In an era where the world is searching for alternatives to oil and gas products, ERP systems are even more valuable, and mission-critical to operations than ever.
Increasing compliance mandates and wildly fluctuating oil prices, and volatility of resources has sealed the need for ERP solutions for the monitoring and management of business operations.
ERP can help oil and gas companies:
- Enhance safety during production
- Reduce expenses with improved inventory management
- Adhere to regulatory compliance requirements
Oil companies have been using ERP systems for managing their functions of exploring, producing, refining, distributing, and retailing.
However, they are now also adopting ERP for managing support functions.
ERP Software Benefits for Energy and Oil & Gas Industries:
There are a number of reasons why businesses in the oil and gas industry use ERP.
Let us look at the benefits in detail:
1. Seamless Management of Business Processes
The various processes involved in oil and gas exploration and production are critical and risky, and it is essential that these are monitored and managed efficiently.
This includes managing the rig, land and water management, site engineering, tracking the fleet, maintaining compliance, and checking performance of the workforce and project progress.
It is impossible to be present in far-flung locations all the time.
ERP systems allow access to users in real-time, empowering them with critical business information that can help them take vital decisions.
It also ensures inter-departmental communication and collaboration, boosting productivity and efficiency.