Data and efficient data management with the support of outsourced solutions such as scanning and imaging is at the heart of business success. Profitability is the objective of all business owners and to achieve this they undertake and execute various projects each year. In this process, thousands of documents are created and modified and the information in these has to be accurate to avoid costly delays and ensure smooth performance.
In the oil & gas industry for instance, unmanaged data loses integrity and stakeholders lose confidence when they are unsure whether they have the latest accurate information that is required to carry out their job. Access to accurate and quality data is essential to comply with regulatory and safety requirements, to sustain profitable operations, to support scientific research and exploration etc. Safety may be compromised with unreliable data, it would also become difficult to stay compliant with regulations and maintain the license to function. Industry analysts estimate that losses caused by faulty or erratic information come to 1.5% of annual sales.
No doubt, the need of the hour is to effectively tackle the various challenges associated with paper-intensive processes that are integral to the information system of the oil & gas industry sector. Document types include property documentation, contracts, engineering documents, land leases, maintenance records, blue prints, planning applications, meter readings, land files, mineral deeds, tax forms, reports pertaining to environmental impact, property titles, and so on. The unstructured information lying within these documents must be extracted and structured into sensible data. this can be easily achieved with the support of a data conversion company.
The Advantages of “Structured” Office Records
- Paperless, environment-friendly office: One of the main advantages of digitizing important records is that it reduces storage space in the office. All paper records can be converted into electronic format that can be stored safely and efficiently.
- Centralized storage for all documents: Data can be stored in a centralized storage system. Access can be limited to authorized personnel to ensure confidentiality. If the storage is cloud-based, project managers, engineers and contractors can collaborate successfully from various locations. They can share project drawings, plans and technical documents. When contact and proposal files are stored in a centralized location, they are easily made available to all team members and each version of these documents can be saved for inspection.
- Better workflow and improved efficiency: Once all the important data is structured, it becomes easy for the employees to know where all the info is stored. This eliminates the need for searching for documents and also improves the efficiency of the employees.
- Assured regulatory compliance: Controlled documentation is very essential in oil and gas industry and even a minor error can lead to many serious issues. With well-organized data, controlled planning and effective communication needed to comply with industry standards can be ensured. Keeping all documents in electronic form also enables quick access at the time of an audit, ensures compliance and prevents legal issues.