Software Improve Productivity by Utilizing AFE Software April 19, 2018/ By:jake/ No Comments Across the industry, oil and gas companies have to bear high expenditures. Financing upstream operations, especially, can give business leaders sleepless nights. To add to that are rising salary slabs, unpredictability of regulations and on-site risks that add to the burden of the management. Considerable time and energy is spent on allocating capital and getting proposals approved. Although innovation has its role to play, the threats of below-par budgeting can nullify the hard work put in for years into an energy value chain. Personnel in authority for expenditure (AFE) can do their job of allocating large expenses to discovery, operations and production, only if a productive working environment appears to be easily sustainable. Digital technology does solve that problem. Industry viewpoint Expenses sought after, or proposed, have to be analyzed based on current assets. Measuring productivity of upstream, midstream, and downstream activities, let alone individual progress, can be difficult and complicated if monitoring personnel are ill equipped. Thus, even the most detailed documentation of proposals often lack clarity and fail to generate unanimous responses. However, analysis of the teams linked with the project, and visibility into the business as a whole can change things. It is true that an AFE software can improve allocations and hence improve productivity. However, understanding the change in a real-world scenario is also important for personnel across the board. The working environment as a foundation A truly productive workspace is one where information, be it ideas, numbers, hunches, or suspicions, is easy to share between people across remote locations. A digital platform can improve transparency in the organization—it will allow better collaboration and swifter actions. Based on this concept alone, projects and day-to-day work can experience higher productivity from the individual level upward. Exchanging data, which is essentially an organization’s digital asset, should ensure secure accessibility, reusability, and prevent financial authorities from committing errors. Complex industries like O&G need the capacity to perform under pressure. A data-driven environment will help individuals by serving them real-time relevant information and improve accountability. Everything from technical data to interpersonal greetings can be structured and securely shared over a business platform. It enables a transparent, non-intrusive, and number-driven monitoring as well. Naturally, the use of personal mobile devices proves useful to implement such systems. A measurable system to assess productivity is crucial for AFE functions. Here is how to implement it: Brainstorming: It is important to conceive more efficient resource management and workflow mechanism. Accordingly, the productivity measurements have to be decided. This phase of implementing a productivity-measurement system requires experts and collaborative execution with the user organization. Performance parameters: Energy companies need to assure their investors they have a transparent on-the-go monitoring system in place to cut slack in productivity. It is important to properly define and use key variables for unique job roles and individual targets. A considerable improvement in cost control also results from this. Data environment and workflow consolidation: A significant importance is given to hybrid data environments for companies with large-scale operations. This reduces the burden on technical teams, who can access cloud data, proprietary data, as well as correlations to make analysis easier. Driven largely by analytics software, the O&G unit of today is deeply dependent on AI to allocate and invest resources. AFE technology helps humans feel less stressed and get more creatively involved. Automation of complex calculations, removal of bias, and easy-to-implement accountability are driving users to their targets more swiftly as a result of quicker approvals. Technology integration: AFE software digitizes the organization but also feeds on platform data to stay informed. Whetting the proposals and authorizing expenses at multiple levels becomes easier to personnel if a solid database feeds the knowledge they need. This also leads to better management-worker relationship over time. Transparency to adhere to standards and regulations: Platform-based operations in O&G bring to the table new efficiencies in terms of ensuring legal compliance in new projects. Without such capabilities in the AFE tools, agility in the business may decline. It is important to make sure digitization is user friendly. It should be adequately focused on differences, and take into account challenges such as regional inconsistencies, for example. Data security in the energy value chain is crucial. While an AFE software makes use of data from multiple sources, it should be firewalled from potential threats. As mobile capabilities are crucial to having a productive work environment in Oil and Gas Production Software, adaptive capabilities in security will prove to be key.