Data management programs are now critical to the mission and success of E&P companies due to the mere fact that there is so much data to deal with on a daily basis. Unfortunately, the majority of these companies have a difficult time convincing the higher-ups of the importance and necessity of these programs.
Creating a data management strategy that is compatible with your company’s business goals is the first step of creating a new data management program. But where should you start?
iStore’s Quick Data Management Evaluation (QDME) service takes data management back to the basics and reveals a practical, repeatable process for getting your data back into safe hands. Our data management team eats, breathes, and lives E&P data, so we know how to strongly implement a data management strategy that will work for your company. From production allocation, to directional surveys, to well schematics, we have done it all.
In order to create a consistent data management strategy, iStore’s QDME follows the 4Ds:
1. DECIDE where your company should be in terms of data management capability.
First, your company must decide and agree on common data management goals. Where should you start? What should you do with all your current data? What do you want to get out of your current data? What are your overall data management goals? How will you prove that proper data management practices are vital to the existence of your company?
2. DETERMINE your company’s current data management maturity level.
In order to evaluate your company’s current state, evaluation criteria is applied to each data type to create a Data Management Efficiency Index (DMEI). This scores each data type, revealing the overall health of your team’s data. The scores and indexes can then be calculated and graphed to illustrate how data management efficiency is constantly changing.
3. DEFINE an optimum rate of change for your company.
You cannot just snap your fingers and think that your data management strategy is going to write itself. It takes time, effort, and continuous research to determine how quickly a company can make changes. Once your company has determined its data management maturity level, it can create a roadmap to implement the needed changes.
4. DEMAND focus on the critical business issues at hand.
Data is useless unless it proves to hold value for those who call the shots. The data needs to show the key stakeholders the conclusions that can be pulled from utilization of the data on a daily basis.
iStore’s QDME service takes all your data and simplifies the evaluation and prioritization steps of the data management process, giving your company the insight needed to begin managing the data in a useful way. If you want to know more about a great data management system, check out iStore’s Quick Quality Data Management (QQDM) software!