With the recent changes the Energy industry has experienced--and will continue to experience--with the cost of oil decreasing dramatically with no cost floor in site, some have speculated that it is unwise for companies such as Mi-Co to continue investing in the Energy sector.
At Mi-Co, we see this ‘change’ in the Energy sector as more of an opportunity—not only for us—but for the Energy industry as a whole to begin implementing innovative, mobile data capture technology solutions to make their remaining field force as efficient as possible.
For instance, Energy companies have numerous daily activities that require data collection:
- Pipeline inspections
- Field e-ticketing
- Timesheet recording
- And more
Generally speaking, the way most Energy companies are currently collecting this data is through paper processes that have served this industry for a long time, and which could continue to do so for years to come. But, according to a recent research study by Enterprise Group Strategy, data shows that 87% of enterprise organizations say mobile computing is either “critical” or “very important” for supporting business processes and employee productivity—proving that enterprise mobility is more than just a fad.
We have found that implementing mobile technology and eliminating paper in the data collection will dramatically impact company efficiency, cost savings, and increase data accuracy—all of which should be top of mind for companies looking to stay ahead of the curve. Mi-Co's Software Suite, including Mi-Forms mobile forms, Mi-Enterprise Apps and MISM Analytics, is a great solution for capturing data while mobile, streamlining business processes, and increasing data accuracy, worker productivity and business revenues.
To quantify the ROI and demonstrate how mobility solutions can deliver those dramatic results, we lean on our 15+ years of experience implementing mission-critical enterprise mobility solutions for more than 1000 customers. Don’t believe us? Check out our Training For Mobility Success: Best Practices & Lessons Learned webinar recording.
Why paper processes are less efficient and more costly than implementing a mobile solution:
1. Cost--We know from a study done by AIIM in 2012 that the cost of a single piece of paper going through a traditional paper-based workflow is approx. $5 per page.
2. Time--Once data is collected, the completed paper forms often sit in a truck, bag, etc. for days or weeks before it can be entered into the company network. This delay causes further delays in mission-critical processes such as:
- Pipeline maintenance and reporting
- Invoicing of customers
- Processing of payroll
- And more
These inefficiencies and delays most likely never show up on a balance sheet, and instead, these “hidden-costs” simply drag down the overall efficiency of the company, lead to incidents/fines, and dramatically impact cash-flow and growth.
3. ROI--By using the ROI tools we've developed and best practices we have from our 15+ years of experience, we are able to show the costs of deploying an automated solution (including hardware, software, training, etc.), and the ultimate savings and efficiency over time:
- A typical customer usually realizes a pay-back period of 1-2 years
- Approx. savings is $8K/month
- Increase data accuracy up to 100x
- Decrease process times up to 80%
- Streamline operations (reduce number of steps required to process information from 20 to 5)