4 Data Types Your Oil & Gas Business Should Be Collecting
Digital innovation starts with better data capture
In a world of fast-paced innovation and new technologies, there’s one industry that tends to be a little behind the curve: Oil & Gas. This isn’t to say that the minds in the field aren’t adaptable and progressive, but that the industry itself is so interconnected and nuanced that it’s difficult to bring new technologies into a field that so much of life depends on. The oil and gas industry brings energy and products that everyone around the world relies on, and any disruption in that chain can have drastic economic, social, and environmental impacts.
So how can such a foundational industry make its way towards greater efficiency through new technology? It all starts with better data capture. Collecting better data can give your oil and gas business the ability to see inefficiencies, identify problems and opportunities faster, and even identify safety risks. Digital innovation in the oil and gas industry begins with better data capture, but what data should you be collecting now?
Defining Your Data
The oil and gas industry not only impacts most facets of the world but it’s also influenced by worldwide events. With the volatile nature of the market, coupled with the increasing emphasis on sustainability and safety, oil and gas companies face the challenge of finding new and innovative ways to provide critical resources to everyone. Embracing a digital transformation in the industry means collecting operational, environmental, market, and safety data.
Operational Data
Operational data is a cornerstone of the enterprise data world. This can be everything from total production volumes and pipelines laid to downtime due to personnel or environmental factors, and even maintenance costs associated with mill or installation machinery. Tracking operational data gives your oil and gas business the ability to see where your inefficiencies lie, and can even help forecast potential road bumps down the line.
Environmental Data
With a world focused on stewardship for our planet, the oil and gas industry faces unique challenges and a historical reputation to overcome. In an ideal world, the renewable energy and oil and gas sectors work side by side to provide the most efficient, environmentally sustainable solutions to power and provide for a growing global population. This means putting in the effort to track water and air quality, emissions, and environmental impact data to better measure what solution works best in any given geographical location.
Market Data
The oil and gas industry is in continuous flux thanks to its global roots and impacts. With everything from international conflict to transportation availability impacting it, this data is vast and complex. Key things to be tracked for market data include commodity prices, as well as supply and demand trends, whether those be on an annual cycle or due to a sudden event or weather pattern. By tracking better market data, it will be easier to predict your own business’s trends for the future, and identify key moments for expansion in your business.
Safety Data
The world, and the oil and gas industry, has come a long way since the industrial revolution, but safety concerns are still on the rise. As our world becomes more interconnected, and visibility into every industry grows, safety risks have come to light more than ever before. Tracking key data points like injury rates, near-miss incidents, and even equipment failure rates can make all the difference in saving lives in an empirically dangerous industry.
Tracking Your Data
Once you have a better understanding of the data critical to your business, it’s time to tackle the challenge of how to track that data. Because the oil and gas industry is so heavily regulated by multiple governing bodies, it’s likely you’re already capturing a lot of this information. Paper forms and required documentation for all your job sites cover much of this information and detail, but are you implementing this data to drive your business processes and decisions?
If you’re relying on standard paper forms, or even PDFs, to collect and report this information, you’re likely not getting the most value out of it that you can. Digital forms give your business the ability to report critical information to regulatory agencies, but also keep the data in a flexible, raw format to use within your business.
Why Go Digital?
Digital forms take the data you’re already collecting and give you the power to do something with it. Instead of leaving paper forms in a binder or filing cabinet, or relying on manual entry to get your data into your CRM or ERP, digital forms mean that all your data points can instantly be brought into the reporting tool of your choice for analysis. The best digital forms providers can even upload an image of your existing paper forms as a starting point, meaning that your team, your regulatory auditors, and your clients will all see the same paperwork they already know.
If you’re making the switch to digital, make sure that the digital forms provider you choose also offers mobile forms. Mobile forms give your team the ability to fill out their forms from any job site, and with offline capabilities, even the most rural locations won’t interrupt your data capture. Giving your team the ability to capture all the data they need for their forms on the devices they already carry means less hassle, no lost or damaged paperwork, and immediate insight into the work being done.
Embracing New Data Points
In addition to streamlining the process of filling out forms, digital and mobile forms give you the ability to track new data that wasn’t possible before. This can include things like:
GPS points associated with specific pipe installation to make it easier to identify where certain pieces of pipe were laid
Photo or image fields allow photos to be taken at a job site using a mobile device and immediately attached to a form
Electronic signatures that are legally binding for unique compliance purposes
While the list of data points goes on, one of the most important facets of digital forms is that they allow you the ability to customize your data capture. Digital forms give you more control over what data gets tracked, giving you the power to make informed business decisions based on the data you want to collect, instead of just the data you’re required to track.
About GoFormz
GoFormz is a digital forms solution that helps bring your data into a single, actionable place. We believe that everyone should be able to fill out their forms online and deliver products and services that redefine how people and businesses collect and process information. From construction safety forms to digital intake forms, GoFormz can help you modernize your data capture. Begin your digital transformation in the oil and gas industry with customizable, accessible digital and mobile forms that can help you capture accurate data without the paperwork.
