Key Selection Criteria When Considering Technology Consulting Firms
Technology consulting firms come in all shapes and sizes. When you consider using a consulting firm in the energy industry, both technology and industry expertise are critical success factors in any project. Whether you are a start-up oil and gas operator who seeks an oil and gas consulting firm or a seasoned energy trading firm, here are three critical factors when choosing a firm:
1. Technological Proficiency
2. Industry Acumen
3. Extensive Client Portfolio
Technology consulting in itself has many facets. Not only are things like technical communication and management skills required but knowledge of vendor offerings, systems landscape options, systems integration and business intelligence are also essential. Vendor offerings and home-grown solutions are all built on varying types of databases and software and require their own unique hardware profiles to support them. From a pure technological stand point the components in place could easily be different from one company to another. This is where the industry acumen of the technology consulting firm becomes important.
Nuances of how data is stored, processed and reported in the energy industry are different from one company to another and incredibly different than other industries. Regulatory requirements define the amounts of data that need to be stored and for how long, and business best practices drive the best way to report and process a company’s data according to their needs. Engaging with an energy consulting firm that has several practice areas can lead to added value for a company. If a project team working on a systems implementation has experts to consult, industry knowledge can be leveraged as needed throughout the course of a project.
Technical skills and industry exposure are both extremely important when seeking technology consulting firms. A firm that can leverage a long list of clients – from start-ups to super majors – brings added input into best practices and industry standards. Even among clients of similar size, there are often best practices to leverage from past experiences. The more client exposure a technology consulting firms have in the oil and gas industry, the more input applicable to the current project.