Is there a true metric that can completely identify the unbiased reliability of a product or even a company as a whole? For as long as the oil and gas industry has been evolving, there have been key performance indicators (KPI) that have helped dictate the decision to use a product or even continue its existence in the market.
Without sparking a debate on who has the best metric or KPI to give the best recommendation on true reliability, let’s agree it will be an ever-growing debate between what’s fair and what’s true. When you look at consumer products you see websites such as Consumer Reports, Angie’s List, and Amazon that provide reviews from the people who actually use the product. All these companies rely on the end user of the products to leave feedback, and this approach helps convince the consumer to make informed decisions to purchase the product or not. How many times have companies drilled a well and said, “Now that we know that, how can we do it better and at less cost?
While we can all agree that there are always areas to improve, we have to stop and ask, “What if we could use true end user data to identify what product or tool is the best fit?” After all, the data we obtain from service providers is their information that they have collected and presented. Ask yourself this, do you always trust a car salesperson or do you look at the review from previous owners and reviewing companies?
With Rig Chat, end users in the field or in the office can leave reviews both by name and anonymously, thus giving companies the ability to see what really provides value in true performance.
“Rig Chat provides oil and gas companies with the ability to understand their markets and services so they can improve reliability and reduce costs by managing vendors and understanding the markets view on products and services,” Rig Chat co-founder Steven Plake said. “No longer do companies have to make decisions without truly defining the value before they go down hole.”
In addition to crowd sourced reviews, Rig Chat is opening the market to create a communication system that allows people in the field to talk with people in the office and vice versa. It’s not just what is written in a review and given a “thumbs up” rating that counts – it is also the ability to learn what is truly needed when supply chain, finance, engineering or executive management is making a decision.
“We strive on our ability to provide a system that can extend an education for the new generations and a communication window for the experienced,” Plake said.
So where does reliability and performance measuring come in? These metrics are where the decisions are based for the operator and the reputation for the service provider is on the line. Rig Chat creates a secure virtual world for the operator and the provider to manage the major gaps that can help in times that are most needed – when oil drops and decisions have to be cost-effective to maintain profitability. Keeping your AFE’s on track is always crucial for a project, weather the market is up or down.
Ask yourself, “What if I could have unbiased ratings and reviews on a product or a service before I deploy it in the field?” Is your budget worth the risk of not making an informed decision?
Oil and gas companies are regularly faced with many industry-specific issues to overcome. Such issues, including exploration and drilling, are often complex and intricate processes with many unique challenges to overcome. Data analytics can play a massive part in streamlining some of the most fundamental operations that are involved in the oil and gas industry.