In our first article on the Document Management Lifecyle we contrasted the differences between the traditional, project-based approach to delivering Land services and the strategic document lifecycle approach.
Performing an oil and gas title examination or creating a mineral ownership report using traditional methods can be time consuming and expensive.
One of the key benefits of adopting the lifecycle approach is reducing project cycle times. This is a critical factor in making sure Energy projects – whether they are fossil fuels or renewables – stay on track and on budget. The traditional approach can result in expensive delays and impair project returns.
Time Is Money – 30% Reduction in Project Duration
The “time is money” concept holds true in every business, but it takes on an even more important meaning when developing Energy projects. Developers of Energy projects are accustomed to paying day rates, per diems and other time-based fee structures when it comes to delivering Land services.
It goes without saying that, while maintaining the quality of output, reducing project duration can reduce costs and increase returns on investment.
In one example, a client was working on the development of a large asset involving thousands of acres having multiple surface rights owners and a complex mineral ownership profile. Across the first three phases of the lifecycle, approximately 34,000 documents needed to be pulled to secure the access and rights needed to develop the asset.
We discovered that 14,000 of the documents pulled, or 41% of the total, were duplicates!
When we showed the client how a strategic, lifecycle approach driven by technology could eliminate the redundancy they adopted the lifecycle approach.
By eliminating redundancies, the client was able to achieve an estimated 30% reduction in project duration.
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, including oil and gas title examination and mineral ownership reports. 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 Management 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%.
Contact TCO today at 303.298.8108 or [email protected] to learn more about our Land Service Lifecycle approach and see if it is right for your company.