Deriving Value From Your BPO Reports03/17/2020
Reporting on data is critical in any industry. For oil and gas companies, reporting on various aspects of your business is mandatory in keeping the entire operation up and running. After all, without good data, it’s hard to know whether current practices are meeting the demands of those making important business decisions.
For oil and gas companies that utilize a business process outsourcing (BPO) firm, reporting becomes even more important because an outside party is responsible. You need to ensure your BPO partner is equipped to track, measure, analyze, and report on the metrics deemed most valuable by your company. A BPO firm should prioritize sound reporting practices and then deliver their findings as part of their ongoing deliverables to you, the customer.
Getting Access to Your Data in BPO
BPO providers offer multiple means of accessing your data. Here are some of the most common.
- Lease operating financial statements and other fixed-format reports delivered on a monthly basis.
- Read-only access to your accounting application to run queries and reports.
- Access to reporting or business intelligence tools that allow you to independently create reports and view data without requiring access to the application.
Ensure the company you’ve hired for BPO services can meet your reporting needs effectively using one or more of these three methods, and remember that not all BPO providers are the same. Some offer sophisticated reporting capabilities, while others may not. In the end, consider how much flexibility you need with data and reporting.
Case in Point: P2 Reporting
P2 Reporting enables user-driven reporting and data analysis from multiple solutions across accounting, production, and land. Organizations using P2 Reporting can independently explore their data, join data from multiple sources, and share the results with others on demand without requiring access to the accounting system.
A Black Hole
Data can be overwhelming if you don’t know what to do with it. Often, oil and gas companies are inundated trying to run operations, so they let their data “pile up,” and it ends up in a black hole, never to be discovered or used. For oil and gas companies that outsource, data undiscoverability becomes a thing of the past. Understanding and using data is reprioritized, and reports help tell (and “sell”) the story. Reports become the crux of the entire operation – providing visibility, certainty, and readiness for the future.
Data = Currency
Many oil and gas companies are backed by private equity, so they have a responsibility to show progress and gains via reports in order to maintain investment and build a pipeline of potential assets. With robust data in hand, they're able to better manage which wells are profitable and which are not and have a clear understanding around how much money they need to funnel in to pay for normal recurring and capex invoices monthly.
Data is currency in oil and gas. It is the foundation on which to rely when making critical business decisions. It’s truly the interface of what’s going on in the business, and for those who outsource, counting on reports that are accurate is paramount. Many BPO providers like P2 are audited so you know with certainty that the output is sound and verified, tested and substantiated.
40+ BPO Experts
Over 40 business process outsourcing experts and 500 other industry and software experts comprise the P2 team that has been providing robust, data-infused, and validated reports to customers for two decades. These reports are fully customizable, are always available to customers via read-only access, and can be leveraged to legitimize the need for funding and support.