Top Technology Firms Help Energy Industry During Oil Downturn
With the price of oil falling, energy companies are turning to the premier technology consulting firms to help their bottom line. The full energy spectrum of upstream, midstream, downstream, and services companies have called upon technology consulting specialists to reduce their costs by improving efficiencies. The top three ways the technology consultants are improving the financial status of energy firms are as follows:
- Implementing and/or upgrading financial and operational software to better track costs and profits, and to improve reporting for decision making. An operational example would be combining procurement of multiple divisions to negotiate preferred pricing.
- Implementing and/or upgrading production software and corresponding processes as well as equipment assets to reduce costs and improve output of those assets. Technology provides new ways to improve processing economics by enhanced yield or reduced costs.
- Implementing and/or upgrading maintenance software and corresponding processes to reduce downtime and optimize scheduling. Connected technology provides ways to reduce downtime and improve operating efficiencies by focusing on specific equipment for operator attention and targeted maintenance.
Energy firms have been widely reported as delaying or cancelling many billions of dollars in capital project additions. Technology consulting firms are vital to improving the capabilities of current working assets to optimize output until additional units can be put in service. Also, while prices of oil are low, the best technology consultants are key strategy partners for keeping production costs low as well.