The days when energy companies could use manual processes, disparate systems and traditional methodologies to run their operations are long gone. With the introduction of digital tools—and the ongoing push to implement more of them—organizations in the energy field have stepped up their games and found new ways to innovate, compete and win.
Smart energy companies are using enterprise resource planning (ERP) solutions like NetSuite to even further differentiate themselves while automating more of their processes, reducing their reliance on labor and allowing valued team members to focus on more important tasks.
Other key advantages that energy companies gain by implementing NetSuite include accelerated business productivity, higher profitability, better allocation of resources, improved customer service and the ability to leverage new market opportunities. And because NetSuite easily integrates with external applications, companies can continue to use some of their existing technology with less disruption and less need for employee training.
Key Energy Trends to Watch
Like most industries, the energy sector has experienced some significant shifts in the last 12-24 months. According to Gartner Research’s Top 10 Oil and Gas Trends to Watch, some of the key changes include accelerating digital innovation, rethinking vendor partnerships and reacting to climate change. Organizations are also working to ensure that they are agile and resilient enough to sustain themselves through an “increasingly complex future.”
“The unique stresses of 2020 have elevated three business imperatives for 2021: optimizing business performance, creating new capabilities and strengthening technology foundations,” Gartner’s Simon Cushing said in the report, noting that both individually and in combination, the trends covered reflect reformation of the industry in the face of complex growing challenges.
For example, Gartner says that right now an increase in discretionary cash flows and strong balance sheets are accelerating digital innovation in the oil and gas industry. It says 87% of energy CIOs expect their digital programs to increase or stay the same in 2021. “This commitment to digital innovation is a relatively new priority for oil and gas companies,” Gartner points out. “In 2019, it was ranked the third-highest priority for CIOs, and in 2014, there was no specific funding allocated to it.”
New Technical Platforms Wanted
According to Gartner, 85% of CIOs in the oil and gas industry have assumed responsibility for creating a change-enabling technical platform and 79% are working to build a stronger change leadership culture in IT. “CIOs will need to reorient themselves toward value delivery by introducing service delivery models that replace cost-based IT siloes,” it adds, “with value-based IT products.”
Using NetSuite as a foundation, ERP Success Partners helps energy companies fuel innovation and enables decision makers to make smarter decisions. It also improves business agility and helps organizations respond faster to market and environmental changes using real-time insights, dashboards and centralized reporting.
Some of the key functionalities that NetSuite offers energy companies include:
- Complete financial management
- Budgeting and forecasting
- Customer relationship management (CRM)
- Inventory management
- Supply chain management (SCM)
- Business intelligence
- Subsidiary management
All in One Place
1. Break down organizational silos
Unite fragmented data and ease the burden of maintaining multiple systems.
2. Adapt to Change
Improve business agility, respond quickly to market changes and meet evolving customer needs head on.
3. Fuel Growth
Modernized systems help enhance agility and accelerate growth.
4. Improve Financial Stability
With integrated budgeting and forecasting, NetSuite supports effective financial stability and continued growth.
5. Manage Customer Relationships
It empowers organizations with a 360-degree view of all constituents, and all in one place.
With NetSuite in place, energy organizations can also report revenue with confidence and accuracy; move inventory to the right place, at the right time and at the right cost; and acquire goods and services and keep costs in check using better spend management. From reporting and analytics to insight and decision-making, companies also use NetSuite to obtain a more complete picture of organizational performance on-demand and in real-time. Finally, it helps companies effectively manage multiple subsidiaries, business units and legal entities—all from a single cloud ERP platform.
