How non-public data supports more informed decisions and drives greater profitability.
In the Oil and Gas industry, benchmarking is often used to measure and optimize performance. The industry benefits from comparing operational-performance metrics against peers. Benchmarking enables operators to identify hidden gaps and uncover opportunities often missed when not undertaking the effort.
Data-Driven Analysis & Insight; Real Operator Data is Key
Evaluating your operational performance compared to industry peers can be an eye-opening experience. However, benchmarking using public data alone is limiting. Using non-public data is the answer to confidently justify improvement projects and guide decision making.
Such data is acquired when operators agree to share data with a trusted partner that has the expertise and knowledge to highlight performance gaps, uncover opportunities, and deliver actionable insight.
For over 30 years, Solomon has been recognized as a benchmarking leader in the energy industry. Many operators have looked to apply Solomon’s operational benchmarking results to start or sustain a disciplined path to performance excellence. We have partnered with clients to rank and monetize opportunities and guide action plans to close performance gaps. Solomon’s team consists of energy experts, with decades of real-world operational experience, who know what is both realistic and effective.
Go Beyond Benchmarking with a Robust Action Plan
After benchmarking, the focus shifts to closing performance gaps. The cycle of periodic benchmarking, followed by action to address performance gaps, enables asset owners to attain best-in-class operations over time. While all intend to make incremental improvements, the reality is that measurable and sustained improvement is sometimes elusive. For example, often improvement projects do not go as planned and fail to deliver the anticipated or promised results.
Performance Improvement Toolbox
There are several proprietary methodologies and tools that Solomon uses for client engagements to facilitate creating and executing action plans. One of these tools is a set of best practices developed by industry experts and sharpened with a proprietary database of global industry metrics and insight from benchmarking the upstream industry.
Overall, through the combination of our consultancy services, Performance Excellence Process™, and an extensive Best Practices Assessment database, we identify and prioritize operational gaps and guide action plans, based on a client’s business needs, to achieve performance excellence.
Solomon is pleased to announce the launch of the 2022 Worldwide Offshore Production Operations Performance Analysis (Offshore Study).
Contact us to learn more about the Offshore Study and the concepts behind our proven performance improvement methodologies.