The smallest of delays can cost millions of dollars to an oil and gas or chemical company. Projects are increasing in volume, size and scope and the need to be scalable has become even more important. Relying on manual processes and decentralized spreadsheets exposes projects to risks and requires extensive time to prevent errors. The need for accurate forecasts and effective progress reports is essential.
Oil & Gas organizations are moving towards a more efficient month-end project process. Instead of manually updating information, organizations are utilizing project management software for real-time accurate project data so that they can focus more time on data analysis over data entry. Industry players could focus on two key lessons: adopting a disciplined approach to capital investment decisions and leveraging digital technologies to achieve higher capital productivity.
Digitizing the Oil & Gas Industry
One of the key trends in a 2019 prospect report on the oil, gas and chemical industry released by Deloitte is that digital technologies are becoming increasingly more intertwined in the industry’s value chain. According to the report, “Refining and petrochemicals have been in the vanguard of process automation for many years, but we are now seeing signs that the other sectors are turning their attention to digital opportunities.”
More companies in this sector are deploying digital technologies to increase efficiency, productivity, reliability and predictability of operations.
The report dives into the challenge these deployments can face, in saying, “Implementation at scale can be complex in the capital-intensive oil, gas, and chemicals environment where the challenges of legacy equipment and the large number of suppliers should be addressed.” This challenge is where ARES PRISM software really shines as an oil and gas industry-leading project controls and project management solution. ARES PRISM has worked with leading oil & gas organizations to improve project management throughout the project lifecycle for more than 20 years.
Common Challenges for Oil & Gas Organizations
- Time consuming month-end reporting
- Increasingly complex projects
- Relying on error-prone spreadsheets
- Dependency on contracts to manage and report on cost
- Lack of change management
- Limited transparency
Today, PRISM is used by many leading oil & gas companies including Shell, Big West Oil, Pembina Pipeline, Anadarko, Saipem, and BP.
ARES PRISM Solves O&G and Chemical Organizations’ Problems:
Implementing ARES PRISM project management software can lead to major improvements, including:
- Increased project volume capacity and growing demand for LNG
- Software integration and bi-directional communication between programs and systems
- Reduced time spent on data input and more time for forecasting analysis and reporting
- Dependable project controls data in one centralized location
- Accurately measure progress by incorporating milestones
- Project performance measurement and functions as an earned value management system
- Improved management of change with audit trails to track when and where changes occur