Oil companies [are] essentially spending twice as much to undertake the same amount of work as in 2000¹.
It’s evident that oil and gas companies are under an incredible amount of pressure. Pressure to meet increasing demands for energy, pressure to provide consistency in operations amid (or in spite of) price fluctuations, pressure to find new domestic sources for energy, and pressure to meet new, stricter safety standards and regulatory demands.
With a growing list of industry challenges, coupled with the fact that the world’s energy needs are expected to grow at an estimated 40% by 2030¹, oil and gas companies should be looking to transform their upstream operations. Leveraging business process management allows oil and gas companies to fully understand and optimize upstream operations. By taking a BPM approach, these companies are able to (1) improve their process execution and (2) better leverage their existing resources.
BPM allows oil and gas companies to improve process execution by giving these companies complete visibility into their operations, allowing them to eliminate gaps, reduce redundancy and streamline processes – producing a faster time-to-market. By leveraging BPM, oil and gas companies not only have the ability to quickly adjust to new rules and regulations, but they are able to generate audit trails to proactively understand how they are adhering to policies – reducing risk for the organization.
With an aging workforce, it is especially important that oil and gas companies have the ability to pass down critical information to new, less experienced employees. BPM enables oil and gas companies to do this by allowing them to discover and operationalize their best practices. For example, data and information gathered throughout the Authorization for Expenditure process can be brought together into a comprehensive view and made available to the knowledge-workers who need to make decisions about the process. By automating the hand-offs and information transfer across departments, employees can be guided by best practices learned over years of experience. Instead of depending on experienced workers for information, companies can turn to information systems that can be tapped into anytime, anywhere.
Interested in learning more about how BPM can help your company achieve the agility and innovation needed to thrive in today’s market place? Watch our new onDemand webinar, Achieving First Mover Advantage in Upstream Operations.
¹HIS CERA Upstream Capital Costs Index, 2010
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