Top requirements for an oil and gas ERP

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We’ve never been to a simple oil and gas site, whether it’s a well, rig, refinery, compressor station, or export terminal. So, any tool that makes it easier for you to execute decisions is a big win, and we think an oil and gas-focused ERP is one such tool.

These industrial operations have a variety of critical elements that can change at a moment’s notice, so here are a few ERP requirements that can keep you dynamic enough to adapt and plan.

Localization for where you are and where you’re headed

Oil and gas ERP requirements should start with a focus on your business, both today’s operations and the potential areas of growth. This requires provisions for a variety of currencies as well as support for legal and compliance concerns. You’re working with a variety of entities in many locations, so an ERP should be able to give you a hand with documents, audits, multilingual content, and financial compliance in each environment. Start with the regions where you already operate and ask vendors about how to include new areas. 

Simplifying sophisticated hard and soft asset understanding

Oil and gas ERP requirements around your assets are complex, and you’ll need a platform that can capture all of the data points of each asset and then make it easier for you to understand problems or see potential bottlenecks at a glance.

Get your list of assets together — and don’t be surprised if it ranges in the hundreds to thousands — as well as the attributes they have that you’ll need to add to the system and track. Give the vendor bonus points if they can help you with the equipment you rent too.

Real-time asset management 

A smart oil and gas ERP will support real-time asset controls to help you improve their performance and your overall capabilities. They do this by integrating with the sensors available into today’s mission-critical equipment. If the ERP you choose works across your full set of sites, then you can have a central team making big-picture decisions with the most accurate, timely information.

A significant benefit here is that you can automate a variety of manual tasks, such as tracking and scheduling asset maintenance, better protecting your machinery. Knowing what you’ve got, where it is, and its status can help you prevent production losses 

TQM inclusion for agile growth

Total quality management functionality is a needed tool to help with any large-scale project. When you’re engineering the latest solution or fix, the ERP needs to be able to help you configure and make orders, support inventory management, and confirm orders. Your team will find this process significantly easier if the ERP not only supports the functionality but gives them a single dashboard to deploy and track projects across distinct phases.

Get support for every office

Utilities and oil and gas companies have a wide range of functionality. Take time to measure yours, including how the company divides itself, and see where there’s an ERP need. Existing functionality can help with front office procurement and resource planning, back office compliance and accounting, and even middle office analysis and risk oversight or credit efforts. No matter your design, there’s an oil and gas ERP that can be adapted to your needs.

Source: erpfocus.com

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Zerodha is India’s first, and now the largest, discount stockbroker. It is known for its in-house trading platforms and disruptive use of technology in the

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