Value creation in the digital age: an information management approach

Abstract

One of the biggest challenges in oil and gas exploration is accurately measuring the financial return on investments in technology. Metrics are evolving that allow the rigorous calculation of value added and the effect on ensuring discoveries. Information Management solution implementations provide value creation, which involves streamlining key elements of process, technology and data. They consist of workflow optimisation, technology mastery, and data ownership initiatives. No matter how large or small the business, to expand business opportunities, streamline processes, improve customer satisfaction and increase profitability, companies need to take advantage of technology solutions that can transform the way they do business. At the same time, these technology solutions must be able to: 1) support the corporate vision; 2) be delivered via reliable, high-performance networks; 3) scaled with the growth of the company; and 4) offer maximum value at the best cost. Impacts on business objectives are calculated in reduced cycle time, improved quality of strategic decisions and the value of standardised processes. Measures are provided of barrels of oil added to proven reserves, documented cost savings and verifiable calculations of the value of time saved for geotechnical personnel working on exploration projects. The pressure will increase as producing fields mature and require more complex processes, tools and data to be effectively managed.