Eliminating Rework in Land Services
March 17, 2022In our first article on the Document Management Lifecycle, we contrasted the difference between the traditional, project-based approach to delivering Land services and the strategic lifecycle approach.
Routine tasks like performing an oil and gas title examination or creating a mineral ownership report can be time-consuming and expensive. Technology that can eliminate rework in these areas has the potential to generate significant savings.
One of the key benefits of adopting the lifecycle approach is elimination of redundancies, which can quickly snowball into significant unplanned costs. Eliminating redundancies and increasing operational efficiencies help reduce the total project cost.
Case Study – A 41% Improvement in Productivity
In one example, a client pulled a total of 34,000 documents as part of all three primary lease phases, 14,000 of which were duplicates, or 41% of the total! That is because multiple departments were sourcing the same documents for different needs – title abstracts, drilling opinions, surface rights agreements, etc.
In this typical example, the lifecycle approach reduced duplication of effort by 41%!
Leveraging Technology – TitleSuite
We realized early on the potential for technology to break down information silos, dramatically reduce redundancy of effort and deliver a higher quality product. So, we built our own platform, TitleSuite, to speed the implementation of the strategic Document Lifecycle approach with clients.
The core benefit of the Document Lifecycle approach is eliminating the inherent redundancy and inefficiency of the project-centric approach to Land services, including oil and gas title examination and mineral ownership reports. The result is shorter project timelines, which often leads to reduced costs and faster execution.
In our White Paper Mastering the Document Lifecycle in Land Services, we cover the lifecycle approach in more depth and provide a case study describing how one client was able to reduce redundancy by 41% and project cycle time by 30%.