Why ERP Will Make The Energy Sector More Efficient
ERP software has enabled companies within the energy sector to evolve, adapt, and respond more rapidly to a changing technological landscape. Allowing businesses in the sector to enhance old traditional methods of data processing (and other critical processes), ERPs have most certainly pushed industry innovation. In a survey conducted by ERP product providers, NetSuite, an “ERP implementation led to business process improvement for 95% of businesses” proving ERPs are instrumental in driving efficiency.
In fact, one leading global strategy consultancy are recommending that energy executives heavily consider investing in digital technologies, in order to future-proof their business. An ERP is one of those digital technologies that will help gas, oil and renewable energy companies innovate operations. With a proven track-record already in the energy sector, ERP’s are only ever increasing in demand. Effective at streamlining processes, more and more companies in the exploration and production areas of the energy industry now look to ERP’s as a way of remaining competitive. What is it about an ERP system that makes it so effective as a piece of technology? Let’s dive into how they function…
What ERP systems are excellent at doing is allowing businesses to track their processes with speed and precision. How do they do this? What they do is track job tasks, job personnel, and job status so that resources can be managed more stringently. Added to this, financials are also made easier to manage with smart electronic document management. Reducing back office errors, electronic document management avoids entry duplicates and automate charges. Similarly, with an accessible view of financial data, an ERP software makes the process simple allowing the necessary employees to access and compile. An ERP system can also identify potentially new customers for the business, improving business development for any energy organisation.
There are numerous benefits as to why energy organisations will become more efficient from using ERP systems (in addition to the aforementioned). An ERP system provides a single source of information where all necessary users can access information, at any time they need. Likewise, the mobile software allows users to see information on the go, making the process of checks and communication much more streamlined. Giving a clearer overview of business operations, employees in an energy organisation with an implemented ERP system are able to access information quickly. The ease at which insights can be gathered allows for effective and efficient decision making for continuous improvement.
No longer being able to rely on price increases to remain competitive, more and more ERP businesses within the energy sector are seeking ERP solutions to stay market relevant. Companies in the industry need to streamline their operations whilst decreasing service delivery costs to maintain a competitive share of the market. The more sustainable organisations are using ERP and modernised technology to become leaner and more efficient whilst still making profit, regardless of whether the price of oil is increasing or decreasing.
Energy businesses should be quickly looking to move to get rid of outdated technology and switch to the more sustainable and versatile ERP systems to gain long term success. If the sector is really going to become increasingly more efficient, the benefits of an ERP system proves that these systems are the future.