The Oil and Gas industry is fairly mature in its capture and dissemination of financial information. This is not surprising given the investment and adoption of ERP systems that started over a decade ago,. In more recent years, companies have been getting a better handle on their operational information, leveraging industry standards like PPDM and commercial toolsets for mastering well data across the well lifecycle, providing analytics for transactional data such as drilling and production, and providing data quality via standardized and consistently applied business rules.
The next great information frontier is bringing these two worlds of financial and operational data together. Executive management's thirst for information to improve decision making will not be easily quenched, and soon questions regarding financial results and the correlation to the operational data will be posed. We are already seeing this demand from the executives from a performance management perspective. Questions such as "how much did that completion project cost?" and "how well did we do on work orders for that business unit?" are already being posed and baked into individual performance contracts.
Noah can show you a variety of important considerations for merging operational and financial data at oil and gas companies and the enormous business value that can be unleashed. We will also outline technology options to merge these disjointed datasets, discuss data alignment challenges as operational data is more granular than financial data, discuss historical and forward looking operational and financial metrics, outline market driven targets and the alignment to published operational metrics, discuss the typical key performance indicators (KPI's) for the combined dataset, discuss the importance of key reference data "bridges" between these two domains, and outline how PPDM can be a key asset in achieving success.
