Investing in your digital agility

Whether it’s because of rising global demand, volatile prices or environmental regulations, there is increased pressure on oil and gas refineries to run more efficiently.

With this greater need for cost-effectiveness, productivity and adaptability, it may be time for you to consider investing in digital project management solutions to help make you a more agile player in the industry arena.

Imagine having a digital arsenal that includes artificial intelligence (AI) as well as software for optimised estimating, document control and project visibility.

In PwC’s 22nd Annual Global CEO Survey, nearly 80 per cent of oil and gas executives said they “agree or strongly agree” that AI will significantly change the way their companies do business in the next five years. And more than 50 per cent plan to implement or have already implemented some aspects of AI in their operations.

This data clearly shows there’s still a great need to improve the ability to deliver projects, improve communication and gain a greater understanding of project progress.

Having comprehensive, purpose-built project management software can increase your agility, whether you are building a new LNG export facility or taking facilities offline to perform a turnaround.

Delivering projects with predictability

Consider how much more digitally agile you would become if equipped with effective project cost management software. You would gain the confidence your job could be completed for the budgeted cost, while at the same time, mitigating risk and providing the best value to stakeholders.

Let’s look at an example: Your plant needs to be taken offline. You face a critical path of getting that plant back online in 20 days because you’ve promised delivery of product to customers. There’s a huge amount of revenue dependent upon that plant coming back online.

If there are discovery issues that occur during such an event, it’s imperative that stakeholders know the impact on schedule and cost. Through a project cost management solution, you can easily generate an estimate and tie it to a schedule.

You will gain better insight into how much the work is going to cost to get that plant online and how long it will take. You can also leverage benchmarking for increased accuracy. You’ll reduce your risk by validating against past estimates and actual project results.

Waiting for your ERP to generate a report at the close of the month doesn’t give you an immediate snapshot into the progress of your project. That’s why it’s critical to have a solution that gives you real-time feedback.

You want to know where you stand before you start the day. If you can execute a certain amount of work and are successful, then you know you’ve met your budget goals.

Improving communications through connectivity

Because oil and gas projects can involve numerous companies and scores of team members simultaneously, all generating thousands of project-related documents, there is a need to streamline the process of capturing, controlling and distributing that documentation.

With hundreds of vendors involved on any given project, efficiency can easily suffer. But through investment in technology that connects the various stakeholders to the documents they need to access, you can ensure all your materials and machinery are being delivered on time and in full via digital project documentation.

A strong collaborative document management solution allows you to define a required deliverables list and associate that to the item stipulated within the contract. You’re able to track and communicate due dates easily and expedite any contracts of vendors that may be delayed or running late.

It’s also important that your document management system can assist you in packaging all relevant turnover documentation for your clients.

Gaining visibility to progress and productivity

By implementing a technology-driven field execution management solution, you are staying on top of the work being performed and gaining a better understanding into the progress of the project. You have better insight into the plan. You know what needs to be done and what’s actually being done.

To complete a project, you need a realistic view of what work needs to be completed, and this means having a simpler, yet effective way of collecting data from the field. A solution with mobile functionality helps capture time and quantities.

What you end up with is a mobile daily planning tool that opens a line of communication between the office and the field.

Let’s go back to the example of getting that plant back online and setting a deadline for that to happen. Daily work can be pre-planned in sufficient detail to allow project personnel to determine how much work needs to be completed with a specific crew so they can stay ahead of schedule and remain under budget.

Organisations that adhere to this approach will see greater consistency in meeting deadlines and keeping costs under control. They can see before the day starts what needs to be done to reach their production goals.

The bottom line: By implementing a field execution management solution, you simplify the work planning process and improve jobsite productivity.

Oil and gas companies that increase their investment in solutions enabling digital agility will have a distinct advantage over the competition.

Deploying the right project management solutions for your project can minimise risk, improve productivity and increase your ability to respond to change.

Don’t get caught flat-footed. Increase your digital agility by investing in the right project management software today.

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