Between regulations and dealing with global relations, oil and gas companies need a solution in their business that fits many unique situations. The demand for oil and gas is high, so companies are looking for more ways to become efficient, while also meeting industry-specific conditions. More and more oil and gas companies are switching to an ERP system in order to hit these markers. In fact, those companies who chose an ERP for oil and gas were able to increase profitability by 10 percent.
An ERP for oil and gas companies should have functions that fit the industry, many which are unique to the industry itself. When choosing an ERP for oil and gas companies it is important to ensure these four functions exist within the system.
- Localization for Finances and Customer Management
Oil and gas is a global business. Countries all over the world need oil and gas to function, therefore many companies are working on a global scale rather than locally. An ERP for oil and gas should be able to work on a global scale, as well. The system should have multi-currency capabilities so you can easily conduct business outside of your hometown. Further, the system should be able to work in multiple languages so employees in remote locations have access to the system.
- Asset Management
In the oil and gas sector, asset management is critical. Most companies have many machines, vehicles, people and locations. The loss of an asset can cost a company downtime and maintenance costs. An ERP for oil and gas companies should have an integrated asset management feature which allows for quick and easy asset audits, depreciation tracking and inventory.
- Production Scheduling
Production scheduling is one feature that is specifically unique to oil and gas companies. They must be able to schedule to flow of volume from one unit to the next along the process. ERP for oil and gas should be able to schedule the right time that it takes to reach this volume, as well as have the scheduling ability to know how many employees it will take to reach this volume in time for the customer.
The oil and gas industry is highly regulated industry, it’s also one that is highly scrutinized. This makes it even more important that oil and gas companies are meeting every regulation to a T. An ERP for oil and gas should be able to keep track of government regulation data and make reporting on it easy and practically automated.
Using ERP for oil and gas is a no brainer, but half the battle is deciding which one to use. With so many ERP systems on the market it makes it easier to narrow down the search. If you’re looking for an ERP for oil and gas companies, make sure the system is able to handle these four functions.