Oil and gas have been vital players in the global economy for decades now. We see it in the refinement of petrol (or gasoline) and other petroleum-based products. We see it in the manufacture of plastics, uses in the construction of modern tyres and road surfaces and beyond – and while the world is transitioning away from fossil fuels and towards renewables, the oil and gas energy sector is still an important part of the worldwide economy, as is the extraction of oil and gas.
As the demand for energy and the demand for environmental responsibility and sustainability continues to increase, companies working in oil and gas energy (and indeed the many other industries that still use oil and gas as a key raw material) must strike a delicate balance. They need to ensure their own competitiveness while also being as environmentally conscious as their current procedures and technologies will allow. For many the need for this balance is the impetus behind a drive for efficiency in all aspects of business and competitiveness.
TouchstoneEnergy is a top supplier of a range of business solutions intended to serve the various requirements of oil and gas firms, as well as increase the effectiveness of various business activities. We are based in the UK but we work with clients all over the world, and in this piece our team will examine how the software solutions we provide support the operations of oil and gas energy businesses in three crucial areas – finance and banking, procurement, and enterprise asset management.
How TouchstoneEnergy supports oil and gas energy businesses with their finances and banking
Oil and gas energy companies are often faced with complex financial operations that require accurate and timely management. TouchstoneEnergy offers support via a comprehensive suite of software designed to help oil and gas energy businesses with the financial side of their operations, and which are tailored to the unique challenges of the industry. Implementing and supporting platforms such as Infor SunSystems, Infor Q&A, and Sysynkt brings many benefits to the industry, including:
- Simplified financial reporting and consolidation for multi-entity organisations
- Streamlined accounts payable and receivable processes
- Comprehensive compliance management tools, delivering improved compliance with regulatory requirements
- Real-time monitoring of market risks and current exposure
- Advanced analytics for risk assessment and scenario analysis
How TouchstoneEnergy supports oil and gas energy businesses with spend management, performance management and procurement
In the competitive oil and gas energy market, effective cost reduction measures and efficient procurement processes are essential ingredients in the recipe for success and the smooth operation of oil and gas energy businesses, as is reliable spend analysis reporting and other forms of business intelligence. The procurement and spend management solutions offered by TouchstoneEnergy include (amongst others) Proactis Purchase-to-Pay and Infor d/EPM Budgeting, Forecasting & Planning. Tools such as these help oil and gas energy businesses to streamline the procurement lifecycle from sourcing to payment, and monitor spend and other financial performance KPI’s with a high degree of accuracy and detail. Key benefits include:
- Automated requisition, approval, and order management workflows
- Real-time visibility into spend and supplier performance
- Improved compliance with procurement policies and regulations
- Efficient budgeting, planning, and forecasting
- Comprehensive spend analysis and reporting tools that can be used to better inform company decision-making in regards to the allocation of resources
How TouchstoneEnergy supports oil and gas energy businesses with enterprise asset management
Oil and gas energy assets are often geographically dispersed and subject to harsh operating conditions, and so keeping track of their performance, cost and maintenance requirements can be tough. However, TouchstoneEnergy’s skills and expertise with Hexagon’s Asset Management platform (HxGN EAM) means there’s no need to worry. Our support in this area helps businesses to optimise asset performance and reliability, while also minimising downtime and maintenance costs. Key capabilities include:
- In-depth asset lifecycle management, from acquisition to disposal
- Development of effective preventive and predictive maintenance strategies
- Real-time asset monitoring and performance analysis
- Work order management and scheduling
FAQs
How does TouchstoneEnergy cater to the specific needs of oil and gas energy businesses?
TouchstoneEnergy understands the unique challenges faced by oil and gas companies and offers tailored solutions to meet their specific requirements. This means that our support isn’t limited solely to financial management, procurement, and enterprise asset management – why not contact our team today to learn more about the other ways in which we can help?
Can TouchstoneEnergy’s solutions be integrated with other systems?
Yes, TouchstoneEnergy’s solutions can be seamlessly integrated with a wide range of systems, ensuring a unified and efficient business environment. What’s more, our implementation consultants are industry experts who will be best placed to advise on how that integration can take place, and what it will look like in practice.
How does TouchstoneEnergy help companies stay compliant with industry regulations?
TouchstoneEnergy provides comprehensive compliance management tools, real-time monitoring, and robust reporting to help businesses stay compliant with industry regulations and avoid penalties.
Conclusion
The oil and gas energy sector is a crucial driver of the global economy. To thrive in this highly competitive landscape, companies must optimise their operations and continuously innovate. TouchstoneEnergy’s expertise in the software platforms that can help them do that makes the support of TouchstoneEnergy an invaluable asset that can propel you towards success. For more information about each of the platforms that we’ve talked about today, you can click the relevant link to be taken to its dedicated page on our website, or if you’d rather talk to a person rather than simply reading online content, don’t forget that you can also reach out to our experienced team via our contact us page too.
