Press

Paper-intensive processes are proving to be a massive expense for the Oil and Gas industry – and a colossal waste of resources


Read on to discover how TouchstoneEnergy are streamlining financial operations for energy industry & keeping the Oil flowing..!

A volatile oil price, capital intensive projects and constant change in regulation means that oil and gas companies are constantly fighting margin pressures.

Inefficient financial processes are also common to many companies, and this has become a significant area where organisations can both cut costs and operate more efficiently.

With operational efficiency goes control and compliance – companies need to know what they are buying, from whom and at what price. Lower operating margins mean the price you pay is under even more scrutiny from senior management.

In most cases, a large percentage of the workforce operates remotely. This can result in delays in approvals leading to strained internal and external relationships.

“TouchstoneEnergy provides solutions that enable oil and gas companies to quickly address inefficient financial processes and help cut costs whilst meeting industry regulations and standards” Peter Davis, Business Unit Head, TouchstoneEnergy.

TouchstoneEnergy offer a full suite of cloud-based financial accounting, spend management, budgeting, forecasting and business process management applications, all deployable on an integrated CLOUD platform.

Their systems make it easy for customers to gain better visibility and control over every process in their organisation, improving compliance and introducing the potential for costs savings in all areas.

This is a completely different approach to that of their competitors who mainly attempt to satisfy elements of the financial accounting or purchase-to-pay process.

The applications provide a platform for tracking and managing all types of business processes, including time-writing, JV accounting, AFE approval and tracking daily drilling costs. There are even processes to track PO approval and invoice payment tracked directly to the AFE and budget.

By giving users in the Oil and Gas industry the tools to deliver advanced reporting and analytics, senior management gain real-time visibility of AFE expenditure vs budget by phase, duration and depth; cash requirements and forecasts; and automated JV Cutback & billing.

The solutions run natively on mobile devices meaning field personnel are now enabled to approve processes and documents on the move, keeping information speeding around the business.

TouchstoneEnergy boasts an impressive client list including a new upstream E&P company, Hurricane Energy Plc.  As their market share has grown, they have also attracted new customers in the Downstream and Renewable Energy sectors.

"Customers and prospects are looking for a solution provider who is an enabler – a trusted partner who can facilitate seamless integration between their supplier base and end user." Marcus Kelly, Marketing & Business Development, TouchstoneEnergy.

A key requirement for Hurricane Energy was ‘AFE & cost tracker analysis' to support drilling activities. They also needed control of payments to third parties. After adopting TouchstoneEnergy's solution, Hurricane have achieved rapid return on investment and low cost of ownership through simple, painless user adoption. Enabling users to create new reports and workflows, has been a huge benefit.

TouchstoneEnergy leads the industry in IT consultancy and the delivery of usable systems that help to resolve the many challenges encountered by everyday businesses.

You can learn more at: https://touchstoneenergy.co.uk


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https://touchstoneenergy.co.uk

TouchstoneHurricane EnergyExploration and ProductionBusiness ProcessData ProcessingAccountingoil priceprocessUnited StatesUnited KingdomAfrica

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