Cloud and ERP Tech is Shaping the Future of the Energy Industry

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The “digital oilfield” has enabled energy companies to evolve more rapidly and increase overall productivity. Those using the digital oilfield will be some of the first to unlock impressive new insights. For example, it enhances traditional processes and methods that have been practices in exploration and production companies for decades. Furthermore, they aid energy companies to integrate their operations through data management, process completion, production optimization, and other critical processes.

Now that digital oilfields are readily available to the energy industry, companies are asking themselves how they can make the most out of the technologies they implement and debate which technologies to choose. Two significant technologies in the digital oilfield include cloud computing and ERP software.

Cloud Computing

Technology impacting today’s energy companies include the movement to cloud computing. Cloud computing is happening faster than predicted; however, oil and gas engineers, managers, and IT managers view cloud computing as an easier method to access data necessary for operational decision-making. The use of mobile devices on the oilfield are expected to make accessing data simpler and more efficiently.

Cloud Computing Benefits Include

  • On-demand computing anywhere, anytime
  • An immediately responsive communicator
  • Reduced spending on technology infrastructure
  • Less physical hardware, maintenance and administration which can translate to lower capital and operational expenditures

ERP Software Solutions

Exploration and production companies have an increased need to streamline their operating models and simplify cash management to remain competitive. Microsoft Dynamics NAV for Oilfield Services is a solution that helps oil and gas companies, for instance. Dynamics NAV for Oilfield Services streamlines operating models on and off the oilfield. Oil and gas companies gain the ability to track the status of jobs, job tasks and personnel on the oilfield, and track of service tickets and invoices with electronic document management to eliminate duplicating entries, automate charges and reduce back office errors.

Additionally, Microsoft Dynamics NAV for the Energy Industry simplifies cash management as well as provides easy-to-view financial data that identifies and targets customers and readily-available profitability and statistics data.

ERP Benefits Include

  • A single base of information for billing and customer interaction to improve service at all levels
  • A single data source for product and services for information, such as equipment currently used on the field or in repair
  • A clear view into business information, consequently, driving continuous improvement and making better decisions
  • The ability to effectively manage projects to align with the market and customer demands

How your energy company will use Cloud and ERP tech to impact your bottom line will ultimately decide how agile and responsive your operations will be as new technology opens up more possibility.

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This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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