Data Gumbo Blog

Getting Rid of Fuzzy Financials and Finding Transactional Certainty

Nov 11, 2020 10:57:36 AM / by Data Gumbo Team

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Regardless of industry, fuzzy financials lack a clear picture view. Inaccurate data records, incorrect numbers, delayed payments, outstanding invoices and other current practices can obfuscate a comprehensive look at a company’s financial health.

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The Hidden Value of Smart Contracts: Measurability

Nov 2, 2020 1:27:40 PM / by Data Gumbo Team posted in Data Gumbo, Blockchain, Smart Contracts, Thought Leadership

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Most common flaws existing in natural language contracts are remnants of either older contracts that have since evolved or as contrary clauses in contracts that cover interrelated activities. When it comes to smart contracts, coding language requires events, rules and other business logic to be absolutely clear — and this requirement forces many companies to revisit their current contracts with fresh eyes for simplification and clarification.

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Supporting Digital Transformation: Talent Spotlight with Henry Le

Oct 27, 2020 10:29:03 AM / by Data Gumbo Team

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As Data Gumbo is growing its employee base to meet demand and amplify our customer service, we’re beginning a new monthly blog series called “Talent Spotlight.” Our first spotlight is new team member, Henry Le who joined Data Gumbo as an Associate Solutions Consultant in late September of this year. Previously, Le was a Senior Project Engineer at ExxonMobil, where he was responsible for leading engineering support for international projects and multifunctional teams that included the management of full cycle land and offshore projects for oil & gas well constructions.
 
Motivated to improve execution plans and provide innovative, data-supported solutions, Le left ExxonMobil after five years to study Data Analytics and Visualization at Rice University, including application development with Python, JavaScript, Machine Learning, Artificial Neural Network and Big Data. 

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Blockchain to Reduce the Supply Chain’s Carbon Footprint

Oct 15, 2020 8:47:55 AM / by Andrew Bruce posted in Blockchain, Oil & Gas, Smart Contracts, Supply Chain

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Major oil & gas players have been announcing emissions cutting programs — BP publicly pledged to eliminate or offset all emissions by 2050 and five other large producers announced drastically new emissions targets — yet there is little to no information about how these companies intend to achieve their stated goals.

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Thriving in a Lower Forever Oil & Gas Environment

Oct 8, 2020 10:52:38 AM / by Data Gumbo Team posted in Data Gumbo, Blockchain, Oil & Gas, Smart Contracts

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Oil and gas companies are looking to implement technology to shore up core business processes and accommodate a multitude of consequences currently facing that the industry.

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Real-Time Lease Operating Expense Webinar Poll Results

Oct 1, 2020 9:01:32 AM / by Data Gumbo Team posted in LOE

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Data Gumbo recently hosted a webinar illuminating real-time lease operating expenses (LOE) for oil & gas operators. Participants Alan Carnrite, CEO of The Carnrite Group, and Andrew Bruce, Data Gumbo’s own CEO and Founder, explored real-time LOE as a way to empower operators with access to accurate, real-time information and financial visibility.

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Smart Contracts Drive Better Financial Visibility

Sep 17, 2020 9:08:37 AM / by Data Gumbo Team posted in Oil & Gas, Smart Contracts, LOE

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In the first six months of 2020, 3,500 companies filed for bankruptcy. Experts expect insolvency numbers to surpass $100 million, rivaling the results of the 2008 economic crisis. There’s nothing to doubt: COVID-19 is deeply impacting companies. In fact, 58% of business leaders say that recent circumstances have completely changed their organization’s strategic priorities.

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Oil & Gas Needs a Real-Time Mindset

Sep 10, 2020 1:09:13 PM / by Data Gumbo Team posted in Smart Contracts, LOE

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If this year has taught us anything, it’s be prepared for the worst case scenario — perhaps the bumper sticker of 2020. Business as usual was quickly usurped by the COVID pandemic and commodity prices touching down to a 30 year low. Coupled with a crippling lack of demand, oil & gas companies have been left with little choice: adapt to the low-priced oil environment and cut costs, or face dire consequences like layoffs, bankruptcies and other down-market results.

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Creating Efficiency in Capital Projects with Smart Contracts

Aug 25, 2020 10:57:48 AM / by Data Gumbo Team posted in construction, Smart Contracts, Thought Leadership

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Getting Rid of Invoice Engineering is Possible

Aug 12, 2020 8:33:55 AM / by Andrew Bruce posted in Blockchain, Oil & Gas, Smart Contracts

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Whether hot and dusty, freezing cold or perched over saltwater, a constant geolocationally-agnostic task at hand is that stack of paper tickets and invoices that proliferates across the desk of the ‘company man.’ With years spent in college and various training courses to responsibly manage the safe construction of productive wells, paperwork can feel a Sisyphean side chore — with two to three hours a day spent stamping tickets. In 2020, this waste of time — not to mention resources — is beyond undesirable and no longer necessary.

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