77% of Oil and Gas Operators Cite Accessing Paper-Based Financial Data as the Number One Challenge for Remote Work

ABILENE, Texas, June 18, 2020 /PRNewswire-PRWeb/ -- WolfePak Software, a leading provider of oil and gas accounting, regulatory compliance and automation software, today announced a new survey titled, "State of Remote Work: Oil and Gas Industry." The report details how independent oil and gas operators are transitioning to a remote workforce, their current technology priorities and future plans for adopting digital workflows.

WolfePak Software administered the survey in mid-April and had 236 upstream, midstream and service operators respond in four days. According to the report, 77% of respondents said that accessing paper was their number one challenge when working remotely. Based on the data, companies face hurdles when managing normal, everyday transactions, which are already complex, given the nature of the oil and gas industry.

The industry's reliance on paper-based systems for checks, documents, job tickets and invoices creates inefficiencies and introduces vulnerabilities for companies that do not have standard digital processes in place. WolfePak survey respondents want technology that lets them work from anywhere and get access to vital information in real time.

Brent Rhymes, CEO of WolfePak Software, said, "Financial departments struggled the most when dealing with accessing paper-based systems remotely. 'Good enough' will no longer suffice, as companies recognize the benefits of digital transformation and permanently move away from paper. Using cloud and mobile technologies to automate back-office processes will enable oil and gas operators to protect the bottom line more effectively and better position themselves when the market recovers."

Beyond paper, survey respondents also noted challenges that include managing team collaboration and communication, limited and unreliable Internet speeds, and the use of different technologies at home versus those in the office. In addition, executives are also balancing how to work at home alongside children and family.

Additional data points from the State of Remote Work report include:

• 73% of respondents are working from home in some capacity, with 31% of this group working from home 100% of the time.
• Access to production data is a struggle, as cited by 16% of the respondents, while 7% said cash flow analysis is the most difficult data to obtain.
• New technology adoption is focused on providing safe and secure access to field data, electronic document management and storage, collaboration and video conferencing technology, and implementing new security protocols.

Download the report, "State of Remote Work: Oil and Gas Industry" to learn how oil and gas companies are making this transition.

About WolfePak Software
WolfePak Software offers a fully integrated suite of software products for oil and gas upstream and midstream customers, including exploration and production well operators, crude oil purchasers, transporters, haulers, investors, CPA firms and service companies. Located in Abilene, deep in the heart of the Texas oil patch, WolfePak serves customers throughout the United States and the world. With its staff of experienced software developers, CPAs and oil and gas professionals, WolfePak has provided best-of-breed accounting and automation software and services since 1986. For more information, please visit http://www.wolfepak.com.

SOURCE WolfePak Software