The HubHead team and I participated in the SAP Best Practices for Oil & Gas Conference hosted by SAP during the week of September 15th. It was a great event where individuals in the industry came together to share stories and lessons learned. We had the privilege of witnessing an on-stage interview with T. Boone Pickens, which was both insightful and entertaining. The HubHead team had some great discussions with customers, vendors, and analysts at our booth on the exhibition floor. A couple of discussion topics hit very close to home:
Aging Workforce and Shortage of New Talent
It is apparent that the Oil & Gas industry faces a challenge attracting young talent and retaining knowledge held by aging Baby Boomers. In fact, one attendee told us that over 50% of their maintenance workforce will retire within the next five years. HubHead took the opportunity to educate our booth visitors about the importance of capturing knowledge through the creation of a Maintenance Library. A library of reusable knowledge doesn’t only increase productivity, but it also serves as a medium for the new generation of workers to learn from. In an age where talent is in short supply, companies can enhance their positions as employers by promoting training and knowledge sharing.
Process Efficiency and Data Quality
At SAP Best Practices for Oil and Gas 2014, major Oil & Gas companies presented approaches for optimizing efficiency in supply chain, financial accounting, and other processes. It is evident that asset and maintenance data is an integral part of their optimization strategies. The industry acknowledges that process efficiency is meaningless when the process itself doesn’t meet the actual demands of the business. For example, with inaccurate asset information, a business could be ordering and receiving parts faster, but they might in fact be the wrong parts. In addition, the business runs the risk of tracking and reporting the wrong numbers. At HubHead, we firmly believe that data quality must go hand-in-hand with process efficiency.
Alfred Yang | @Alfredhubhead
Vice-President, Global Customer Service
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