The oil and gas industry plays a big role in Canada’s economy and overall development. Oil prices affect the prices of many other products worldwide. It is complex, to say the least, and oil companies often deal with much logistics in their day-to-day operations. This is what makes Enterprise Resource Planning (ERP) software so important.
ERP Software is used to integrate and manage important parts of a company’s overall operations. In a nutshell, it creates a central platform from where management can access, monitor, and control different operations in all of the company’s departments.
The oil and gas industry is characterized by numerous functions and a long, multifaceted supply chain. The typical company has to run many operations handled by just as many departments. Managing all these operations and departments can be a logistical nightmare, but ERP software makes it easier by essentially centralizing control of and access to the various departments.
There are many ERP software solution providers. Different software solutions vary in factors that can affect their overall functionality and efficiency. As such, it is recommendable to pick your solution provider wisely.
Here are three factors to consider:
Hard & Soft Asset Control
Hard and soft assets are involved in many important operations. Indeed, processes such as acquisition, development, transshipment, refinement, R&D, and other operations are dependent on some type of asset. As such, it is important to ensure that your ERP software can control all hard and soft assets.
Standardized Data Processes
Standardization is necessary for organization and efficiency in the oil and gas industry. Standardized systems are cheaper and easier to manage in the long term, and they promise stability. It is advisable to standardize all operations, ranging from core (internal) operations to arrangements with essential third-party service providers.
Thin Systems Integration
The ideal ERP software for the oil and gas industry should be compatible with all of its systems. This includes the company’s core systems and third-party systems. The software should also be fast enough to keep up with the industry’s dynamic competition.
Each ERP software has something to offer, and different energy companies have varying needs. To this end, the following three recommendations are based on the software’s features and overall reputation.
Oracle NetSuite ERP
Oracle NetSuite ERP is cloud-based with a centralized platform from where users can manage all operations. It enables users to get real-time visibility across the whole organization. This software also features in-built business intelligence and reporting. Further, other features include asset management, CRM, budgeting, expense management, inventory management, accounting, and more.
Focus 9 is one of the most advanced ERP software solutions for the energy industry. Its features include email integration, CRM, document management, customer management, budgeting, accounting, cloud computing, and more. It is also capable of capturing leads from social media platforms such as Twitter and Facebook.
Expand smERP is a subscription-based model that enables users to get started with minimal infrastructure investment. It is also highly customizable and scalable. Its features include job costing, supplier and purchase order management, HR, payroll, quotation, estimates, audit trail, and more. It also offers multi-currency support.
ERP software is essential for the oil and gas industry. It helps improve management and overall efficiency. There are hundreds of ERP software solutions, and it is advisable to choose the one that best suits your company’s specific needs and preferences. Remember to consider the factors highlighted above to make an informed choice.
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