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Oilfield Services

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Common challenges for oilfield services (and how ERP delivers)

By | Acumatica Cloud ERP, ERP, Oilfield Services | No Comments
Common Challenges of Oilfield Services

Even in the past few decades, technology has advanced in the field to increase cost control, efficiency, and reliability. Unfortunately, for many firms, the finance team hasn’t been as lucky.

In today’s competitive, connected, and compliance-focused landscape, running an oilfield services company is often quite a challenge. The backbone of the energy industry and a key player in a variety of others, few industries can say that their products and services are used in some form by every business and consumer that exists—every single day.

Growing demand for oilfield services presents hope and challenges

Whether oil is refined and used for fuel, heating, lubrication, asphalt, or plastics, oilfield services companies can say that they play a vital role in the day-to-day lives of more than seven billion people and will continue to do so for decades or centuries to come. That said, with U.S crude production expected to set annual records through 2027 and remain greater than 14.0 million barrels per day (b/d) through 2040, the market for companies in the oilfield services industry continues to grow and become more competitive.

With increased demand for your company’s services, your ability to remain competitive will rely on your ability to provide continued financial and operational sustainability. Too often, however, the ability to see the big picture becomes much more convoluted when you grow—especially if you are employing manual, disconnected processes.

The risks of avoiding new technology for oilfield services companies

Even in the past few decades, technology has advanced in the field to increase cost control, efficiency, and reliability. Unfortunately, for many firms, the finance team hasn’t been as lucky.

Many firms, either reluctant or opposed to taking on a massive technology project—especially one that doesn’t contribute directly to the services they provide, have fallen behind their competitors who have. In fact, those who feared the risk of an implementation failure have actually set themselves up for risks in other forms.

Disjointed workflows

In the oilfield services world, process is vital—everything needs to happen in a specific order. Sadly, when it comes to things like invoicing, expenses, and financial management, workflows are often disjointed. This becomes even more of a concern for companies working in multiple locations often hundreds of miles apart.

For example, think of the process of approving and billing tickets. How long does it take and how many people have to participate?

Too often, companies like yours rely on a mess of scanners, spreadsheets, and email to process paper field tickets. One slip up along the line—a finger slip when entering a ticket information into a spreadsheet, people who end up working on multiple versions of a spreadsheet, or a missed ticket—means that someone has to backtrack to find out what went wrong and fix it. Worse yet, if the process takes a month or more before the customer even sees (and rejects) an invoice, your team has to go into scramble mode to find and rectify the error.

It goes further than field tickets too, budgeting and planning often relies on the same spreadsheet and email-based communication, it becomes easy to lose track of consumable- and rental-based inventory, and hard to keep track of compliance and more.

Compliance challenges

In today’s world where information travels faster than ever before, noncompliance could be extremely dangerous—not only in the form of cost, but in the form of reputation as well. This is especially true for oilfield services companies who have to answer to a variety of regulatory agencies.

Unfortunately, without the right technology, it becomes quite easy to lose track of your operations and potentially fall out of compliance. Staying on top of risk assessments, testing, incident capture, emissions measures, and hazard monitoring controls is a necessity, but if you’re spending hours or days trying to understand whether or not you are in compliance, you are putting yourself at risk.

Equipment and inventory issues

Whether it’s consumable inventory, tools used in the field, or rented equipment, knowing where everything is, how much it’s being used, and how much revenue something is generating presents a challenge.

You need real-time visibility into the location, rig supply, availability, and utilization of all equipment and tools required for oil drilling and operations. The right technology can help you to keep track of this, but without it, you run the risk of unexpected downtime or stockouts that cut into your margins.

Overcoming oilfield services challenges: How ERP fits in

As the oil and gas industry continues to develop and opportunities to grow your business arise, you need efficient processes in place to remain competitive. Now is the time to remove the obstacles that interfere with your productivity and make sure that your business has the tools it needs to prosper.

NexTec has the industry experience, technical know-how and the solutions to guide you to new heights. We’ll help you select the right software and process that connects your business and gives you the insight you need to make the right moves. We work with world-class technology providers, like Sage, Microsoft and Acumatica, and have a nationwide network of consultants with deep expertise in the oilfield services industry. Get to know more about the benefits of ERP, CRM, and BI technology for the oilfield services industry here, learn more about our services, and contact us for a free consultation.

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Why Acumatica makes the most sense for oilfield services companies

By | Acumatica Cloud ERP, ERP, Oilfield Services | No Comments
Two workers with hard hats looking at a laptop together.

ERP solutions help oilfield services companies manage costs, assets and data.

Oilfield services are complex, requiring the rapid requisition and deployment of equipment such as pipes, drilling tools and accessories. Add in services like premium couplings and pipe threading and it’s a high-stakes industry, with millions on the line.

Oilfield companies need to work fast and be precise, with no room for error in some cases. That means oilfield companies need the right enterprise resource planning (ERP) solution that combines operations and oil and gas accounting software in one comprehensive product.

With extensive experience providing industry-specific ERP solutions, it’s clear why Acumatica makes the most sense for oilfield services companies.

What oilfield services companies need

Given the complex, high-pressure work, oilfield services businesses need an ERP software solution that addresses particular needs, including:

Project management

Oilfield services companies are often involved in complex onshore or offshore projects, often as joint ventures with other business entities. An industry-specific ERP solution allows companies to manage those projects accurately, with transparency, real-time reporting and project accounting functions. The ideal ERP solution helps with supply chain management, financial obligations and regulatory compliance.

Data integration

Many oilfield operations are plagued by data challenges, including information stored in multiple applications, devices, currencies and formats. An ERP solution streamlines the storage of, access to, and formatting of data in a centralized database. Data can be integrated into third-party applications, protected in transit and at rest, and provide accurate views of costs, progress, schedules and production. Access to this information helps multiple enterprise departments, including finance, sales, marketing, field operations and analytics.

Asset management

In an oilfield, there are many assets to be tracked, maintained and valued. Using an ERP platform, companies can manage assets in real time, using sensors, automation and the connected objects to record information, detect maintenance issues early and reduce lost production time.

Cost control

Managing costs for each project is important, especially when projects are under way at multiple sites. Your ERP solution should manage supply and demand chains to control costs, reduce waste, and keep a close eye on overhead, labor and operating expenses. Cost management allows for high-level views of project costs, regulatory compliance and higher profit margins.

Man with a red hardhat fixing equipment.

Your oilfield services ERP solution needs to integrate processes and departments to provide real-time data and reporting for better decisions.

The Acumatica ERP in action

Recently, Acumatica helped OFS International LLC upgrade an outdated accounting system. The company had purchased the assets of one of the world’s top producers of tubular products, which had major problems with its inventory management, manufacturing operations and accounting. For example, there were basic accounting functions lacking and the inventory system was not integrated with the accounting solution.

Other problems included an inability to track sales orders due to ill-timed customer invoicing and inventory management that was based on what seemed to be in the yard at any given time.

After installing Acumatica solutions, OFS International saw immediate results, including:

  • Cost savings of more than $400,000 by eliminating user fees and customization charges
  • Improved operational, financial and inventory transparency
  • A structural foundation that could scale rapidly for better field operations management

At NexTec, we help oilfield services companies with the selection, implementation and optimization of Acumatica products. Take the Acumatica Product Tour to learn more.

Female construction worker with orange hard hat and vest.

Acumatica: Ideal for Field, Professional and Oilfield Services

By | Acumatica Cloud ERP, ERP, Field Services, Oilfield Services, Professional Services | No Comments
Female construction worker with orange hard hat and vest.

Oilfield services companies need solutions that allow for precise project accounting, data collection and analytics.

If your business offers services – as a professional firm or a resources exploration company – you need software solutions that keep everyone connected.

With the right enterprise resource planning software solution, you’ll have the proper tools that connect core components of your business, helping your teams be more productive and coordinated. You’ll have better outcomes for your business and your customers.

Your ERP solution helps your business, whether field services, professional services like law and accounting firms, and oilfield services, with the unique, industry-specific functionality that is necessary for success.

An ERP solution also solves common challenges among services companies, including:

  • Meeting customer expectations for reliability and on-time delivery
  • Regulatory compliance with local, state, federal, international and industry mandates
  • Loss of institutional and client knowledge due to employee turnover
  • Complex taxation requirements

Below is a closer look at the core benefits of ERP software and why Acumatica is ideal for field, professional and oilfield services.

Unique challenges for industry

Your company’s business requires specialized solutions that address core challenges that are often difficult to resolve. That’s where Acumatica comes in. Acumatica’s ERP solution has been designed to deliver on the greatest needs for field services, professional services and oilfield services businesses.

Here is a closer look at some of the challenges each of those industries regularly faces:

Field Services

Field service companies have to address a wide range of customer demands and complexities in scheduling, operational efficiency and logistics. Among the common challenges are:

  • More product complexity as the variety of and technology used in products grow. Items such as refrigerators, washing machines and HVAC systems are increasingly “smart.” These connected devices require technicians that can address mechanical and digital issues.
  • Increased competition in both product sales and service providers
  • Ever-increasing customer demands and expectations
  • Staff turnover due to retention challenges and an aging workforce

Professional Services

Professional services firms are selling an intangible product – time and knowledge. This creates challenges related to workload management and balancing client services with sales and marketing. Law, accounting and other professional services businesses are looking for:

  • Commercialization of data and insights delivered via automation solutions
  • Technology that can automate complex processes by breaking them into simple components such as research, data analytics, document assembly, contract management and project management
  • Data agility that allows for better collection, storage, reporting and usage of large amounts of information that provides for faster, accurate insights and solutions for clients
  • Staff efficiency driven by technology that allows for employees to focus on more critical, strategic tasks instead of clerical and administrative responsibilities

Oilfield Services

Complex projects occurring in multiple geographies requires tools to collect and transmit large data sets in real time that can inform key decisions. Oilfield services companies often grapple with:

  • Managing potential risks
  • Maintaining financial control across projects in different areas and under different legal structures
  • Supporting upstream players via repair and maintenance of wells and drilling equipment, drilling rig leasing and seismic data processing
  • Real-time visibility into production costs, yields and outcomes
  • Data sharing across multiple systems
  • Compliance with multiple regulatory mandates
  • Optimizing field logistics and the supply chain
  • Tracking equipment and other assets

These challenges are among the core reasons to use an Acumatica ERP solution.

Work on site.

Field services companies are facing increasingly complex products and more demanding customers.

Advantages to ERP solutions for services companies

Why are more services businesses turning to enterprise resource planning solutions? Because these products address core needs and deliver operational excellence, allowing principals to focus on key business needs.

Here are some of the advantages of choosing a cloud-based Acumatica ERP:

  • Single source. Eliminate the need for costly third-party integration services, expensive add-ons and inefficiency with a completely integrated system that provides a single source of data that can be used across the company.
  • Accurate, efficient data. With one data source, there’s no need to re-enter information in different systems, resulting in fewer errors and information that is more precise.
  • Streamlined operations. Improve efficiency with integrated applications for financials, customer relations, distribution, project management, project accounting and service management.
  • Anywhere access. With cloud-based access and mobile applications, users can access information, files and reports from any internet-connected device at any time and from any location.
  • Security. Service companies have legal and regulatory mandates about how data, especially client data, is collected, stored and used. Other requirements specify security precautions that need to be in place. Acumatica data is secured with the most rigorous physical and software protection.
  • Cost predictability. One license allows you to extend access to new employees or other users without incurring incremental costs and additional licensing fees. Extend access to customers to review accounts and check on status.
  • Operational ease. The cloud-based solution means there is no on-premises equipment to install, configure, maintain and upgrade.
  • Scalability. As your business grows, your Acumatica ERP scales accordingly, allowing more data to be stored and accessed easily.
  • Relationship management. Improve your company’s relationships with partners, suppliers and customers. Gain a 360-degree view of your customers’ interactions with sales, marketing, finance, fulfillment and customer service.
  • Customer management. Manage leads, contacts, accounts and cases with a consolidated view of all prospects and customers.
  • Automated sales and marketing. Integrate your sales and marketing operations with automation tools that track, manage and assign leads to sales teams, resulting in shorter sales cycles and increased closed-business rates.
  • Contract and order management. Use company-defined sales workflows to expedite orders and contract creation and execution with tools to handle discounting, flexible pricing, variable service rates and long-term or warranty-specific support cycles.
  • Adaptability. Acumatica ERP is designed to respond to ever-evolving and changing customer demands for better service, incorporating cloud computing, business intelligence, analytics, automation, e-commerce and mobile technologies.
  • Better insights and productivity. Business intelligence tools and dashboards deliver insights into client trends and purchasing patterns that increase billable hours and staff productivity.
  • Integrated document management. Share invoices, customer interactions, inquiries and contracts across disciplines to provide consistent and coordinated service. Automated and rules-based workflows route documents, track activity, avoid delays and signal when a step in the process is behind schedule.
  • Logistical control. Dispatch calendar boards optimize travel routes, rearrange appointment orders, schedule and dispatch employees to the right job at the right time.
  • Time and expense management. Make timesheet and expense report entry easy for your employees, subcontractors and partners with capabilities on mobile devices. Accelerate the collection and reporting of project costs with tools that consolidate expenses and allocate shared expenses.
  • Project accounting. Manage project budgeting, billing and profitability across projects, employees, materials, resources and tasks. Project accounting integrates with general ledger, accounts payable, accounts receivable and inventory management.
  • Improved cash flow. Fulfill orders and requests faster with fewer mistakes, allowing for faster collection and reconciliation processes.
  • Collaboration. Portals allow for internal collaboration and partnership with freelancers, contractors, partners and customers.
  • Employee empowerment. With a single source of data and a complete view of client engagement, employees have a more complete understanding of relationships, can make better decisions, and can deliver better service.
  • Employee engagement. Better scheduling, allocation and assignment tools allow for better employee outcomes, improved engagement and reduced risk of burnout. These benefits lead to more satisfied, productive and effective employee outcomes.
  • User friendliness. Acumatica allows users to customize views, displays, reports and dashboards using fields and data that are most relevant to their work. Browser-based drop-down menus, point-and-click functionality and visualizations make the platform easy to use quickly.
  • Software integration. Acumatica integrates seamlessly with other work productivity applications such as the Microsoft Office suite of programs. It also integrates with credit-card processing, barcode, project management, e-commerce, print, promotion and supply chain solutions.
  • Reliability. Acumatica’s ERP solution is designed to remain operational, a promise made in guaranteed service level agreements.
  • Data recovery. In the case of a natural disaster or a cyberattack, Acumatica data backup and recovery services ensure that there is minimal disruption and fast restoration of your data.

Acumatica offerings

Acumatica’s enterprise resource planning solution is designed with service industries in mind. Its applications meet specific needs for field services, professional services and oilfield services providers, including:

  • Financial Management – General ledger, accounts receivable, accounts payable, cash management, currency management, tax management, deferred revenue accounting, intercompany accounting, recurring revenue management, fixed assets, human resources and payroll
  • Customer Management – Sales automation, integrated marketing, service and support automation, customer self-service
  • Project Accounting – Cost tracking, advanced billing, time and expense management
  • Inventory Management
  • Sales Order Management
  • Purchase Order Management
  • Materials Requirement Planning
  • Requisition Management
  • Time and Expense Management
  • Service and Support Automation

NexTec Group proudly works with services companies and other industries to identify the systems and tools that make a difference and deliver a competitive advantage. Our skilled and experienced consultants have extensive knowledge of the industries, vendors, products and features, helping our customers choose, implement and optimize their technology solutions.

NexTec works closely with Acumatica customers to deploy and configure the ERP solution and integrate legacy systems to create an integrated software product. We also provide training, insights and supports to ensure your business gets the most return from your investment. To learn more about how NexTec and Acumatica deliver exceptional products that solve your services company’s most critical business needs, give Acumatica a try.

Additional resources

Here’s how Acumatica can save your field service business

How to choose an Acumatica partner

The Acumatica difference: 5 reasons growing companies choose the fastest-growing ERP solution

Oilfield Customers Say

By | Oilfield Services | No Comments

VIDEO

NexTec’s team has great depth. The relationship is very very strong. Read More >

“Given our positive experience with NexTec Group, I would absolutely recommend NexTec to any small-to-medium sized enterprise looking for a cost-effective software solution that is easy-to-use and designed to fit your business needs.”

Angela Walters
Cost Control Manager
Wison Offshore and Marine

“NexTec proved they are flexible thinkers, not tied to the box.”

Dan Stojadinovic
IT Manager
Waddell Manufacturing

oilfield services

Oilfield Demo

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Managing costs, tracking compliance regulations, optimizing human resources and meeting profit margins are some of the biggest challenges faced by oil and gas companies. Check out this brief video to learn why compaies are integrating ERP to overcome such challenges and to help optimize their overall operational efficiencies.

oilfield services

Oilfield Benefits

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Top benefits of ERP | CRM | BI software
for oilfield services

Here are the top benefits of ERP, CRM and BI solutions for oilfield services:

Seamlessly integrate all locations and processes

Eliminate fragmented systems and duplicated data entry, aggregate all your data points company-wide, and manage locations, processes, operations and costs from one platform. Accurately track all your activities in real-time, from supply chain and transportation to labor and subcontractors, regardless of location.

Mitigate risks

Keep on top of the unpredictability of the oil and gas market and gain insight to help stakeholders like boards, executives, managers and audit committees understand and mitigate project risks. Easily generate historical reports with integrated access to all your data stored. Analyze trends to identify emerging risks and better predict how unplanned events may impact operations.

Stay a step ahead of compliance

Rigorously enforce compliance requirements like the regulation of GHGs as pollutants under the Clean Air Act, hazardous materials disposal, and manage inspections, to ensure your processes follow standards. Automatically detect and quarantine items that don’t conform to set rules.

Ensure health, safety, and environmental standards are met

Ensure your rig and drilling processes meet all standards with thorough risk assessments, testing, incident capture, emissions measures, and hazard monitoring controls that continuously look for improvements.

Manage international operations

Use the same consolidated system to manage onshore and offshore operations and business divisions as you expand internationally. Multi-language, multi-currency and multi-legislative capabilities simplify tasks such as currency conversion and financial reporting, as well as country-based compliance.

Optimize field logistics and supply chain management

Track all your goods and materials, whether imported or sourced locally, from container loading and shipping through warehouse arrival. Streamline your warehouse and field logistics, and minimize manual tracking including materials flow. Provide field managers the tools to effectively manage logistics, from scheduling and ordering to human resources and transportation.

Track equipment needs

Gain real-time visibility, into the location, rig supply, availability, and utilization of all equipment and tools required for oil drilling and operations. Manage the assets, schedule preventative maintenance and repairs and automatically keep track of service tickets and invoices.

Improve costing accuracy and track fluctuating raw material costs

Advanced HR and accounting tools are fully configured for onshore and offshore industries, with modules such as equipment supply, rig rental and tracking, personnel hire and job costing. Use one console to manage cost overruns on fixed-price contracts, cash flow, job estimates, AFE budgets, assets, purchasing, and forecasting.

Microsoft Dynamics SL

By | ERP, Microsoft Dynamics SL, Oilfield Services, Professional Services, Project accounting | No Comments

Microsoft Dynamics SL

Transform your business with an ERP system
that meets the unique needs of project-driven businesses.

If your business is project-drive, then Microsoft Dynamics SL is for you

Your business faces challenges every day with shrinking margins, increased competition and the complexities of managing a large client roster. Keeping track of each project’s minute details, staying up to date with unique client specifications and optimizing the skill set of your staff takes time and attention. With your concentration split between project management and project accounting, does your business have the leadership it requires to succeed?

Microsoft Dynamics SL is a full-service enterprise management solution that provides a comprehensive view of your organization. The right ERP can mean the difference between a middle-of-the-road business and a force to be reckoned with — Dynamics SL is a proven, value-adding solution that helps you achieve a competitive advantage.

Microsoft Dynamics SL is built for project-driven businesses

Why Microsoft Dynamics SL?

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Increased flexibility

Microsoft Dynamics SL allows you to bridge the gap between project management and accounting by providing you with flexibility to your unique business requirements.

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Familiar user environment

Dynamics SL is easy to use because of its familiar interface which is similar to Microsoft Office products like Excel, Outlook and Word.

Quick report access

Dynamics SL gives you real-time report data at your fingertips. Tools like Quick Query allow you to customize and filter predefined data.

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Project accounting and project management

Dynamics SL two-way integration with Microsoft Project Service provides you with real-time data for all your projects. Using it ensures accuracy in your billing system, eliminates duplicate data entry and gives you reports and valuable insight into your organization.

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Simplify compliance

Dynamics SL 2015 allows you to keep up with U.S. government regulations while using the Government Contractor report. It also allows you to store documents for future reference.

Take a tour of Microsoft Dynamics SL

Microsoft Dynamics SL is a full-service enterprise management solution that provides a comprehensive view of your organization. The right ERP can mean the difference between a middle of the road business and a force to be reckoned with – Dynamics SL is a proven, value adding solution that helps you achieve a competitive advantage.

Ready to get started with
Microsoft Dynamics SL?

Undertaking an ERP project is a big commitment; success requires certified team members who are professional, consistent, and reliable, and that is what you will find at NexTec. We work with you to make sure that your Microsoft Dynamics SL solution provides maximum value. You need a consultant like NexTec, who has your company’s best interests at heart and who’s invested in your industry and your solution. Your success is our goal; let us apply our leading technology and business expertise to help your business live up to its full potential.

Microsoft Gold Partner
oilfield services

Oilfield Services

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Technology to optimize oilfield services operations

Enterprise resource planning, customer relationship management, and business intelligence solutions deliver control for growing oilfield services companies

Manage costs, optimize human resources, meet profit margins, and mitigate compliance challenges

Today’s oilfield services firms operate in a complex regulatory landscape rife with competition, demanding capital investors with high expectations, and demands for complete transparency throughout the value chain. To address this, you need complete control over finances, operations, and more. NexTec Group has the answer.

Benefits for oilfield services companies

NexTec ERP icon

Gain control over finances

For those in the oil and gas industry, transparency is a necessity, and if you are being bogged down by manual data entry, any obstacle to the visibility and control you need presents major risk. With the right ERP solution, you can take control of finances and operations so you can see and broadcast the big picture.

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Make faster business decisions

As the market continues to develop, your ability to remain competitive hinges on your ability to act. With enterprise resource planning integrated throughout your organization, you can make the right decisions with the right information at the right times.

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Manage increasingly complex projects

Oil and gas projects are often long-term deals with highly complex terms and many moving parts. ERP software for oilfield services gives you the control over human resources, project management and more, allowing your company to do more and do it faster.

See the big picture

Data combined into one software platform gives you real-time visibility, streamlines operations, improves operating efficiencies and helps you stay in compliance. With ERP, CRM, and BI solutions connected and working together, you can overcome challenges and align your organization.

oilfield

Automate processes

As the oil and gas industry continues to develop and opportunities to grow your business arise, you need efficient processes in place to remain competitive. Through automation, you can empower your team to focus on what matters—growing the business.

Increase profits and margins

Your success relies on your ability to generate profits—not only for your firm but for those who choose to invest in it. By overcoming common barriers with the right technology, processes, and integrations, you can deliver on your guarantees and increase margins.

Ready to learn more? Request a demo today.

NexTec has the industry experience, technical know-how and the solutions to guide you to new heights. We’ll help you select the right software and process that connects your business and gives you the insight you need to make the right moves. We work with world-class technology providers, like Sage, Microsoft and Acumatica, and have a nationwide network of consultants with deep expertise in the oilfield services industry. As an award-winning business with a track record of more than two decades, NexTec offers innovative, affordable and personalized oil and gas software solutions that will help propel your business to the next level.

Acumatica Cloud ERP