Even in today’s advanced world of cloud and systems automation, there are still a significant number of energy companies that heavily rely on legacy systems and time-consuming manual processes to run their day-to-day operations.
It’s no surprise that most energy and utility companies running on old technologies and systems are stuck dealing with inefficiencies which lead to a major time-sink with manual processes straining the workforce across all departments. Those that want a strategic advantage are adopting NetSuite as their cloud-ERP system to overcome the issues faced with legacy technology.
Why NetSuite for Oil & Gas is the Ideal Choice for Energy Companies?
According to Gartner, a renowned technological research and consulting firm, Oracle NetSuite has been consistently recognized as a leader in the Cloud Core Financial Management Suites market for midsize, large, and global enterprises. This distinction marks the fourth consecutive year that NetSuite has achieved this prestigious accolade.
By adopting NetSuite for Oil & Gas, energy companies can significantly accelerate their business productivity, leading to increased profits, enhanced customer service, and more effective resource allocation. With the expertise of Azdan’s ERP consultants, a premier NetSuite implementation partner for the energy industry, NetSuite for Oil & Gas’ unified business management suite can optimize all aspects of operations for sustainable growth within the energy, utility, and related markets.
Energy Trends: Oil, Gas, and More
The energy sector has undergone substantial transformations in the past two years. According to Gartner’s research on the Top 10 Oil and Gas Trends to Watch, we can anticipate several key developments in the oil, and gas industry. These changes include an accelerated pace of digital innovation, a reevaluation of vendor partnerships, a widespread reliance on artificial intelligence, a strong focus on reducing carbon footprints, and the adoption of cost-effective technologies and software solutions.
NetSuite for Oil & Gas: The Leading Cloud Solution for Energy Companies
As a premier ERP solution for the oil, gas, and utility industries, NetSuite for Oil & Gas offers energy companies a robust foundation for streamlining their essential business processes, resulting in substantial savings of time, money, and effort. By combining powerful automation capabilities with the consolidation of multiple software systems into a unified platform, NetSuite enables businesses in this sector to significantly reduce operational costs and improve efficiency.
ERP
Beyond outdated financial management and accounting software, NetSuite for Oil & Gas empowers energy companies with a comprehensive suite of applications that enable more efficient operations and faster, smarter decision-making. Implementing the right Enterprise Resource Planning (ERP) ecosystem can be the deciding factor between success and failure.
With a global customer base of over 38,000 businesses, NetSuite’s ERP solution has been instrumental in helping energy and utility companies optimize their operations and gain a competitive edge. To learn more about how NetSuite for Oil & Gas can benefit your energy business, Click here.
Discover how a leading distributed utility in the Middle East and Africa successfully scaled their energy business with NetSuite ERP.
Professional Services Automation
NetSuite’s Professional Service Automation (PSA) module empowers energy and utility companies to effectively plan, staff, manage, track, and analyze the performance of all projects. This comprehensive solution, encompassing Project Management, Project Accounting, Resource Management, Timesheet and Expense Management, and Analytics, provides robust tools to assist energy companies in efficiently managing their projects, resources, and finances
Customer Relationship Management
NetSuite offers utility and energy companies a centralized repository for all customer interactions, both B2B and B2C, enabling superior service quality and a complete 360-degree customer view. By implementing NetSuite CRM, energy companies in the United States can better manage and nurture important relationships, gain a holistic understanding of all constituents, and make more informed decisions about their marketing expenditures
Unified Global Business Management
For oil, gas, and other energy companies with multiple locations, subsidiaries, business units, and legal entities, NetSuite OneWorld provides the tools to accelerate financial consolidation while seamlessly handling currencies, taxation rules, and reporting requirements. This solution offers the agility, automation, and capabilities necessary for businesses to expand beyond global thinking and achieve global execution.
With NetSuite OneWorld, energy companies can effortlessly manage inventory and fulfillment across multiple locations and seamlessly operate multiple stores or sites from a single, unified NetSuite account.
NetSuite for Upstream Oil and Gas Companies:
NetSuite provides a comprehensive solution for upstream oil and gas companies, streamlining operations and improving efficiency. NetSuite offers a range of professional services tailored to the unique needs of upstream oil and gas companies. These services can help you:
Project Management
- Plan and execute projects efficiently: Use NetSuite PSA to create detailed project plans, assign tasks, and set deadlines to ensure projects are completed on time and within budget.
- Track project progress and milestones: Monitor project progress in real-time, identify potential issues, and take corrective action to keep projects on track.
- Manage project teams and resources: Assign tasks to team members, track their progress, and ensure resources are allocated effectively to meet project goals.
Project Accounting
- Track project costs and revenue: Accurately track project expenses, revenue, and profitability to measure project success.
- Generate accurate project invoices: Create and send professional invoices to clients promptly, ensuring timely payment.
- Manage project billing and collections: Automate billing processes, track outstanding invoices, and follow up on overdue payments.
Resource Management
- Optimize resource allocation and utilization: Ensure that resources are assigned to projects based on their skills, availability, and workload to maximize efficiency.
- Track employee availability and skills: Maintain a central repository of employee information, including skills, availability, and certifications, to facilitate effective resource planning.
- Manage resource conflicts and scheduling: Identify and resolve resource conflicts to prevent delays and ensure projects are completed on time.
Timesheet and Expense Management
- Capture accurate time and expense data: Require employees to submit detailed timesheets and expense reports to track their contributions to projects and ensure accurate billing.
- Automate timesheet approval processes: Streamline the approval process for timesheets and expense reports to reduce administrative overhead.
- Track employee billable hours and utilization: Monitor employee billable hours and utilization to ensure that resources are being used effectively
Analytics
- Gain insights into project performance and profitability: Use NetSuite’s reporting and analytics tools to analyze project data, identify trends, and measure performance against key metrics.
- Identify areas for improvement and optimization: Use data-driven insights to identify areas where projects can be improved, such as by optimizing resource allocation or streamlining processes.
- Make data-driven decisions to enhance project outcomes: Use analytics to make informed decisions that can improve project outcomes, such as by reallocating resources or adjusting project timelines.
NetSuite for Midstream Oil and Gas Companies
Midstream oil and gas companies can leverage NetSuite to optimize transportation, logistics, planning, and dispatching operations. Key benefits include:
- Transportation Management: Track and manage transportation assets, optimize routes, and reduce costs.
- Inventory Management: Maintain accurate inventory levels and track the movement of goods.
- Planning and Dispatching: Create efficient schedules and dispatch orders to ensure timely delivery.
- Integration with Field Operations: Connect NetSuite with field operations to improve visibility and coordination.
NetSuite for Downstream Oil and Gas Companies
NetSuite offers a robust solution for downstream oil and gas companies, particularly those involved in manufacturing. Key features include:
- Manufacturing Resource Planning (MRP): Plan and manage production processes, inventory, and purchasing.
- Quality Control: Track and manage quality control processes to ensure product consistency.
- Traceability: Track products from raw materials to finished goods to ensure compliance and traceability.
- Integration with Supply Chain: Seamlessly integrate with upstream and midstream operations for efficient supply chain management.
- Regulatory Compliance: Ensure compliance with industry regulations and standards.
By implementing NetSuite, downstream oil and gas companies can improve operational efficiency, reduce costs, and enhance customer satisfaction.
Benefits of NetSuite for Oil & Gas
Discover how NetSuite for Oil & Gas’ integrated cloud ERP solution empowers fast-growing power producers, distributors, and other energy companies to achieve a competitive advantage:
Streamlined Operations
Unify both front-office and back-office operations within a single, centralized platform. Automate end-to-end processes to maximize efficiency throughout the energy sector.
Improved Customer Satisfaction
Manage the entire customer lifecycle across multiple touchpoints and gain a real-time, 360-degree view of your customers. Leverage a deep understanding of customers and prospects to deliver exceptional service and optimize the user experience.
Adaptability to Changing Business Conditions
NetSuite provides real-time analytics and flexible business processes, enabling energy companies to monitor market trends and respond to changes swiftly and effectively.
Environmental Sustainability
By operating entirely in the cloud, oil, gas, and other energy companies can reduce their carbon footprint and identify opportunities to enhance the sustainability of their operations.
Conclusion: NetSuite for Oil & Gas
With over 34,000 customers and a proven track record of success with energy sector clients of all sizes, NetSuite possesses a deep understanding of energy businesses worldwide and the challenges they face.
By combining the world’s leading ERP platform, NetSuite, with Azdan’s scalable approach, we assist energy companies in adapting more rapidly to the ever-evolving market and environmental landscape.
Azdan’s team of multi-certified NetSuite consultants offers energy companies the comprehensive support needed to implement and utilize the world’s leading cloud-based ERP system. Following go-live, we provide ongoing managed support packages and outsourced NetSuite accounting services to ensure smooth and efficient operations.
Schedule a free consultation with a premier NetSuite Implementation Partner today.
