Incredible Benefits of Adopting SaaS in the Oil & Gas and Energy and Utilities Industries

The State of Oil & Gas and Energy and Utilities Industries

The oil & gas and energy & utilities industries are on a revival path after encountering unprecedented scenarios due to the pandemic. But they continue to face various internal and external challenges they need to mitigate to sustain profitable growth. The industry has been running in silos traditionally due to the sheer scale of the operations.

An oil and gas company or an energy and utilities company have different functions within that they operate independently, which makes standardization and optimization programs complex to deploy, implement, and run. They must find ways to eliminate these silos and wasteful operational procedures by investing in system integration and collaborating with SaaS consulting agency or a B2B SaaS consultant who can understand their challenges and equip them with the best cloud-based energy and utilities industry solutions technology options.

Why is SaaS Getting Traction for Energy and Utilities Industry Solutions?

Cloud computing can offer a powerful mitigation approach or a point solution to nearly all the pain-points faced by the industry players, such as managing the data swell, data and analytics, agility, efficiency, connected operations, focused utilization of resources, collaboration, and remote operations, among others.

As a result, many companies are investing in the advanced SaaS based solutions and collaborating with SaaS technology consulting companies to adopt the right technology solutions and drive their business efficiency and growth. 

Key Benefits of Deploying Cloud

Cost Savings

Energy and utilities industry solutions powered by cloud technology help reduce infrastructure and hardware costs significantly as the companies need to pay only for the data storage space, instead of building infrastructure to accommodate future needs. SaaS solutions enable companies with cost-efficient, scalable, and flexible virtual storage capabilities. With data migration to the cloud, oil and gas companies can reduce latency, and downtime and gain real-time access to the coherent and consolidated data for performing analytics and drawing actionable insights for quicker decision making.

The Backbone of Digital Oilfield

A cloud-based eco-system offers flexibility and scalability to collect data from digital oilfields. Cloud-enabled energy and utilities industry solutions help companies connect processes and equipment through IoT while providing them with an agile environment for data management. With the help of reliable SaaS technology consulting, companies can adopt valuable time, money, and energy-saving technologies like artificial intelligence and machine learning.

Connected Operations

Complex processes and siloed operations often lead to inefficiency. In oil and gas, energy and utilities companies, there are many stakeholders and functions that execute capital projects, ranging from suppliers, contractors, vendors, sub-contractors, and internal functions. A cloud-based eco-system and the diverse cloud-enabled energy and utilities industry solutions allow companies to experience seamless collaboration between these functions and stakeholders, proving efficiency, transparency, and speed in communication.

Democratizing Access to Data & Insights

Easy access to data and error-free data analysis can help oil and gas, energy and utilities industry companies enhance their production. Cloud computing, a SaaS-based solution enables companies to store their data in a structured and coherent manner for detailed and error-free data analyses. With actionable insights, a company can mitigate immediate risks and optimize its business profits and plan effective operational strategies for the future.

Better Flexibility to Scale Up/Down

One of the most important benefits of the cloud computing ecosystem is its ability to provide scalability and flexibility to adapt to the storage needs of the company with speed and agility. Cloud storage enables oil and gas, energy, and utilities companies to quickly scale to accommodate the data demands of a new exploration site and scale down in case of a site stops production.

Become More Reliable and Reduce Downtime

Cloud computing provides companies with an opportunity to enhance their infrastructure reliability. With the predictive maintenance capability powered by data insights provided by cloud infrastructure, companies can reduce downtime by 5%. Together with the remote monitoring ability and data visibility to identify the problem, the cloud can help companies improve their reliability and reduce the downtime of the oil and gas, energy, and utilities companies.

Operational Agility and Business Growth

Cloud computing helps companies experience better collaboration between the stakeholders across different departments. It also offers collaborative platforms to develop collaboration tools for communication, approvals, and reviews. A trusted SaaS consulting agency or SaaS technology consulting company can help oil and gas, energy and utilities industry players simplify workflow and procedural complexities in documentation, compliance management, decision making, and process management, resulting in speed, and business growth.