&P world. Now, more than ever, companies need to utilize their existing resources as quickly as possible to keep up with new business challenges. Joining the Digital Oilfield is the first step to gaining a competitive advantage.