Why ERP is essential for Oil & Gas Companies?
The operations of Oil and Gas Companies are reliant on a wide range of machines, vehicles, people and other critical assets. They need an ERP System to achieve real-time Materials and Asset Management along witha top-notch equipment maintenance functionality. A downtime of an hour could easily spell a loss running into a few thousand dollars to millions of dollars. And, this is further complicated by the geographical distances between rigs and the complex terrains they function in. As a result, maintenance of critical machines and utilities at multiple sites becomes a major challenge and a critical area for Oil and Gas Companies. Then these rigs have to be managed 24x7x365 by qualified manpower who operate on different types of shifts (Day/Night/General/12 hours) with complexities of scattered work days(14 days on-off, 30 days on-off, 90 days on-off). Hence it becomes imperative for Oil and Gas Companies to have a robust ERP with strong Materials Management, Assets Management, Maintenance and HR functionality.
Fortunately,Technology is also there to help further through IoT(Internet of Things) which can give very useful inputs for preventive/predictive maintenance resulting in zero/fewer breakdowns of equipment running the oil rigs.
All Oil and Gas Companies should also strictly align with international compliances. It can be problematic if they use volumes of spreadsheets to prepare their Compliance Reports.To comply with many regulatory doctrines, they are required to account for the amount of crude oil that goes into the atmosphere, the amount that is captured by the scrubbers, and the volume of cleaned-up matter that leaves the exhaust. A sophisticated and robust ERP Software for the Oil and Gas Industry can provide such data in real-time to meet the international regulatory requirements.