Four Reasons Leveraging Historical Well Data Is a Game-Changer

by | Jun 30, 2020

Oil and gas service providers need the most accurate data they can get their hands on. The better their data, the more efficiently they can provide services at every stage of the lifecycle of the well. Access to historical and accurate well data is an essential part of gaining this visibility and accuracy. 

Here are four ways in which accurately capturing historical and accurate well data is a game-changer for service companies:

1. Accurate well data ensures accurate invoicing.

Accurate well data – API number, location, tax jurisdiction, etc. – helps to ensure accurate invoicing. Accurate invoices don’t get kicked back. 

For example, asking a field technician to document the proper location of a well on a field ticket runs a higher risk of error than if the location is digitally pre-populated. When you have the correct location, you have the correct tax rate for the invoice. 

FieldFX standardizes the well data to ensure the correct information is the only option. Tickets are on-point, and your invoices don’t get kicked back.

2. It means your field technicians are aware of any safety requirements before arriving on the job.

Your well data can also include the operator’s safety requirements. Staying compliant with these safety regulations is key to job performance success. FieldFX captures these location-specific requirements and stores them for each job.  

Integrating this with FieldFX’s Forms module allows you to create custom electronic JSAs (job safety analysis) to complete on- or offline. This way, even before the day starts, your field personnel knows what the requirements are, so they can take precautions before starting the job: less risk, more work. 

3. It helps you see which service lines are succeeding and which ones are underperforming.

Learning from the mistakes of the past is essential. With historically accurate well data, the better you can evaluate the performance of each service line during the lifecycle of a well. 

FieldFX includes an Analytics module, which enables you to create robust custom reports that enhance the strategic nature of your decision-making processes. Why are some service lines struggling to win the business while others are succeeding? Possessing accurate well data can help answer that question. 

4. It lets you know where and when to upsell and cross-sell.

Historical well data allows you to be ready for the next stage of the well at the right time. When FieldFX collects the well data, sales can be prepared to quote the following service line to the operator at just the right time. With FieldFX, you have visibility to the lifecycle of the well. Also, when service lines work together, they can strategically quote and be competitive with the pricing strategy. FieldFX streamlines integrated well services quotes.

Capturing historical well data is truly a game-changer. It gives you the insight and efficiency to ensure your company’s growth and profitability. 

FieldFX helps you get to this position. Read our case studies or watch our webinars and videos to find out what our happy customers say about FieldFX. Better yet, see FieldFX in action and schedule a demo here