Spreadsheets for Oilfield Service and Rentals Tracking! Really?

Have you ever tried to control your shop inventory in a spreadsheet? How about rental days count?

It is not easy. In fact, it is almost impossible. The reason is obvious. Spreadsheets are static and not designed for dynamic tracking. They will never work as logistics, warehouse and rental software.

In spite of this, spreadsheets, e-mail and paper-based systems are currently widely used in oilfield service industry. Many small and medium size companies use them to track oilfield rentals. This has led to major problems as companies grow and more people need to access the spreadsheets that show rental units availability and locations, service periods, utilization and profitability. Multi-user mode in spreadsheets is another story.

We heard many stories of lost or forgotten equipment caused cash loss and put safety at risk.

The industry reports big chunk of time and resources being spent to retrieve information from spreadsheets. And the more company grows, the more complicated it becomes.

We once found 152 errors in one spreadsheet. The spreadsheet had been in use for a long time and the validity of the data had gradually decayed.

In general, many spelling errors and incorrect references resulted in the spreadsheet being considerable economic and operational risk.

The Wall Street Journal recently published even worse case – Spreadsheet Mistake Cost Tibco Shareholders $100 Million.

There are many good reasons for oilfield rental companies to consider software like RigER to replace spreadsheets.

Learn more about our solution for oil and gas industry here.

Posted in Consulting, RigER, Software