Life is tough for the oil and gas industry right now, with fluctuating prices, rising costs and evolving legislation around the globe all eating into profits.
The bad news is that the boom years - when big production just meant big profits - may never return. Continued volatility on price and the demands of managing change mean most of us will have to look at improving margins and cutting costs if we’re to enjoy continued success.
Some far-sighted businesses are already preparing for a future of big data and joined-up project information. They’re investing in digitalisation - a process that’s likely to sort the winners from the losers in the years to come.
Of course we’re all using email, apps, GPS and cloud computing in our everyday lives, in and out of work. But digital could mean much more for your business, particularly if you take a holistic approach.
The Internet of Things will improve predictive analytics and drive a higher return on investment. Digital technology will enable effective alliances, with operators, contractors, suppliers and customers working and communicating better. Advances like 4D seismic imaging, robotics and digitally-enabled distribution will transform the way we work. But it means preparing now to enjoy the benefits down the line.
Slow to change?
Our industry has lagged behind the wider world of commerce. Typically we’ve approached digitalisation in a piecemeal way, plugging gaps and fixing isolated problems with short-term solutions.
What’s needed is an overarching strategy built on a sound, capable, scalable system. For many operators, up and downstream, on and offshore, the answer will begin with a software suite like mpower from Monitor.
mpower is a project cost and performance management system designed specifically for oil and gas - though it’s been deployed in other construction and engineering environments too, with great success. It enables operators, contractors and stakeholders to collaborate and review exactly what’s happening on a project, in real-time and from anywhere in the world. mpower includes and supports sophisticated applications for CTR management, Shutdown and Turnaround projects, Earned Value Management and many other key aspects of project management and ongoing reporting.
From simple software upgrades to revolutionary developments like embedded smart sensors, new technology is coming on stream every day. mpower’s capabilities will evolve and expand to accommodate and make the most of each new development.
Significantly, mpower is easy to install and intuitive to use, saving time and money from day one. And it’s designed to help you leverage value from existing investment, integrating with Oracle E-Business, IBM Maximo and Microsoft Project, as well as Primavera and SAP.
The high performance, fully integrated project cost management solution