Importance of Non-Hydrocarbon Supply Chain Management Solutions in Oil and Gas Industry Discovering Opportunities for Operational and Financial Performance Improvements
Oil and Gas companies operating in today’s environment are well aware of the complexity of their space, be it the challenges of working in a highly competitive market, growing organically as well as through Mergers/Acquisitions, optimizing their operational performance for maximum return on their investments or dealing with the Bullwhip effect of increased variance/demand uncertainty as one moves up the value chain, away from the final consumer. In this context, Supply Chain and Logistics Management can play a significant role in ensuring streamlined operations and a solid bottom-line.
What a lot of upcoming and growing oil and gas companies and MLPs miss out on is acknowledging the significance of the Non-Hydrocarbon supply chain and how it impacts their overall business performance. This includes procurement, purchasing, planning, delivering and monitoring key equipments and services to explore, produce, refine and market oil and gas.
Based on a recent survey conducted by Supply Chain SMEs with some of the industry’s most respected executives, there is a consensus on how the Oil and Gas industry, as a whole faces significant shortcomings in the Supply Chain domain and how it lags behind other industries: Be it Advanced Inventory Management Solutions, Material Transfer Tracking, Expense Reporting, Asset Utilization or Logistics and Route Optimization.
Building sustainable, efficient supply chains helps companies stand out from their competition which translates into substantial financial improvements. Our team, here at Seven Lakes, is actively engaged in understanding industry trends and building products and services to address the inherent gaps in the Oil and Gas Supply Chain, thereby helping businesses realize better performance and sustainable overall growth.
Seven Lakes’ Supply Chain SMEs have focused on addressing key supply chain issues through their state of the art Scalable, Repeatable and Highly Intuitive Supply Chain Analytics and Management Portal. Our portal provides:
- Advanced Inventory Management
- Real-Time Material Transfer and Expense Reporting
- Asset Utilization and Usage Recommendations
- Intuitive Material Search capabilities across your entire Supply Chain
- KPI monitoring for tracking Supply Chain Performance
- Custom Business Analysis capabilities
- Logistics Optimization and Efficient Material Movement Modules
- Vendor Performance/Contract Management
- Master Data Management