Increase company profits and reduce company losses.
At the end of the day, it’s basic math that makes companies successful. So many oil and gas companies focus on the profits and write off the losses as a cost of doing business. Those costs can add up to millions of dollars, though, and many of them are preventable with online incident reporting software.
Verity connects with law enforcement, reducing the lag time between an actual theft and when it is reported and making it less likely thieves will be able to sell stolen items before being apprehended.
Oilfield Theft Prevention Improves Profitability
Incidents
With the vast majority of oilfields being in remote locations, thieves take advantage of the isolation to steal expensive product, tools, vehicles, metals, and other valuable equipment. Law enforcement does their best, but often thefts are not reported until after stolen items have been sold down the line.
Costs
The costs associated with theft go beyond replacement costs. There is also the trickle-down cost of production downtime that results from missing equipment, customer delays caused by the downtime, and equipment repair that becomes necessary when essential parts are stolen.
Solutions
Minimizing the costs of theft requires oil and gas companies to work in close relationship with local law enforcement. Being able to narrow the time frame in which items go missing would also be beneficial to their recovery. Verity Incident Management System assists in both situations. Verity employs map-based asset tracking to help companies recognized when an item has gone missing. With third party integration, Verity connects with law enforcement, reducing the lag time between an actual theft and when it is reported and making it less likely thieves will be able to sell stolen items before being apprehended. These two features work in tandem to minimize the loss associated with oilfield thefts.
Equipment damage halts production, creates unsafe conditions, delays customer delivery, and causes the potential for additional damage. Downtime is costly. Downtime plus repairs and replacements exacerbate the costs.
Tracking Oilfield Assets Minimizes Equipment Damage
Incidents
Any work site equipment is vulnerable to damage, in part because of exposure to the elements, and in part because the humans operating the equipment are imperfect. Equipment damage incidents may occur as the result of worker error, improper maintenance, and theft. It’s not always a person’s fault, though. Inclement weather, natural disasters like fires or earthquakes, and equipment malfunctions often result in damage, too.
Costs
Equipment damage halts production, creates unsafe conditions, delays customer delivery, and causes the potential for additional damage. Downtime is costly. Downtime plus repairs and replacements exacerbate the costs.
Solutions
Damage may be inevitable, but the amount of damage equipment sustains can be mitigated by tracking damage incidents and repairs with an online incident tracking system. Verity Incident Management System is web-based so you can monitor damage reports across multiple sites. Additionally, the software allows you to create detailed reports that show you any patterns to the damage that’s occurring so you can respond with policies or preventative measures with precision. Prevention reduces downtime as well as replacement costs.
Regardless of who gets injured on an oilfield site, incidents should be documented. With an incident management app like Verity, reporting, monitoring, and tracking injuries across multiple locations is easy.
Injury
Incidents
Like equipment damage, damage to individuals can be costly. Sometimes something could have been done to prevent injury incidents, and other times that’s not the case. Injuries may be the byproduct of negligence or not following the proper procedure. They can just as easily happen accidentally.
Costs
Injuries potentially cost downtime, limit the workforce by at least one, and result in workers’ comp claims or lawsuits. That’s just the financial loss. Any decent company owner desires to keep all employees, customers, and vendors safe from harm.
Solutions
Regardless of who gets injured on an oilfield site, incidents should be documented. With an incident management app like Verity, reporting, monitoring, and tracking injuries across multiple locations is easy. Documentation informs safety policies, provides HR with the details necessary to manage the injury and any resulting investigation, and records the types of injury sustained.
Verity allows users to produce reports that reveal when certain incidents are repetitive or certain workers consistently seem to be involved.
Environment
Incidents
One hazard oil and gas companies have to navigate is the environment. The environment is unable to discern whether an oil spill was an accident caused by human error or equipment failure; it simply demands resolution.
Costs
From oil spills to waste water disposal, noise to wildlife preservation, any environmental damage an oil company accidentally causes becomes a public relations nightmare, often resulting in some sort of investigation. Frequently the oil site where an incident occurred will shut down until the situation is resolved, potentially costing the company millions of dollars in production delays, not to mention the cost of clean-up.
Solutions
Unlike other incidents mentioned in this post, environmental incidents cannot be directly affected by incident command software. However, Verity’s features aid in the prevention of incidents by tracking equipment damage, human error, injuries, and other incidents that could potentially lead to an environmental problem. More than just tracking, Verity allows users to produce reports that reveal when certain incidents are repetitive or certain workers consistently seem to be involved. Such patterns enable the educated, data-based decisions necessary to prevent similar situations in the future. Preventing environmental incidents protects an oil and gas company’s reputation and profits.
If your oil and gas company is not using an online incident management system, you’re vulnerable to the losses associated with these types of incidents.
The goal of proper incident management is to prevent as many incidents as possible. Isn’t that worth the investment? Verity Incident Management System is better, cheaper, and easier than other incident management software. It was designed with oil companies in mind.
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