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. 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 may be unnecessarily extending the amount of time to attract buyers and sell. This is a missed opportunity when there are tons of services that help you eliminate paper processes and modernize the way you capture and manage your land records.
COVID-19 has made this shift even more important. In a recent EY Oil and Gas Digital Transformation survey, 58% of respondents felt the pandemic has made investing in digital transformation more urgent while prices are low and focusing on operational efficiencies has become a priority. Of those that responded, 29% plan to invest a great deal into new technologies and 51%, a moderate amount.
Here’s how to stay ahead of the competition with higher quality information and a single source of truth for your land data.
Simplify land management
If not for anyone else, do it for you, your team, and your organization. When records and information are spread across paper, 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.
Easier online approvals
There are 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 for your interested parties by eliminating errors associated with manual processes and having information that is of quality and is complete.
Speed up the process of asset acquisition and asset divestiture
Finally, when you have digital records, you increase property value. When you don’t have your land records in order, this could have costly and even legal implications.
Digitizing paper files and consolidating already digital files into a reliable source helps the entire organization have the proper data to make proper business decisions. It’s really that simple. It not only enables your workforce but also improves your working relationships with investors and reduces operational costs.