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Oilfield Services Industry

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 Accounting and operations software to manage your oilfield services company.

         As the impact of Covid wanes, travel and transportation resume, and prices rebound, oilfield services activities are resurging in the Permian Basin, and the competition for market share and people is fierce.  The unique business challenges the industry faces must be overcome for oilfield service providers to be competitive and grow.

Compete better and act faster with state-of-the-art CBSi ofsERP   software powered by Microsoft, made for the oilfield services industry. 

 
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Adopting ERP technology increases your competitive advantage and value.

Since we first realized the economic effects of Covid in 2020 and continuing today, consolidators, backed by cash-rich private equity and near-zero interest rates, have ben acquiring less-efficient and under-capitalized companies and equipment for a fraction of their 2019 value. Many of these consolidators are also implementing new ERP software to pull all companies and different lines of business together into a single system.

The low cost of these consolidators has made it difficult for many of the smaller providers to compete. Implementing an ERP software designed for their needs to reduce cost; increase efficiencies, accuracy, operational visibility, and control; can not only help keep you in the game but also help you thrive. 

Increasing company value:

Speaking at an energy conference, Jason Wilcox (Managing Director at Wilcox Investment Bankers) said that, for investment bankers, the 3rd most attractive trait of an oilfield service provider is that they run their business with a reliable ERP system, rather than with QuickBooks and Excel.  The 1st two traits are (1) having a specialized product or service, and (2) location(s).

Before ofSERP

Disparate Systems*:

  1. Sales / CRM

  2. Field Service

  3. Equipment Rental

  4. Repair & Maintenance

  5. Accounting & Financials 

  6. Heavy dependence on Excel 

*Data inconsistencies and Much care & feeding required. 

After ofSERP

  • Everything Working Seamlessly together
  • Visibility - Control - Efficiencies
  • Cradle-to-grave inventory
  • Reliable - auditable information 

Built on the robust & easy-to-use foundation of Microsoft Dynamics.

Oilfield services challenges

Disconnected, manual processes lead to cascading problems

The complexities of the industry have caused typical oilfield service companies to deploy multiple independent systems and processes (see list on the right). This results in workflow inefficiencies, mistakes, and more labor costs to handle the duplicate entry or report on the busines performance. These problems began to erode the bottom line even before the collapse in prices and continues to do so today.

Further compounding these challenges are the complexities of changing external regulatory and customer requirements. Operators impose their own unique requirements for field ticket and invoice documentation often resulting in still higher admin costs and manual entry into spreadsheets and other silos of data. 

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Tracking supplies, tools, and equipment

If you can’t locate your equipment, rentals, supplies, and tools, your crew can be overburdened and forced to scramble. And without full visibility of your inventory and equipment locations, your team may be challenged to keep up with customer demand. A robust integrated software solution is the best way to protect your margins – You can avoid unexpected delays, lost tools, and keep on top of operations.

Fragmented workflows clog up your productivity

For Oilfield services companies, process is number one – and everything should happen in a prescribed order. If financial management, invoicing, field operations and expenses are disconnected from operations, you’re stuck entering tickets manually, resulting in many mistakes, delayed billing and additional clerical labor. The toll on the staff who are busy trying to reconcile silos of information is significant. And routine approvals of billing tickets become a major effort.  

 

The fallback solution has been to enter information into a spreadsheet, one that is not connected to anything. It’s easy to make errors, and hard to keep track of which version of the spreadsheet is the latest. Delays in billing your customers means your cashflow suffers; if you don’t know about an issue until a month goes by, it causes more work for your team. And field tickets that are not discovered until a month later often cannot be billed. 

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Overcome oilfield services challenges with ofsERP  from CBSi

We thoughtfully designed a solution to streamline your work when we developed the ofsERP software powered by Microsoft. 

  • It’s intuitive and easy to use, like other Microsoft products. –

  • Finance is fully integrated with operations 

  • 360 real-time visibility for faster informed decisions to take control of operations

  • Cradle to grave tracking of all inventory and equipment

  • Fully mobile – stay connected anywhere, anytime

CBSi professionals have the know-how to boost efficiency for OFS operations

Many of our long-time employees have hands-on experience solving the daunting issues you face. We understand the industry and bring years of know-how to improve processes, gain control of inventory, and bill and collect tickets faster. We’ll suggest best practices to improve efficiencies and help you compete better in a fierce market. 

Our people are masters at solving business issues with automation. If you are feeling the sting of disconnected systems, manual processes and the inevitable chaos it brings, we’d love to show you a better way. 

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