4 Easy to steps to implement a data driven strategy
While data can be used by businesses to inform the decision making, it can be integrated in your daily operations and help you run the company more smoothly. This aspect of data is less about helping management make better decisions and more about utilizing information to automate and improve processes.
Incorporating data into your operations requires investment. You’ll need to invest in tools – for example, tools to collect, store, and analyze data – to help you improve operational performance.
Here are a few ways you can optimize your operation with data.
When it comes to sourcing data, there are two options; internal and external. Your internal data is all the information about your company – production levels, sales, etc. External data is all the information that you can use to boost your company’s performance – for example, oil prices. Centralizing your internal and external data can help you improve your land acquisition processes.
Implement cloud-based solutions
Having access to cloud-based solutions makes it much easier and cost-effective to manage your operation – by choosing a cloud-based solution, you will avoid spending money in dedicated systems and data warehouses. In addition, you can manage your data from any device, any place, any time.
Automate time-consuming processes
Using paper gauge sheets or excel spreadsheets to track your field production is time consuming and prone to human errors, ultimately, its a huge pain for small and midsize oil and gas operators. By shifting to a cloud-based solution, operators can automate data processing, report building and production alerts with just a couple of clicks.
Transform your operations
Using data to improve your operations should be viewed as an ongoing project. That means viewing data as a critical part of your operation – as important as your production, staff and investors. In addition, you need to constantly monitor your progress and tweak it if necessary to reach your operational goals.
Small and midsize operators now have access to solutions that help them optimize their operation with easy to use field data collection apps. iWell enables operators to capture, analyze and manage their production data with just a couple of clicks from their mobile device or computer.