Companies operating within the oil and gas industry are always looking for ERP systems that can help them to perform a wide range of industry related tasks. Since the demand for high quality oil and gas ERP systems is always high, many software firms have come forward with their own ERP products that can meet up to the industry-specific conditions. Numerous oil companies are already choosing one oil and gas ERP solution or the other depending on their individual goals and preferences, and these systems are also helping them to achieve their business targets. In fact, companies who have shifted to using an oil & gas ERP solution have recorded a marked increase of profitability by around 10%.
An oil & gas ERP software solution must be equipped with a range of functions that aptly fit the needs of the industry. It is to be remembered that like every niche industrial segment, the oil and gas industry also has requirements of its own. Therefore any company operating in this field should keep in mind the following requirements while they are looking to choose an ERP software system for its own needs.
Localization for the management of finances and customer handling
Since the business of oil and gas is carried out on a global scale, most companies associated with this industry need to function on a worldwide scale. Therefore an ERP program meant for this industry should be able to operate on global scale and be competent enough to handle the challenges that come with it. The ERP system must come with multi-currency capabilities which can help a company to run business in remote locations or areas in other parts of the world. Moreover, the ERP system should also support multiple languages so that the employees living in remote locations can have access to this system.
Scheduling of production is another important feature that is specific to the oil and gas industry. The systems should be able to correctly schedule flow of volume all along the process from a single unit to next. The Oil & Gas ERP Dubai systems should have the features for scheduling the right time needed to reach key volumes and also calculate the number of employees that it is going to take for reaching the volume at the right time for a customer.
Management of assets
Asset management is an important factor in the oil and gas industry. Most companies within this sphere work with numerous vehicles, machines, people and locations. Hence the loss of assets can lead to significant maintenance costs and downtime losses. A well developed ERP system meant for oil and gas industry comes with integrated asset management features that can allow easy and quick asset audits, inventory management and depreciation tracking.
The industry of oil and gas is a highly regulated and highly scrutinized one. Therefore it should be able to meet up to the government regulations as set by the country of operations. The ERP system can help in keeping track of all government regulation data so that reporting is automated and easily achieved.