How Software Development Will Boost Oil & Gas Companies

Over the last couple of decades, the Oil and Gas industry has seen its fair share of upheavals and fluctuations. The commotions and chaos have taught the industry many vital lessons. All the major players in the industry have understood that in order to survive, they need to make every resource count, pay attention to their budgets and to keep an eye on the performance, well-being and training of their workforce. All this can only be made possible by investing in right technology solutions. This is where the importance of oil and gas software development comes in to play.

State of the art technology, like in any other sector, has been playing a critical role in the modernization of companies operating in the oil and gas domain. Software have not only automated many processes, but also helped in reducing costs by streamlining processes. Oil and gas companies are increasingly embracing technology to either completely remove, or at least make manual processes more efficient.

Oil & Gas industry is just not about oil exploration. Companies have to take care of a whole range of things including safety, legal compliance, environment conservation, transportation, finance and employee management to name a few.

In this article, we shall look into how software development can boost oil and gas companies and make them more productive, and how a quality oil and gas software development company can help organizations improve on their ROI. Let’s explore.

Oil and Gas companies must conform to complex regulations

Organizations operating in the oil and gas domain have to follow a number of both state and federal laws in major parts of the world. These regulations imposed by state, federal and local laws govern various aspects of their operations, and are enacted to ensure environment conservation, safety of people living in and around the exploration site, and protect people working in the industry. Examples of few regulations with which Oil and Gas companies must comply include:

• Exploration and production of both oil and gas on either federal or state land
• Exploration, storage, transportation, refining, and marketing of resources.
• Construction, maintenance and management of pipelines need for fuel transportation
• Worker safety rules.
• International rules and regulations governing the exploration, storage and transportation of fuel.

As can be seen from the above examples, it can be safely argued that oil and gas sector have to comply with some of the highest number of complex laws and regulations as compared to other sectors.  A customized software developed by a top-level oil and gas software development company can help an organization comply with requirements of applicable laws and circumstances. This apart from helping organizations escape fines and criticisms can also help in bringing down their overall operational costs.

Data Security

We live in a digital age where everything is moving online at a rapid pace. However, the transmission of data online also makes sensitive data susceptible to malicious attacks which can lead to loss of highly valuable data.

Online threats such as virus attack, malwares, phishing or vishing can lead to shutdowns of plants, wells and cause massive disruptions in exploration and transportation of fuel. All this can lead to losses running in billions and severely impact the goodwill of a company.  A good software can help ward off malicious attacks, data theft and intrusion. Additionally, there also needs to be a trustworthy disaster recovery infrastructure and procedures in place to ensure that mission-critical data is not lost forever.

Organizations need to be ever ready to quickly respond to changing situations and circumstances

Oil and gas industry is prone to everchanging situations and circumstances. The fluctuation makes it imperative for them to ever ready for unfavorable scenarios wherever and whenever they may occur. Organizations have to contend with macroeconomic factors beyond their control, as well as internal problems like oil spills or pipeline failure. Having an emergency plan for both external and internal worst-case scenarios can help an organization save on costly resources as well as maintain good standing with government as well as the common public.

Investing in oil and gas software development is a good way of being ready to meet any contingencies. A good software can streamline workflows, and help pinpoint the likeliest location where oil spillage may occur. All these can help organizations develop realistic plans to deal with any emergency should they arise.

Conclusion

The desire for Oil and Gas industry to embrace new technology and business practices to keep on the right side of the law, and make profit in extremely challenging business environment is unprecedented. By spending on oil and gas software development, organizations operating in the oil and gas industry can get a grasp on their assets and resources, and become more efficient and more competitive than even before.