How Can Oil & Gas Industry Leverage IT During Economic Slowdown?

With the price of crude oil dropping below its yearly low, mixed with the current state of the union, how can oil and gas companies continue expanding production efficiency and drive further investments? It’s simple!

•Invest in key areas of technology to integrate systems and processes
•Simplify access to accurate information
•Partner with vendors that provide industry-specific solutions and are eager to form a “partnership-based” relationshipoil_and_gas

Given the exponential increase in the cost to explore, produce and service oil and gas, energy companies need to look at new tools to increase efficiency and maximize existing systems. IT departments need to provide a technology foundation that can support the increase in seismic processing demands, as well as tools that support the optimization of project and portfolio management.

Invest in key areas of technology that will integrate systems and processes
Implementing enterprise resource planning (ERP) packages like Oracle, PeopleSoft and JD Edwards allows companies to seamlessly integrate business work flows, data and processes with the various business segments of the company (Accounting, Shipping/Receiving, Human Resources, etc.).

Simplify access to accurate business information
Assuming the implementation was successful and the users are maximizing the features of the system, oil and gas executives can require more from their predictive analytics and business intelligence tools than ever before. Investments in ERP remediation and/or post-implementation audits are highly advised, especially for those companies that feel they are not getting as much as they could out of their ERP system.

Partner with vendors that provide specific industry solutions and are eager to form a “partnership-based” relationship
Oil and gas IT departments should work with technology partners that invest in building a long-term relationship with them and make an effort to understand their business vision.

The partner should not only demonstrate competency in oil and gas industry knowledge, but look to structure its relationship as a value-added partner. Usually, this is evident by the partner’s ability to deliver highly technical solutions to your SPECIFIC business pains and challenges. A true partner will not only work to solve the problem, but will work just as hard to uncover the true business need.

To truly add value to a company, the partner needs to have a full understanding of your business and its vision before making recommendations to lead to the next level.

Are your systems integrated?

Do you have the tools in place to allow for your executive team to make accurate and timely decisions?

Are you working with a company that truly works at building a long term relationship?

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