The oil and natural gas industry forms a major part of the country’s economy. And for the past four years, it has gone through a number of price swings which has caused struggles for it’s various constituting private businesses. This causes losses not just for both the small and big players in the industry, but also for the nation due to the reduction in its contribution to the economy. These adverse conditions are putting a pressure on these businesses to break even which causes an immense pressure on its employees. These employees use spreadsheets to perform various tasks in the industry which have now become obsolete in their benefits.
The End for Spreadsheets
Most of the refineries these days use a range of manual spreadsheet-based in-house functions to manage their supply chain functions such as logistics, inventory, order processing and invoicing. These systems can get the job done but at a high cost. These drawbacks include (but aren’t limited to):
Manual based spreadsheet systems are susceptible to errors and inaccuracies as they move from department to department. This is not a sign of bad workers, but rather is something that is bound to happen because of human nature.
Manual soreadsheets take an incredibly large amount of time to enter new data into. This precious time could be used by the business in other important matters.
When information is stored in different locations, it may not be in sync when changes are made. And this can cause tremendous losses for your business.
Energy Transfer and Risk Management
Energy transfer and risk management or ETRM is a cloud-based system that removes a lot of the problems faced by traditional spreadsheets systems. And the fact that it is cloud-based helps remove worries about investing in bulky hardware to store your data. This system is:
Always in sync
An energy tranfer and risk management system runs on the cloud and if you need to access it, your compter downloads the data from the host server. All the data is stored in a sinle location and this helps ensure that it is always in sync. If any changes are made, the updated version is accessible everywhere.
This system is meant to manage information relating to the refinery and this helps ensure that it works fast.
It is equipped with AI to help ensure that the data remains error free.