ERP software plays a major role in Oil & Gas industry

1. ERP Software Plays a Major Role in Oil and Gas Industry The oil and gas industry has gradually gained importance because of its contribution in the production of energy that has boosted the economic activities and overall development of all countries in this world. In fact, today, the price of oil largely determines the prices of other goods and services in the world marketplace. The complexity and the high-cost operations involved in oil and gas industry as well as the industry’s impact on a country’s economy and sustainability demands some sort of project management software that can be integrated in the business process across different modules. These modules may include inventory management and control, procurement, research, production, finance, distribution, delivery or human resources. Enterprise Resource Planning Software (ERP) for oil and gas industry For improving the business operational efficiency of oil and gas asset, the industry is addressing the oil and gas ERP software solution for supporting management of operations in real-time. These include production monitoring, drilling management, equipment management, loss management and several other service operations. ERP system plays a crucial role in standardizing business processes in the oil and gas sector. This is especially required as oil and gas industry has enormous units scattered geographically with multifaceted supply chain demands and augmented competition. Oil and gas ERP system provides all the essential techniques to restructure these functions. However, the intent of business standardization is not just about cost savings, but it is also about the viable benefit and flexibility added to the business by allowing quick movement into the world market and adjustments of workload in offices. The need for ERP solution in oil and gas industry It has been surveyed that oil and gas industry is expensive enterprise. And oil and gas ERP solution is an important part of the industry to develop and improve the production and

2. management of oil and gas. Following are some of the key advantages of adopting ERP software solution in oil and gas segment. Easy incorporation with other applications Oil and gas ERP software is designed to easily incorporate with other third party applications in terms of schedules and costs. Such solution helps a company efficiently manage its resources and the overall financial structure. As a result, the company is always at a better position to deliver productivity and meet deadlines. Effective management of project risks Companies that integrate ERP solution can easily identify the potential risks involved in the projects well in advance. Therefore, they can also foresee the success or failure of a project. Besides, companies can also use ERP software to come up with contingency plans as and when required by the business. Efficient management of different projects Oil and gas ERP software solution also allows companies to efficiently manage the different aspects of their offshore and onshore projects. These may include product procurement, inter- department communication, finance, project schedules and resources. Effective project management ultimately helps companies to complete their projects on time and within the set budget. Simplify the complex projects International projects and various joint ventures are important part of the oil, gas and energy producing industry. With robust ERP software this industry can keep a track of various business details including currency exchange, management of finance, local technical assistant and observance of International regulations.