How Oil & Gas Enterprises Getting Benefitted With ERP Solutions

This article talks about the core benefits reaped by big oil and gas companies from a feasible ERP application software.

Oil and Gas companies have been working in the most volatile and complex ecosystem and hence they crave for a unified system through which they can keep an eye over everything from price fluctuations to regulatory requirements.

A well-versed ERP software solution built using multi-faceted platforms like Odoo comprises different modules to give end-to-end assistant to a business enterprise. An ERP for the energy industry is too build with intrinsic modules like supply-chain management, resources tracking and asset management, production planning, accounting, customer and billing solutions. So, it helps enterprises dealing with oil and gas supplies to run day-to-day operations in a planned and synchronised way, so any crisis situations are easily averted.

 

Here’s the explanation about how an ERP solution help enterprises in the oil and gas sector.

 

Helps meeting up market demands

Oil and gas suppliers are serving the most crucial segments in the economy like transport and food and hence there are towering demands always. While they work vast machineries, manpower, fleets of vehicles and other critical assets, their turnaround times are bit lengthier. This is why asset scheduling and production planning is essential and ERP helps in that. It gathers up data on the market’s current usage and ensures no crises in demand occurs with efficient scheduling and resources allocation.

 

Cost-cutting benefit

While manual cost calculations of the huge manpower and assets can lead to miscalculations and over-expenses, ERP can prevent all that. They keep a detailed record of all the cost components, from procurements to supply logistics, labour wages to assets maintenance. This helps the owners to have a transparent view on all their concurrent costs, payments and other expense and optimise them.  

 

Real-time management of capital assets

With the asset-management module of the ERP system, the companies can see to it whether their capital assets are performing well and do they need any repair or maintenance? The real-time update on all machines and assets help them to avoid any ordeal of emergency breakdown of machineries and successive loss of production.

 

Easier management of project risks

Oil and gas companies that deploy ERP solutions have the power to know all the potential risks that are involved in their production operations in advance. So, they can come up with some plans for mitigations for that.

 

While the oil and gas sector have to always ride on erratic waves of demand and supply and schedule their production operations accordingly, an industry-specific ERP solution will help them deal with all unpredictable situations. It provides them with all real-time information on the availability of resources besides keeping them updated with data on production, units of consumption, and inventory.

Rob Stephen is an expert Odoo functional consultant at Envertis, one of the visionary Odoo ERP development company in Australia which is also a trusted Odoo partner. With over 5 years of experience in ERP software development, he has become adept at delivering industry-specific solutions to businesses of all sizes in any domain.