Value creation and cost-cutting measures in a hard-oil and gas market create demand for document digitization
HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), the leader in digital transformation for the oil and gas industry, today announced recent product enhancements and adoption data for myQuorum DynamicDocs, the company's cloud-based document management system purpose-built for oil and gas. In the 12 months since Quorum first announced its introduction, DynamicDocs has experienced strong industry adoption, now classifying and managing more than 10 million documents, spanning more than 200,000 assets, and 1,500 software users. Value creation and cost-cutting are the primary drivers behind document digitization initiatives during a historically tumultuous year for the industry.
DynamicDocs is now natively integrated into the myQuorum platform, providing robust, industry-specific document management alongside the most comprehensive suite of transactional, operational and accounting solutions. The integration bridges the Upstream paper-to-digital divide seamlessly and continues to build out unique workflows made possible only with the breadth of Quorum’s full suite of offerings. Within context of their standard business processes and applications, users have access to source documents, easy-to-use search options and a host of other capabilities.
"Security, agility, and compliance are the main reasons why an energy CIO or chief data officer would take on digital transformations under normal circumstances," said Tyson Greer, chief product officer of Quorum Software. "In an exceedingly volatile year, the bar is higher for projects to get greenlit. Digitizing document-based workflows is in demand because it increases business agility and operational efficiency; when paired with native integrations to other Quorum apps, it accelerates time to value for Quorum customers looking to advance their digitization significantly."
Across any industry, companies look to digitization for lower real estate costs related to the storage and retention of physical files, greater access to documents from anywhere, anytime, in a secure environment and greater efficiency in document-related workflows that save time and resources. Reasons unique to oil and gas include lower administration costs from time saved scanning, classifying, searching, and maintaining complex industry characteristics. Moreover, current market conditions have increased acquisition and divestiture activity; therefore, digital documents underpin virtual data rooms where assets are being analyzed and valued.
DynamicDocs provides a single source for storing documents, eliminating the proliferation of files across physical and digital storage. Because DynamicDocs is designed for oil and gas, it classifies industry-specific documents with a level of precision unmatched by other document management systems. Easy-to-use features allow upstream companies to set up document-level security, onboarding or divesting assets quickly and reducing risk while saving time and money.
Because DynamicDocs is a cloud-based SaaS solution, oil and gas companies benefit from an accelerated release schedule for faster access to new capabilities. Recent enhancements include:
- Data Analysis for the quick, at-a-glance discovery of documents across attributes including people, organizations, dates, quantities, and key phrases
- "Google-like" Search across all documents based on attributes
- Integration with Quorum solutions for accounting and land management
- Virtual Data Room for secure, project-based collaboration between parties
- Document Reminders for users to stay on top of any document-related tasks
- "We had 30,000 lease documents imported with a section-by-section review all in the first week with DynamicDocs," Camino Natural Resources.
- "We reduced time spent looking for well information by as much as 60% with DynamicDocs," independent oil and natural gas company.
- "DynamicDocs extends our technology stack with valuable tools to help business users organize and find critical data while allowing IT staff to customize and standardize metadata across the company easily. This federated search allows our staff to analyze our data instead of wasting time trying to find it," Crestone Peak Resources.
- "The DynamicDocs team and product are a pleasure to work with, and we envision additional departments adopting DynamicDocs in the coming months for streamlining their records management," Tourmaline Oil Corp.
Throughout November, Quorum is hosting a three-part webinar series on document management for the oil and gas industry, "Cloud Rescue: Digital Strategies to Eliminate Document Chaos." Speakers include industry leaders from Merit Energy and Camino Natural Resources and digitization experts from DataBank and Quorum.
About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations and accounting solutions that empower our customers to streamline operations that drive growth and profitability across the energy value chain. From supermajors to startups, from the wellhead to the city gate, energy businesses rely on Quorum. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to drive innovation. We're helping visionary leaders transform their companies into modern energy workplaces. For more information, visit https://www.quorumsoftware.com/.