Oil and Gas companies, typically, have numerous information systems laboring through abundant data that form the backbone for a number of business decisions. Moreover, there is an explosive increase in the volume of data that has become available and it continues to grow exponentially. The fundamental responsibilities of data management include overseeing data through program coordination, integration across systems, establishing quality processes, developing new systems and support operations. However, today, data management has become a complex task compounded by a number of factors including a multitude of sensors, higher frequency of data collection, integration with operational, financial, human resource and supply chain data. In addition, newer geographies, regulatory requirements and competition require that the O&G industry be compelled to make renewed investments in processes and technology to increase efficiency and profitability. In the future, Oil and Gas companies must be poised to address Real Time Data Management and Business Analytics. In particular, the challenge for Oil and Gas companies is to effectively capture, store, manage, analyze, and deploy the data for upstream assets. This would directly impact a company’s future business decisions and will be key in determining its success.
The Oil & Gas Journal Online Research Center and WIPRO conducted a survey among PennWell Petroleum’s database and other industry sources. The purpose of the survey was to develop industry insight on the current state of upstream data management practices and to identify leading practices that can be shared with the industry. The survey results have important implications for the future of the Oil and Gas industry. Organizations with the ability to manage, analyze and share the data quickly and accurately across functions have a competitive edge.
The study revealed that a high percentage of people do not believe that their organization’s upstream data management initiatives were successful. More than half the people surveyed indicated that there was a need for greater alignment between IT and Business. It has become imperative to adopt IT standards, processes, technology and the active sponsorship from leadership so as to align business, IT and operations to manage data more efficiently. The benefits of adopting such a strategy need to be communicated throughout the organization so that employees at every level are conscious of the big picture. Moreover, the role of a Data Steward must be clearly defined and the same should be communicated throughout the organization so as to improve the quality and reliability of data. With increase in the volume of data available, it is also imperative to create processes and structures that improve time efficiency. To this end, technology, automation and industry standards can be used for data cleansing, processing and sharing. This would help free valuable time of high-end data consumers and thereby improve efficiency. Apart from the concerns that relate to data processing and management, there is a need to improve quality of the data that is available. The future of the industry depends on raising the standards of governance to impact quality and availability while at the same time reducing costs.
The study indicated that the most significant aspect of data management for the future of the industry is the communication and collaboration of the different elements of the organization towards the effort of data management. There is a need to create momentum and mobilization within the organization around data management to deliver success.