Running a drilling business can be challenging, especially when you consider the amount of paperwork that is required to keep the operations running smoothly. The more rigs you have in your fleet, the more paperwork you need to manage.
As your business grows, you may find that you need to hire more administrative staff to help with the workload. However, this can be a costly and time-consuming process. Is it possible to scale your workload without hiring more staff?
This is where iHub Drilling Technologies comes in – a drilling data management platform that streamlines your administrative tasks and enables you to focus on growing your business.
Drilling Business: Administration Cost
The administration cost can be significant for drilling businesses. In addition to the time spent on administrative tasks, there is also the cost of hiring additional administrative staff.
According to a study by the Small Business Administration, the average cost of hiring a new employee is AUD 6000. This cost includes recruitment, training, and salary expenses. For small businesses, this can be a significant burden.
A study conducted by market research firm IDC also revealed that inefficient and manual processes can result in a loss of productivity and revenue for businesses. The study found that companies lose an average of 20-30 per cent of their annual revenue due to inefficient processes. This is a significant loss that can impact the growth and sustainability of a business.
In addition, administrative errors can also be costly. In the drilling industry, invoicing or reporting errors can lead to client disputes or even legal action. These errors can also damage your reputation and hurt your chances of securing future business.
Drilling Business: Benefits of Paperwork Automation
The benefits of paperwork automation are numerous, such as:
- It Can Significantly Reduce the Risk of Errors and Mistakes
Companies can reduce the likelihood of expensive errors by minimising the potential for typos, misinterpretations, and other mistakes commonly associated with manual data entry. - Automation Can Save Time and Increase Efficiency
By automating paperwork tasks, employees can focus on more critical activities, such as drilling operations and maintenance, leading to increased productivity and output. - Automation Can Improve Compliance and Regulatory Adherence
Digital tools can ensure that all required documents and forms are completed accurately and on time, reducing the risk of fines and penalties.
Overall, the drilling business can benefit significantly from paperwork automation. By embracing digital tools and software solutions, drilling companies can streamline their administrative tasks, reduce the risk of errors, save time, and improve compliance.
iHub Drilling Technologies: A Cost-Effective Solution
One of the critical advantages of iHub Drilling Technologies is its cost-effectiveness. The platform eliminates the need for additional administrative staff, saving you the costs of recruitment, training, and salary expenses. In addition, the platform can help you avoid costly administrative errors, such as invoicing errors, that can damage your bottom line.
Furthermore, iHub Drilling Technologies is a scalable solution that can grow with your business. As you add new rigs to your fleet, the platform can easily accommodate the additional data and administrative tasks.
In conclusion, iHub Drilling Technologies provides a comprehensive solution to the administrative challenges faced by drilling companies.
By streamlining data management and communication processes, iHub enables companies to save time, reduce costs, and improve overall efficiency. The software’s user-friendly interface and advanced features make it an ideal choice for companies looking to enhance their operations and stay ahead of the competition.
If you are looking for a solution to your drilling company’s administration woes, we highly recommend giving iHub Drilling Technologies a try. With its powerful capabilities and reliable performance, iHub can help you take your operations to the next level. Contact iHub today to learn more about our software and how it can benefit your business.