Oil and gas (O&G) companies work in a volatile ecosystem and are susceptible to fluctuations in international rates and changes in regulatory requirements. These companies ride on unpredictable waves of demand and supply and an ERP system can offer them a bird’s eye view of all operations and real-time data on resource availability.
Here is how a robust ERP solution can benefit oil and gas companies:
Tracking labour and overhead costs through an ERP system will help in controlling production costs and minimising waste. Detailed snapshot of cost components will help O&G companies in managing the demand-supply chain efficiently. Since these companies require procurement and logistics services from different countries, a well-designed financial ERP suite will ensure legal compliance when dealing with international vendors and facilitate smooth financial transactions in multiple currencies.
Meeting scheduling demands
Oil and gas companies utilise people, machines, vehicles and other critical assets for their operations. Short turnaround times and stringent process requirements make asset scheduling critical. An ERP system can help gather valuable data about usage and ensure that crisis situations are averted, resources are allocated wisely and deadlines are met every time.
Real-time asset management
Through real-time asset management via an ERP solution, asset performance can be optimised and their maintenance schedules can be automated. Regular maintenance will help avoid sudden breakdown of utilities and machinery and loss of productive time. Consequently, resource planning can be performed and tight control can be administered over all resources.
Operation and process integration
Uninterrupted data flow facilitates complete integration of business processes irrespective of geographical constraints or departmental locations. For example, an O&G company having mining units and sales units spread in far-flung, isolated locations across the globe can work seamlessly through a web-enabled ERP system.
An efficient ERP system integrated with Total Quality Management (TQM) is an indispensable utility for all O&G companies. ORION ERP offers tailored ERP solutions for the O&G industry.