2021: The Year of Data-driven Change
Early 2021 finds the world deep into the ongoing digital transformation of basically every industry and business.
A key piece of the transformation is the generation and analysis of data, and how it can drive business decisions. Digital solutions are the lynchpin of the entire process, allowing businesses to diagnose inefficiencies and make decisions validated by data. Payload is one such digital solution aimed at changing how Oil and Gas producers, service companies, and disposal companies capture information and analyze operations. Our platform consists of a digital field ticketing solution called ‘eTicket’ and a waste manifest/TDG form generator and tracker called ‘eManifest’. These solutions allow users to digitally capture every piece of transactional data generated and are visible to users through Payload’s reports.
So why are we talking to you today about data?
In the coming weeks Payload will be releasing a collection of value-add reports we call “Essential Reports” to our clients. These reports are designed to enhance operational insight. For our eTicket producer clients there will be fourteen reports released in themed packages containing effectively all of the transactional data we currently capture. For our service company partners we will be releasing a package of three reports and on the eManifest side we will be releasing an analytics package containing four reports focused on Waste Management and three reports focused on the Transportation of Dangerous Goods (TDG). These reports sprinkle in a healthy dose of advanced analytics, including forecasting and industry benchmarking.
Let’s take a look at how this data will be visualized:
We have graphs!
We have Key Performance Indicators (KPIs)!
We have advanced analytics!
and everyone’s favourite, tables!
All information contained in these data vehicles can be downloaded into csv or excel files, allowing users to explore data at their own pace in their own way. Future posts will delve into the specific reports and how to get the most out of them, but for now let’s dive into what this data actually means for a business and some example metrics identified with Payload data and implemented by the business that had positive effects on costs.
Being able to identify and correct inefficiencies is critical to any operation and is especially so in an Oil and Gas industry facing an intense capital crunch. Everyone is under pressure to drive down costs and key to that process is analyzing operational data. Maybe your company has an issue with excessive wait times, or under-utilization of trucks, or can’t determine if your trucking vendors are cost competitive; all these issues and much more can be analyzed using data provided by Payload. Perhaps you can’t determine how much of each trip is stationary versus moving time, or how much said stationary time costs per ticket – at least not without a lot of manual effort. Logistics and Supply chain teams often have trouble predicting upcoming trucking needs due to lack of insight to aggregate historical data, but what if you had a technology solution that forecasted costs and volumes for you? What could your teams accomplish when they could slice and dice data based on commodity, service company, delivery location, and more? When you can look at your trends in aggregate, drill down through the data, benchmark, and forecast, suddenly a wealth of optimization opportunity comes to light.
How about one more example? We examined the benefits of a billing style switch, specifically changing from cube rates to hourly rates. In our conversations with other producers, cube rates are commonly used, mainly because there is a lack of visibility into the actual hours worked by service companies. Enter a solution such as Payload which provides full visibility into every event and every second of a truck ticket. Once the producer was able to gain that visibility and analyze their aggregate costs, they determined that changing to hourly rates would lead to significant cost savings.
Read our White Paper on data enabled smart business decisions.
Data will only become more valuable as we progress through the information age, and companies who embrace the value and change that comes with it will be leaders in their industries. After a difficult 2020 that has made everyone from individuals to multinational corporations tighten their belts and take a long, hard look at how they do things, 2021 looks to be a time when those self-reflections become action. From a business standpoint there is no better time to jump on the technology train and begin transforming your operations through data-driven decision-making.
Contact us at email@example.com for more information or to see a demo of our platform.