The main objective of oil operating companies nowadays is to increase drilling efficiency and minimize drilling cost. Thus oil companies are facing new hurdles to reduce overall cost, increase performance and reduce the probability of encountering problems. For these reasons over the last decades different methods and approaches have been introduced from different disciplines to the oil market to work towards a safe, environmental friendly and cost effective well construction. Among these approaches are software technologies which can contribute to drilling optimization and performance measurement of the drilling crews and equipment. The purpose of this thesis is to develop a comprehensive and handy software tool which utilizes meta-data and sensor data in order to calculate the overall savings potential and indicate the potential areas of improvement. The first part of the thesis explains about the common mechanisms of obtaining the savings potential which have been involved with this work. The savings potential could be a result of optimizing drilling operations such as drilling ahead or benchmarking the performance of the drilling crew and drilling equipment. The second part of this work is methodology overview of the developed software tool and guideline for the new user. The third part of this work is specified as a case study, where real data of four wells were loaded and analysed. This part also shows the beneficial use of this tool for future well planning and well time estimation. Moreover it proves the concept of drilling specific energy.