The world of data management is changing rapidly. Your company may not be getting full value from your software.
You may not be aware of how more recent advances provide game-changing capabilities for operators and why the energy sector should pay attention to the sometimes subtle differences between service provider offerings.
Here is your crash course on data management, why it’s important, and how nuances between different software as a service (SaaS) providers can be better understood and periodically reviewed.
Data is often more valuable than other commodities. The more data is used, the more beneficial it becomes. It is being leveraged to help operators make decisions exponentially faster to gain operational efficiencies that increase profit margins and investment returns.
Advanced data management increases productivity and enables employees to make the most informed decisions. A sound data management plan with best practices and a trusted service provider will benefit organizations by helping them avoid unnecessary costs and errors and will help them in preparing for and responding to emergency situations.
As the industry strives to meet net-zero emissions by 2050 in many parts of the world, more data will be required to satisfy new regulatory requirements and demonstrate that the sector is doing everything reasonable to provide more sustainably produced energy. An immense amount of data is also required to feed artificial intelligence and machine learning tools capable of producing more advanced analytics.
Valuable time and resources are often spent collecting massive amounts of data and business intelligence only to have it lost, misplaced, or stored in locations with limited or restricted access. The sheer volume of data requires sophisticated, structured storage in an easily accessible data warehouse.
When assessing your organization’s data management needs, there are several considerations for the industry. These include data quality, storage, integration, access, security, consolidation, warehousing, and data processing. Integration, access, and data quality are particularly important.
When assessing service providers and a data management strategy, the following risks should be considered:
- Bad data or data loss can cost an organization millions of dollars in lost revenue and non-productive time (NPT) and can result in additional costs, including regulatory non-compliance. Unfortunately, organizations are often not aware there is a problem until it’s too late. As a result, attempts to save $1 today may ultimately cost you $10 tomorrow.
- The transformation of data management processes and tools is a significant undertaking which businesses cannot afford to put on the back burner.
- Is your current system or service provider meeting your needs? Are you suffering from vendor lock-in?
- Do you have access to ALL of your data? Is your data performing to its fullest potential?
It’s time for a better solution. We can help. Call us today or visit our website to book your free assessment or demo.
Phone: (403) 245-0220
About Resource Energy Solutions
RES provides full, well-life-cycle project, cost, and data management solutions for the energy sector. RES software enables users to increase profits and efficiency by monitoring costs and activities in real-time. In addition, the suite offers an enterprise risk management platform that provides the highest level of well integrity by proactively managing all well operations and well-related regulatory compliance, environmental management, risk assessment, and mitigation activities.