Do you like money? Of course you do! In this Drilling Minute, we’ll teach you how bit records put more money in your pocket.
As it turns out, bit record recovery correlates very well with sales revenue, which is the basis for commission. In several studies, when more bit records are entered, sales numbers increase. And when bit record recovery goes down, revenue is soon to follow. But why is that?
Where does it start?
Bit records all start at the rig, so for Ulterra it starts with a Field Salesman getting the data from the source. The bit record is an organized way of taking notes about the performance of a bit run. This helps a field salesman really internalize what went on during the run, and come back to it months or even years later. It also sends an important message to the customer at the rig that even the minute details of their operations are important to us.
Once the bit record is in the system, it can be analyzed by Ulterra engineers. Their detailed analysis allows us to understand both good and bad performance, diagnose the causes, and make improvements. We use this information to both to improve our products and to share with our customers to improve their operations.
How can we use bit records?
Today, a lot of decisions are made in the office rather than on the rig, which is where Ulterra Customer Account Representatives come in. They use the bit record and analysis to provide support in the office for both the customer and Field Salesman. The cycle ends with the office calling the rig and the rig calling Ulterra for a bit, and that puts money in your pocket. And it all starts with the bit record.
Bit records are data. Analyzed data is information, understood information is knowledge, and shared knowledge is powerful! Bit records are the first link in the chain that gets the entire Ulterra machine working for our customers.
Just getting basic bit records starts the cycle, but to take it to the next level you need great bit records!