For energy companies, competition for assets is fierce. Buyers expect to be able to compare deals online, and you may still be spending hours sifting through data buried in paper or PDFs. With the high frequency of buying and selling, who has that kind of time?
Not only is the market fast moving and competitive, but buyers want to be able to make informed decisions. If your land records aren’t digitized, you’re one step further from having all your information structured, classified, and centralized into a central source of truth. In other words, the biggest benefit to digitizing your reocrds is what comes after they are scanned and processed – you have usable data that can be analyzed, automated, and unleashed.
Eliminating paper is one step in the right direction, but in the end, converting physical to digital files isn’t going to solve all your problems. That’s why we utilize AI-powered document processing to extract and classify oil and gas records in a process we call Content Intelligence. Just a few other reasons you might want to digitize and structure your oil & gas documents:
- Unable to consolidate processes or systems that cause manual data entry or multiple data with errors
- Poor version control and document maintenance might mean you deal with legal and compliance headaches
- Lack of encryption and access controls leave you vulnerable to security risks
We could keep this list going all night.
But, here’s 3 remarkable benefits to digitizing your oil & gas land records:
Simplify land management
Increased accesibility
When records and information are spread across paper and PDFs, it makes access difficult. Everyone needs access to search, export, and review information on your asset at any time. Having a single source of truth enables accessibility, organization and is much more efficient than digging through paper.
Utilize data scanning and capture services that integrate with your current land management system or software. These advanced data capture services can digitize data from multiple sources and select the most important and relevant information you want to keep.
Using AI to digitize
In a recent survey, companies leveraging AI in their land record management see an average increase of 30% operational efficiency.
Technology has advanced so that artificial intelligence can automatically process, digitize, extract, and structure your land documents and data, then integrate it into your most important systems to they are ready to be accessed at any time. This is completely hands-free, and will allow your teams to make decisions at the snap of a finger.
At DataBank, we partner with oil & gas AI technology experts who have tons of experience working with specific land and production team documents like leases, contracts, deeds, titles, surveys, permits, and more. Learn more →
Studies show that AI-powered data extraction slashes error rates by 40%. So not only does AI automate document digitization and processing, but eliminates the risk associated with manual data entry.
Easier online approvals
There’s already enough steps in the land management process. When quality data is readily available, you’ll see approvals move much faster. This includes contract approvals, distribution, workflow, and addendum. Give your asset management team the data they need, at the right time, to perform their jobs with confidence and move you along to the next step.
Build trust with buyers and owners through improved data quality.
Once data is accessed digitally and is flowing seamlessly throughout your systems, you’ll not only see improved contractual agreement workflow, but also division orders and investor relations. You create value to your interested parties by eliminating errors associated with manual processes and having information that is of quality and is complete.
Speed up asset acquisition and asset divestiture processes
When you have digital records, you increase property value. This is because when you don’t have your land records in order, this could have costly and even legal implications. Here is how value increases:
Rapid data extraction
AI-powered document processing quickly and accurately extracts relevant data from all your documents – no matter how complex they may be.
Enhanced due diligence
Utilizing artificial intelligence and machine learning is more accurate than traditional processing methods like OCR. This prevents errors that could potentially lead to costly legal issues or transaction delays.
Seamless integration
Data AI extracts can be directly integrated into your database or systems for asset management, allowing newly acquired or divested assets to be effortlessly incorporated into your operations.
Conclusion
AI’s ability to swiftly process documents, extract data, and assist in due diligence strengthens the asset acquisition and divestiture process in the oil and gas sector.
By simplifying land management, making online approvals easier, speeding up asset acquisition and divestiture, AI accelerates the journey from negotiations to successful transactions, driving efficiency and value for all stakeholders involved – including your workforce, partners, and investors.
Learn more about Content Intelligence for Oil & Gas, DataBank’s solution for AI-led document processing, extraction, structuring.
