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Cost Optimization For Onshore Processes

February 17, 2021

Most of the oil and gas companies are struggling hard with declined prices in the global market. This raises a question for cost recovery solutions at a major level to help onshore processes yield the perfect outcome with reduced costs. Drilling costs are one of the major cost components which need to be focused on to attain cost optimization in rigs. This post will offer enough insights about some methodologies which can help companies to maintain a good balance in their production level with optimum use of their onshore assets. Comparative Drilling Optimization Drilling operations require a huge amount of time and money to be invested in them. There are some costs that depend on time hence, reducing the drilling time by increasing penetration rate. Using a comparative optimization method, the records of previously drilled well can be used effectively to figure out penetration rate and cost per foot for the wells to be drilled. Using numerical equations to model the penetratio

Achieving Operational Excellence In Oil & Gas Industry

February 10, 2021

Oil and Gas industry is undergoing major scaling processes in order to meet several challenges faced after the lockdown. As this volatile market is reviving and with the advent of renewable and sustainable energies, the competitive landscape has become much complex and critical than ever before. There is a need to re-evaluate all policies and procedures which were been followed until now and achieving excellence in operations through cost recovery strategies can be a foundational step to regain the momentum. Automated Governance Heading towards operational excellence requires three major areas to be focused on. The first one is automating the processes with effective technology which will enable you to evaluate work order completions and cross-department collaborations. Moreover, contract strategy service , mobility and real time access has also a crucial role to play in this as it allows to empower employe es and improve with customers interactions. Reduction in inventory leak

Material Management-Emerging Trends

January 20, 2021

The way technology has transformed the unprecedented pace of lives was never been imagined in the beginning of this century. Especially the aspects of material management have emerged with several disruptive and constructive technological trends. Internet of things, mobility, advanced robotics and alternative energy sources are all going to influence the movement of supply chain in a significant way. Most of the traditional approaches are losing their effectiveness as the intricacies in supply chain become more and more complex. This segment deals with some innovative and effective trends in material management which will allow you to rethink on your approach and consider this 7 step MM program . Development of Material Management Strategy A supply chain organization must focus on its strategy and the factors it includes in it, apart from this, attention should be drawn towards systematic influence upon three cost categories; Material cost- which includes raw materials, semi-fi

Tips to Reduce your Company’s Cost in an Efficient Manner

January 06, 2021

Cost efficiency is no doubt an important aspect for every business organization irrespective of its size. Efforts are made on a large scale to reduce operational costs and make detailed analysis of expenses and identify possible hidden costs which often affect the overall performance and productivity of an organization. We deeply analyzed some major factors in cost recovery solutions and came up with some best solutions on how you can reduce costs and enhance performance by implementing these tips. Deep Analysis of Expenses Before you start with the cost saving concept, you need to evaluate the actual expenses depending on the priorities to be accomplished. Prepare a detailed set of data on expenses incurred and then focus on every expense and its cost recovery based on its feasibility. Try to figure out those which have no direct relevance to your business performance. What you haven’t measured yet, can’t be managed, therefore, a constant and deep analysis on regular intervals

Efficient Costing & Cost Efficiency

January 05, 2021

Understanding both the terms will definitely help you to gain advantage on overall production, pricing and attaining desired results out of them. Cost in terms of production, research, retail and accounting is the monetary value put up for a specific purpose and up to which extent your efforts are used well for an intended task is its efficiency. So, basically we can assume cost efficiency as the level to which we have met our own expectations. Managing both the aspects Now when we talk about efficient costing, it refers to the installation of a costing system which includes product to be cost, selecting the cost rates, inventory conversion and allocation of costs per equivalent unit. With most of the organizations in energy sector focusing on cost savings end up in low balance sheets and low income which eventually results in low credibility from consumer’s point of view. Moreover, the competitors take advantage of this in the market place. In order to provide you with a clear v

Five Measures to Increase Efficiency and Reduce Cost in Your Business

January 04, 2021

When we talk about success of any business organization, we find a close link between their productivity and costing policies. The important cost-reducing measures at the forefront of business operations that can directly impact your business’ costs and your cost recovery audit . We have mentioned some points which you can consider to improve with your cost efficiencies and for improved profit margins. Harnessing Virtual Technology Almost every department of businesses are much dependent on some or the other technological innovations. Using efficient technologies works as a cost recovery agent for you and with this you can even reduce several business-related travel costs. The use of social media platforms have modernized marketing strategies to let businesses avail maximum of their benefits. Employee Training Employee training is surely a major expense for any business organization, but remember, without this, you may have to pay a lot in future. Constant employee motivation

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