We’re in the midst of a new era of technology brought in by the fourth industrial revolution, aka Industry 4.0. At home, you enjoy the benefits of advanced tech, like the convenience brought by voice assistants like Alexa or better security through Ring doorbells. While we are seeing incredible advancements in the technology we use every day at home, there has been a lag in the technology used at work, especially when it comes to the back office of oil and gas companies.
As Lance Richardson, CGO and Co-founder of Hitched, writes in his Industrial Technology Solutions Have Failed Us blog post:
“Our industry is no stranger to innovation. Developing and revolutionizing how we get resources out of the ground is at the heart of oil and gas. And sure, we’ve stepped up our game in making the most of GPS and RFID tech in the field, but bringing innovation to the back-office is practically nonexistent. I’m talking about those time-consuming, complex processes that fill our days with menial work. Things we do every day, like managing our job sites, sourcing equipment, tracking quotes, and the like remain completely unaddressed.”
The industrial technology available to the O&G space has been slow to address new capabilities and is overall behind the times. Luckily, there is a new movement in the world of industrial technology. Tech providers are embracing the capabilities of industry 4.0 and creating solutions that are proactive, easy-to-use, and highly effective.
This movement drives everything we do here at Hitched—building an innovative platform that brings you job site management and an industrial marketplace in one centralized solution. With our platform, O&G companies can finally address the tedious and time-consuming problems they have been dealing with for years.
Problems and Solutions for Operators, Service Companies, & Vendors
Site and Spend Visibility
When it comes to site and spend visibility, oil and gas companies run into problems including:
- No visibility into what is happening across operations
- No insight into rental costs across job sites
- Spend reports are delayed 60-90 days
Lack of visibility not only makes operations less efficient, but it also cuts into profit from the site. For example, an operator is trying to coordinate rental equipment and their own equipment across dozens of different sites and yards. At one of the sites, the operator rented a piece of equipment and didn’t properly track what site it went to. After the rental equipment was used for the specific job, it was put to the back of the site, where it sat unused for months. Finally, someone noticed that it's a piece of rental equipment instead of owned equipment and called to have it be picked up. Now the operator gets charged for months of extra time.
Through the Hitched platform, you can gain real-time visibility into operations and spend across all your sites and yards. Hitched makes it easy to add, track, and manage your full equipment fleet or product inventory. With streamlined site and asset management, sites run smoothly by creating accountability and revealing opportunities for optimizing utilization.
When sourcing equipment, common problems include:
- A disconnect between field and office
- Constant scrambles and wasted time
- Difficult to find new vendors
Sourcing equipment can be a process that wastes both time and money when done without the right tools. For example, you realize you need a piece of equipment at a job site ASAP. You have to go to your list of approved vendors and start making calls. Not only does this process limit the number of vendors you will get quotes from, but it is also a slow process for a time-sensitive problem.
The Hitched Marketplace streamlines the process of sourcing equipment. The Marketplace allows you to connect with multiple providers with one single quote request. This process cuts down the time it takes to find a vendor that has the equipment available. It also helps you track down vendors that have the best prices, or that can have the equipment to your site the fastest.
Managing vendors can be a tedious process due to:
- Massive, redundant vendor lists
- Scattered and decentralized vendor information
- Not being able to see opportunities for consolidation
Vendor management is a vital part of operations while being tedious and time-consuming. Keeping track of huge vendor lists and communicating preferred vendors to folks in the field is nearly impossible, resulting in miscommunication and rampant inefficiencies.
Through Hitched, vendor management becomes easier than ever before. You can manage all of your existing vendors with the Network feature inside Hitched. You can also quickly add your list of approved vendors to make managing those relationships while enforcing existing MSA and safety requirements simple and effective.
When tracking quotes, you can run into problems such as:
- No way to efficiently track quotes or quote requests
- Decentralized information causes delays
- Spreadsheets not being an effective solution
O&G companies often rely on spreadsheets or other very manual ways of tracking quotes, which causes inefficiencies in every part of this process. As a result, a disconnect between the field and office typically occurs, causing both budget and scheduling issues.
With Hitched, you get a centralized quote and order management system that creates visibility and accountability. You can quickly see the status of any inbound, outbound, or past quotes, as well as the status of all orders from the Hitched Marketplace.
Where Tech Meets Grit
Solving the problems of O&G with tech that is convenient and comfortable to use is driving everything we do here at Hitched.
The Hitched platform enables powerful and intuitive site management, all viewed through the lens of a job site. This real-time visibility provides a clear view of the true costs across all of your job sites, without having to wait months for spend reports.
At the same time, our innovative Marketplace is reinventing asset procurement. It connects the best equipment and products to the people who need it—helping operators find exactly what they need at the right price in just a few clicks.
If you’re ready to start solving the problems that have plagued O&G companies for years with easy to use and effective tech, we’re ready to help.