The energy sector is a complex and ever-changing industry. In order to stay ahead of the competition in the modern energy landscape, businesses of all types working within this sector need to embrace and make good use of technology. Part of that will involve the latest iterations of machinery in the field – things like modern wind turbines yielding more renewable and sustainable energy than ever before, likewise cleaner, greener drilling equipment ensuring that even businesses still using fossil fuels can work in ways that are kinder to the planet, and modern, high capacity storage solutions to ensure that none of that generated energy is wasted. At the same time however, another part of the equation will involve energy sector software in use at headquarters.
There are a wide variety of energy sector software programs available, each from different providers, each with their own strengths and weaknesses, and each designed to help your company excel in a given area of business. It is important to choose the right software for your company’s specific needs, but actually doing so can be tough, with all of the different options available. There’s no need to worry though, as in this blog the experts at TouchstoneEnergy sort the wheat from the chaff for you, and point out in a clear and concise way the energy sector software that your business should be using.
Energy Sector Software for Accounting & Finance
Accounting & finance software is essential for any business, but because the industry (and the businesses working within it) are in a near-constant state of regulatory flux, it is especially important for businesses in the energy sector.
This type of software can help you track your income and expenses, manage your cash flow, prepare financial statements, and more besides. TouchstoneEnergy’s platforms of choice in this area of business include Infor SunSystems and Infor Q&A. In addition, we also support the UK government’s ‘Making Tax Digital‘ initiative.
Energy Sector Software for Enterprise Asset Management (EAM)
Enterprise asset management (EAM) software is used to track and manage the physical, material assets of a business, which include everything from items of equipment to buildings, as well as intangible assets (such as intellectual property).
EAM software can help you effectively track the condition of your assets, identify potential problems before they occur, and schedule maintenance (whether routine or ad-hoc) to keep those assets working in peak condition. This kind of software can also help you manage your inventory more effectively too. When it comes to EAM software, in our opinion there’s one platform that stands head-and-shoulders above the rest – HxGN EAM by Hexagon.
Energy Sector Software For Procurement & Spend Management
Procurement & spend management software is used to track and manage how the money at your business’ disposal is used. As a result this kind of software is involved in a number of key business processes, including the purchase of goods and services, as well as the management of contracts.
Procurement & spend management software can help ensure that you always have full control over the monetary resources available to your business, that your procurement process is properly adhered to, that it runs smoothly, and that it is efficient. The software that we would recommend in this area includes three highly reliable applications from Proactis – Proactis Purchase to Pay, Proactis Contract Management and Proactis Expense Management.
Energy Sector Software For Performance Management
Performance management software is used to track and manage what employees, teams, and departments do with their working hours, and what benefits those activities bring to their employer . However, rather than ‘Big Brother’ style surveillance, instead this type of software helps energy businesses set and achieve realistic goals, identify areas where performance can be improved, and provide employees with the feedback they need to succeed in their roles.
For performance management software we’d once again turn to Infor, and their ‘Enterprise Performance Management (or ‘EPM’) programs – including Infor EPM Budgeting Forecasting & Planning, and Infor EPM Financial Consolidations.
Energy Sector Software for Business Process Management (BPM)
Business process management (BPM) software is used to improve the efficiency and effectiveness of business processes. It is tech that helps energy businesses to eliminate waste, improve communication, and make better decision-making processes. Innovative technology such as this really helps businesses in the energy sector to ‘work smarter, not harder’, and we’re very proud to say that TouchstoneEnergy can offer a range of support that all falls under the banner of BPM – including software to support with the following:
The Benefits of Using Energy Sector Software
If your business can harness the power of all of this energy sector software and use that software correctly, then it will reap a number of benefits including – but not limited to – the following:
- Improved efficiency
- Reduced costs
- Improved (and faster) decision-making
- Improved customer service
- Greater confidence and security regarding matters of compliance
FAQs
How do I choose the right energy sector software for my business?
When thinking about which energy sector software to involve in your day-to-day business operations, it is important to consider a number of specific factors and variables relating to your business. In particular you should bear in mind:
- The size of your business
- The industry you are in
- Your budget
- The features and functionality you need
- The level of support you require
Once you have considered these factors in-house and come up with some answers, it’s the ideal time to reach out to potential partners about your needs and any particular project that you want to undertake to address them.
Where can I find more information about energy sector software?
Right here! By clicking on any of the links provided in this blog you’ll be taken to a related web page – either on our own website or on that of other reliable sources of content and information regarding software of this type.
Conclusion
We hope that this blog has made you aware (if you weren’t already) of just how important appropriate software support is for businesses in the energy sector. Who should you turn to as a partner to advise on and provide the software you need though? Well, the TouchstoneEnergy team is the ideal choice. Our staff possess decades of experience and technical expertise in this area, and we are ready to put it all to use on your behalf to make your implementation of energy sector software a success. Contact us today to get started!
