Evaluate Your Capital Spend Before Investing In The Oil & Gas Software

02 - Dec - 2020

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Evaluate Your Capital Spend Before Investing In The Oil & Gas Software

Optimizing the well cycle portfolio is done by assessing the investments secured by the company’s management and opting for software systems assigned to the operational needs. Allocation of funds for equipment, vendor contracts rigs and accounts constitute the bulk of expenses for each project. The use of capital planning oil and gas software, requires evaluation and quality assessment before money is diverted towards it. This could be a daunting task in a market where prices fluctuate daily. Are you aware of the needs before relying on an expensive complex software? We shall try to relieve your pain points, take a test and undergo proper trials before considering the next purchase. Then select a vendor who can put together the system for long-term use.

Testing Systems Vital Before Capital Spend

There are no standard measures by which different petroleum companies invest in an accounting software. Nor are there any specific criteria on the dashboard of the CEO that defines the tailor made processes. To maximize the scope and identifying the pain points the management will need to earmark the following:

Demographics Of The Company – Its size, number of employees onsite and in the office, testing staff. Each department should be a part of the survey.
Agile Automation Tools – The specifications for an upstream company will be different from a mid-stream organization. Integration of several processes will be tested.
Researching The Business ECO-system before start of a new project or well cycle.
Maintaining track of regulatory standards before implementing the software.
The testing team will report the parameters that impact the purchasing decision of the capital planning oil and gas software.
Close down negotiations with suitable vendors and contractors for your organization.

While there will be certain niche frameworks that define your organization, some general factors every company requires. In the case of bigger companies, some operations are centralized for convenience. They also have a primary hub for business analysis and employ various testing stacks. They can identify the areas where systems are deficit. Such lack of discrepancy necessitates a new software system for better compatibility. Eventually, this software will be valuable in supporting key financial decisions of the organization. It will also provide insights that can improve the well cycle management and accounts - which are the two most critical areas where complex systems are required.

Assess The Necessity With Employees

The staff in various sites understand exactly what works and they should be asked about the functions that impact, their performance. At the corporate level, the management team can only map the plans theoretically. However, the ground reality is, the employees have knowledge of the workflow and what hurdles they face. If your organization is already using a software system, you are experienced to classify the areas where it does not perform to its optimal degree. Before buying a new Capital planning oil and gas software the above testing is crucial. For example, the accounts department allocates funds to every other subdivision. Ask the team about the current software functions.

Are all the features being implemented?
Does the software adhere to and achieve all the requirements?
Do they have other expectations from the system?
Would they consider improvisations?
Which areas should be given priority for better performance?

Survey other departments by speaking to the users directly. Present the report to the decision makers, so they know where the funds have to be allocated. Such an exercise will help to improve the workflow and the productivity. The survey should address:

Flow of operations required at the rig site and all productive wells
Current compliance stipulations for data
Financial reports preparation according to survey and intel
Integration of new system with existing ones
Training, maintenance, and support essential of the systems
Make a dashboard of tracking jobs, teams, and tasks
Each department should be enabled to access only the part of the system that they need.
Consider the industry needs and separate data entry and access via a single central hub.

Time To Save The Petrodollars

It is difficult to control the fluctuations in the oil prices. But with technology-driven functions efficiency can be achieved. Your choice of capital planning oil and gas software can offer ideal time and money saving solutions. You will be able to anticipate needs in many areas with the accurate method. Even if you have special needs, a structure can be tailor made by evaluation, testing tools and processes that allow consolidation of data. Your decision making process can be improved by having multiple ledger classifications in the accounts department.