How to Deal with a Never-ending Stream of Energy Records – Part 1

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In a two-part blog post, we explore how one energy company mastered the challenge of dealing with incoming records from a merger or acquisition.

When an acquisition goes through, the buyer is immediately hit with an information tsunami. Boxes and boxes of files arrive containing who knows what. Every relevant document has to be quickly incorporated so that revenue generation can start, leases are maintained in an active status, and a host of other obligations can be met.

The Situation

To most records management teams, these challenging situations are considered very special projects. Exceptions, rather than the rule. For Linda Osminer, Manager of Land Administration at Laramie Energy LLC, and her team, acquisitions were the rule. Laramie Energy was created to find and develop oil and gas from unconventional resource plays. This means Laramie is constantly in acquisition mode.

In any acquisition scenario, success is measured in time-to-ROI. Given Laramie Energy’s business strategy, Linda and her team knew that the faster they could incorporate records, verify data and get new information to the relevant departments, the faster new assets could begin generating revenue.

From the land worker in the field to the data entry person, everyone had to be able to easily locate records, old and new, as needed, as soon as possible. For example, accounting records such as payables and receivables are expected to be integrated before the next billing cycle. And those requirements are just the tip of the iceberg – the RM program would need to do much more in order to help realize ROI from the deal.

Defining Success

The first step in meeting their goals was to define more specifically what success would look like. Laramie set out the following criteria for the solution. It would need to be able to:

  • Manage their existing physical collection
  • Manage all “day forward” electronic records
  • Quickly ingest new physical and electronic records
  • Work seamlessly with their Land Management System
  • Track the chain of custody for all documents
  • Make information easy to use across multiple departments
  • Be flexible and scalable enough to handle future use requirements

With such a system in place, Laramie Energy would be able to hit the ground running as soon as a new acquisition was closed.

Green Light: TAB FusionRMS

After a thorough vendor search, Laramie Energy engaged TAB’s consulting team to help them build the desired solution around FusionRMS, TAB’s records and information management software. TAB’s solution ticked all the required boxes, and the expertise of the team made the decision a comfortable one for Linda and her team.

In next week’s post we explore the steps that Laramie took to create a robust records management system built on the TAB FusionRMS platform.

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