Digital Tech – The New Oil

Digital Tech – The New Oil

All around the world the new Digital Technology era is setting a new pace. In Oil & Gas it is no exception. A little slow on the up take for this revolutionised industry, the supply chain is creeping up behind the rest.

There is time and money to be saved and a lot more yet to be made.

Let’s look at just one of the opportunities that has been identified;

Our computers hold the key to unlocking the potential in existing and new opportunities. Modern (advanced) analytics software can diagnose, sort and solve, compare, cross reference and identify cost savings, opportunities, increased production and stronger capabilities beyond anything an average employee may be able to.

These are not new tools, they have been around and in use on other industries for some time. The adoption by the Oil & Gas industry has been slow, only coming about now, because of the recent down turn (crashed oil price). Lack of IT expertise, competing inter-department heads and organisational structure and reluctance another delaying factor.

For the supply chain businesses, they have been called in to face the large contractors who have requested discounts and other supply challenges. The supplier has jumped through hoops of fire to meet and accommodate and issues have been settled and agreed. That’s all that can be done to save money. Right? Wrong….

Before, there has been too many dynamic variable issues for any single person to sort out a system, conduct a review of the variable data and make the optimal decisions. It would have been too much for even teams of people dedicated to that task.

Turn on the computer, enter the analytics programme and voila, you can suddenly execute masses of data analysis, identifying opportunities for savings and for leveraging. One person, one computer, one software programme and the experience to interpret the findings.

Every single enquiry, phone call, item manufactured, delivered, stock-managed, invoiced, faxed, emailed, mailed, it all has significance and can impact your revenue and profit. It is all about team efficiency and managing team co-ordination, bringing operational data from each department, internal and external sources, interpreting the results and maximising every opportunity.

Sound expensive? Not at all. Sounds labour intensive? Not at all. Don’t have the skills? Easy to find. Need an excuse? They are running thin. Need more time? There isn’t much left.

Written by Debby Giglio, Marketing, Information, Data and Strategy for the Oil & Gas Supply Chain. (MIDAS) July 2017

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