August 8, 2022
“Why would I buy software to manage my ARO when I have a spreadsheet for that?”
We hear things like this a lot. And at first glance, it’s easy to understand why. Spreadsheets are easy-to-use, highly customizable, and come at no additional cost to most companies.
However, as end-of-life closure activities and obligations have grown in importance and complexity, managing an Asset Retirement Obligations (ARO) program through spreadsheets comes at a hidden cost. The initial benefits of spreadsheets – flexibility, familiarity, and affordability – can’t overcome the challenges posed by utilizing a tool never made for this job.
Excel Wizards out there can create remarkable spreadsheets custom-tailored to meet their personal needs. The issue is that spreadsheets are designed to meet the needs of their creator and are not meant to be mission-critical applications used across multiple departments of a company. If a company intends to share these spreadsheets interdepartmentally, how do they then track changes for audit purposes? Do they know when a formula gets corrupted or broken? When does the sheet stop functioning as one person’s personal tracking system to a full corporate-wide report? More importantly, which version is updated and adjusted to meet changing regulations?
We frequently hear horror stories from companies who have outgrown their spreadsheets, for example:
When you factor in time spent managing any of the seven issues above, spreadsheets start to become a lot less cost-effective than they initially appear. Companies need a more standardized approach that can be easily used, shared, and reported from by anyone throughout the organization. There is significant efficiency from a fully auditable, user-protected, trackable, and cloud-based solution.
Moving away from spreadsheets to AssetBook ARO Manager ended these problems for our clients. ARO Manager was purpose-built for the oil and gas industry, developed through a culmination of government resources, expert opinion, and industry data.
ARO Manager directly addresses the problems with spreadsheets by providing:
You can learn more about the various struggles our clients have had with their previous ARO spreadsheets, including dedicated hardware and our favourite, “the Rainbow Unicorn Spreadsheet of Barf” by attending our upcoming info session “The Problem with Spreadsheets in ARO Management” on August 16th. See below for details.
When: Tuesday, August 16th
Time: 11:00-11:45 am
Where: Zoom – Register here
Interested in this discussion but unable to attend? Contact us today to set up a private demo.