13 Jul THE SIGNIFICANCE OF AN OIL AND GAS DASHBOARD
In today’s world, we use technology to not only organize our everyday tasks but also to deliver results in our business. As technology continues to advance, people are becoming more and more aware of the significance of a good oil and gas dashboard within their project management system.
Your project management dashboard for your oil and gas business should be the sole place for your data. A dashboard displays the performance metrics for a projects overall performance and monitors the success of your projects.
A project dashboard is crucial for project management and acts as a report card for your business, but only if updated regularly! It’s also crucial for organization across all levels of the workplace. When a dashboard is kept updated, it provides communication for everybody involved. Everyone knows what’s going on, who’s doing what and what needs to be done in order to be successful.
Your oil and gas dashboard should be the centralized space for all project activity and should be user-friendly for all involved. It’s difficult to manage a lot of moving parts at once, and when large changes take place, they require immediate action.
Here are 3 ways why we believe a dashboard is so significant in an oil and gas business
Data, right in front of you
Crunching numbers takes time, time that you probably don’t have if you’re running a business. Going through numerous excel spreadsheets or manual reports not only takes unnecessary time but opens you up to mistakes or data that might be missed. By having a good project dashboard you can get all of the data and performance metrics you need with just a few clicks – it’s also easy to read and understand.
While all employees and managers will have their own information and views of the dashboard, all information leads back to the overall project strategy. All project information is constantly updated on the dashboard. This also makes it easy to manage key performance indicators, as the data is right in front of you.
Real Time Performance Metrics
The power of an oil and gas dashboard comes from the fact that all performance metrics are up to date, no matter what day or time you look at them. Whether you’re searching for planned hours of work vs actual hours, overdue projects, actual cost KPI or just a general overview of where your staff are, your dashboard should provide a clear view of how the overall project is going.
A project dashboard determines your oil and gas companies present and future challenges by displaying the current state of your project. Using the performance metrics available on your dashboard, you can easily modify at-risk areas and take necessary action to get your project back on track.
Here are some oil and gas KPI examples from Micotan’s Generwell dashboard:
- Average Cycle Time from Prospect to Spud
- Average Time to Permit
- Number of In-Progress Wells by Stage
- Average Drilling Cost per Well
- Frac Sand and Water Forecast
- Production Forecast by Area
When searching for a good project management software, the key features you need to consider are, can it be easily modified? Can it be integrated with your other project management tools? Will it provide the necessary performance metrics for your company?
Similar to a car dashboard, your oil and gas dashboard should guide you through the entirety of your project, providing valuable information to establish whether the project is a success or not. Using a tool like this not only streamlines the project but makes it clear for all project members to be on the same page.