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

Comments

Post a Comment

Popular posts from this blog

Cost Optimization For Onshore Processes

Image
  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 p...
Read more

Cost Intelligence Philosophy : Unlocking Value to Your Bottom Line

Image
  Today, when most of the organizations are looking forward to adopt a cost cutting policy in an order to make maximum out of their efforts, it becomes imperative to first understand the concept of cost intelligence . Depending merely on cost cutting methodologies is never going to work in this fast-paced and competitive business environment. This post will provide you with an insight of Cost Intelligence Philosophy which is primarily based on three major cornerstones of rates which are discussed in detail. Integrated Supply Chain For any business, to attain its maximum efficacy, there are few important aspects which should never be ignored. The first one is strategic product innovation, a robust supply chain, responsive financial planning and of course logistics. An integrated supply chain needs to collaborate with as many areas as possible to meet certain goals like reducing cost, waste and production time. By aligning and integrating your supply chain, you can attain efficie...
Read more

Five Measures to Increase Efficiency and Reduce Cost in Your Business

Image
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 ...
Read more