This is a question that I commonly ask large audiences at conferences. The first few responses are usually related to a play or basin. “The Marcellus” says one person, “The Bakken” says another. “Wrong” I reply. “You see none of these ‘assets’ are worth anything without people to operate them, people to plan their development and people to monetize their production. You are your company’s greatest asset but does your company prioritize the efficient use of your time over efficient operations? I think we all know the answer to that question.”
We spend billions as an industry every year endeavoring to make our operations more efficient and our capital investments more effective. Lately the buzz words of big data, data analytics and machine learning are dominating this space but while the words have changed the goals haven’t changed. And they haven’t changed for over a century. “Increase Production”, “Reduce downtime”, “Reduce operating costs” and “Reduce capital costs” have been the refrain of management in our industry since the days of Rockefeller and his early refineries. For the most part, these goals simply make sense and the money spent chasing them is, by and large, well spent. But are we missing out on something even bigger?
When was the last time you heard your management ask: “How can we make sure we’re getting the most out of our greatest asset, our people?”. When was the last time your management asked “How much time are our people wasting in ineffective meetings?”. Have you ever heard your management ask “How do our people actually spend their time? And is that how we want them to be spending their time?”
Your time is your most precious asset and that makes it the most precious asset of your company. It is finite. You cannot buy more. You cannot undo how it is spent. But when it is spent well, used efficiently and effectively collaborating with your team, your time has nearly infinite value. Let me explain why.
The ideas that you generate are central to delivering value to the company’s shareholders. It is people who generate the ideas that “Increase Production”, “Reduce downtime”, “Reduce operating costs” and “Reduce capital costs”. It is people who execute these ideas and it is people who deliver value back to the shareholders. Every minute you spend at work should be a means to achieving this end. And on those days when you don’t spend hours in useless meetings or half the day managing your emails; on those days when you can be creative, solve problems and collaborate with your co-workers, doesn’t it feel great? Don’t you come home energized, full of life and then leap out of bed the next day, charged up for another awesome day at work? Of course, well all do because we feel like we’re making a difference. The reality, unfortunately, is that these days are becoming few and far between but there is a light at the end of the tunnel.
“This is like standing at the dawn of the desktop computer era; organizations that embrace this change [will] become more productive and innovative, and make better decisions.” –Accenture Report
The average employee of a Fortune 500 company currently receives 105 emails a day. Each email takes, on average, 3 minutes to read, respond to and organize. Do the math. The average employee is spending 5 hours and 15 minutes each day dealing with email. Now consider the time spent in those meetings that start late, meander without an agenda and often leave us thinking, “I could have read all that in a short note and not wasted and hour in this meeting!”. Three quarters of your day is being spent like this, leaving very little time to be creative, solve problems and collaborate with your co-workers. This is why I started Exigo – to make you and your team more productive, collaborative and creative.
Visit exigo.io/onshore to see how we’re working to help teams in oil and gas end their day feeling energized and full of life!