Achieving Operational Excellence In Oil & Gas Industry

 

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 employees and improve with customers interactions. Reduction in inventory leakage can also help in a great sense to reduce costs.

Improved Logistics

Even the oil giants rely on third party suppliers in order to provide specialist equipment and expertise to different parts of the supply chain. Focusing on low carbon emissions and cost leadership programs, companies should opt for electric vehicles for frequent supplies. This will enable them to reduce costs and get timely supplies with much improved visibility in terms of automated transactions and their transportation.

Developing a New Working Culture

Employee onboarding, retention and training are some of the most crucial aspects which are gaining importance in the recent times. From engineers to bottom line employees have to be trained and guided efficiently in order to achieve improved working efficacy. Proper guidance by using effective technology and providing industry updates can employees to deliver increased productivity which will eventually improve the overall operational capacity also.

Supply Chain Analytics

For enhancement of various critical processes involved in operations, data analytics can prove to be an effective tool to manage costs and efficiencies in performance. Choosing an apt method for this will enhance data-driven decision making capabilities and getting valuable insights for different processes. Also to develop better commercial assurance, companies can use these data analytics to evaluate previous performances with their suppliers.

Location: United Arab Emirates

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