“19% Finish Projects on Budget”
Oil Price Downturn Creates Need for ‘Cost Culture’ in Industry
Some interesting statistics regarding the oil price downturn and cost control on projects were recently published by AlixPartners in an article which I received through the RigZone daily newsletter. You can read the original article here.
The article discussed the oil price dip of late, and how a new cost-aware culture is taking over from the “gold rush” mentality of the last 8 to 10 years. No longer is it feasible to complete projects at all costs, and only those companies that introduce more cost discipline and project management control will outlast this downturn.
The statistic that really jumped out at me was that only “19% of study participants from North American firms said their companies finish projects on budget”. That is a telling number which implies there will be a great deal of blood-letting during the foreseeable future unless companies can change their project management culture.
“Digital technologies could offer the oil and gas industry tools for better sophistication in managing projects and supply chains”
Karen Boman – RigZone
This transition brings opportunities particularly for companies like Inspectivity. There is starting to become an urgency for management to have better visibility on progress of a project, understanding issues as they come to light, and most importantly, cutting out waste. Inspectivity has always held those core aims as central to our software. So, if you are in the business of managing oil and gas projects where there is an inspection element, you will most certainly benefit from our platform.
The Inspectivity Platform
The easiest way to plan, assign, schedule, record and collaborate on your oil and gas inspection, commissioning, and maintenance projects is with Inspectivity’s customised software. We’ve created clever, technology-based solutions that streamline oil and gas projects, offering increased productivity and constant ‘real time’ monitoring; so that you’re literally seeing the progress as it happens – whether you’re at your desk or in the field. If you’re looking to transform your inspections, you’ve just found the best way to do it.