Posted by Marcus Kelly - TouchstoneEnergy
Every industry faces pressure to transform and that transformation begins by aligning an organisation for greater effectiveness. This can largely be achieved by placing discipline and focus on productivity, squeezing the supply-chain to achieve better margins and streamlining business operations.
Oil and Gas companies are using technologies such as Business Process Management systems; or moving their IT infrastructure out to the Cloud. This can result in a leaner, more agile organisational model whilst delivering significant cost savings.
“Cloud Technology is helping to integrate vital business components so that the right answers are delivered to the right people, at the right time and in the right way” Peter Davis, Business Unit Head, TouchstoneEnergy
Two organisations who have taken advantage of such technologies are Seven Energy International Limited and SOCO International Plc.
Both are now delivering more to stakeholders with a smaller head count and maintaining lower operating costs. Both are experiencing an enhanced competitive position with happier investors.
Although not ideal for producers who would prefer a rise in the price per barrel; improved operational procedures have delivered significantly better financial results. Many Exploration & Production companies have moved away from chasing barrels and onto chasing efficiencies – and the results are already evident!
Investment in Business Process Management (BPM) technology, like those offered by TouchstoneEnergy, can yield tremendous rewards. It is essential to understand why you might adopt business process improvements or move your existing infrastructure out to the Cloud.
When embarking on a Cloud based strategy, it is vital to fully evaluate the pros and cons. One significant advantage is the ability to licence software on a subscription basis. A ‘Pay per Use' model avoids the high upfront capital cost associated with a more traditional licence purchase. Another benefit of a Cloud hosted system is rapid deployment with minimal risk and cost to your business.
In short, improved business processes and Cloud computing offer a robust way to deliver IT across your business enterprise in the shortest possible timeframe.
Need to learn more? Download the Seven Energy International Success Story
Who are TouchstoneEnergy?
TouchstoneEnergy are providers of business systems that manage all aspects of financial, procurement supply-chain, budget and project controls.
They have developed and implemented company-wide financial control systems such as; AFE (Authority for Expenditure), Daily Drilling Cost Management and WSO (Work/field Service Orders), and developed management reporting associated with these activities (including post-closeout variance analysis).
Their systems provide KPI analysis and Financial Reporting, as well as Annual Hydrocarbon Reserve reporting.
They are continuously looking for ways that will deliver improved financial planning & economics through development and improvement of financial models and analytics to support the Upstream Oil & Gas sector.
Head Office, London
3rd Floor, 1 Triton Square
London, NW1 3DX, UK
+44 (0)20 7121 4703
Suite 1810, 3 Riverway, Houston
Texas, 77056, USA
+1 832 681 7317
Visit source sitecloudTouchstoneLondonHoustonUpstream oil and gasExploration and ProductionData ProcessingBusiness Processoil priceOil softwareE&P Software
London England GB 12 Mar 2019