TULSA, OKLAHOMA – January 25, 2017 – NeoFirma announces the launch of a new business intelligence and analytics software solution to help independent oil & gas companies improve operational efficiency and optimize spending. NeoFirma’s solution brings data visualization and critical analysis technology to a market that has had limited access to business intelligence capabilities. The announcement was made at the Mid-continent Digital Oilfield Conference which showcases the latest technologies for optimizing the oil & gas business.
Exploration and production companies accumulate a large amount of information related to their operations, including drilling, well work, facilities, production, sales, and accounting data. Effectively tapping into this wealth of information enables companies to better understand asset performance, identify trends, and optimize production. To this end, business intelligence solutions are being adopted in the industry to improve E&P decisions by integrating, visualizing, and analyzing complex datasets. Small independents, who lack the information technology resources of larger oil & gas companies, have effectively been priced out of the benefits.
NeoFirma delivers its new business intelligence and analytics solution in the cloud, which eliminates costs associated with onsite hardware and software. Moreover, the software vendor uses modular components, avoiding costly implementation cycles and enabling NeoFirma to adapt its business intelligence solution quickly to client-specific data and business needs.
E&P information is often spread out in isolated locations across an enterprise, which makes it difficult for oil & gas companies to create a unified view of business data. NeoFirma’s business intelligence solution brings disparate sources of E&P data together for timely analysis, such as land, geoscience, engineering, and accounting information. The solution also features rich data visualization, interactive dashboards, and web-based analysis tools normally only available on PCs, such as pivot tables and mapping.
“Independents are the backbone of domestic energy production, yet these small businesses have largely been underserved by information technology providers,” said Steve Haglund, president of NeoFirma. “There is a tremendous opportunity for independents to optimize production, manage risk, and decrease costs using data, which is why NeoFirma created a powerful, yet affordable business intelligence solution,” he said. Haglund concluded, “our latest innovation is a big step forward in putting BI tools within reach of more E&P companies, continuing NeoFirma’s track record of empowering independents with cost-effective technology.”
NeoFirma’s business intelligence and analytics solution is configured to meet the unique data and business situation of clients. Use cases include CAPEX/OPEX management, production optimization, prospect analysis, and risk management.