In an industry that is constantly evolving and adapting to new regulations, technologies, and market demands, energy companies must stay ahead of the curve. One way to achieve this is by implementing Business Process Management (BPM) software. With BPM software, energy businesses can optimise and automate a number of key processes, leading to significant cost savings. In addition, BPM software for energy companies can help solve operational challenges by streamlining operations, improving efficiency, and driving growth. In this article we’ll explore the benefits of implementing BPM software, and how the software can be applied to various aspects of an energy business’ routine activities.
Business Process Management (BPM) software is a set of tools and technologies designed to help organisations manage, optimise, and automate their business processes. By analysing and modelling the performance of existing processes, businesses employing BPM software gain access to a wide range of information and insights surrounding things like workflow efficiency, equipment uptime, staff productivity and error rates, and much more besides. Further to this, these insights can then be used to better inform owners, executives and other decision-makers, helping them to easily identify areas where improvements can be made, see how best to implement changes and facilitate the use of a data-driven decision-making process. In short, the use of BPM software enables energy businesses to operate more efficiently and effectively.
The advantages of using BPM software for energy companies specifically include streamlining processes such as authorising expenditures, managing time and expenses, and tracking daily drilling costs, and it's those that the TouchstoneEnergy team will be focusing on today - however, it should certainly be mentioned that BPM software for energy companies can also help to ensure compliance with industry regulations, and identify areas for cost savings and process improvements.
One key benefit of using BPM software for energy companies is that it helps you to optimise business processes. By analysing and modelling existing processes, energy companies can identify inefficiencies and areas for improvement, leading to more streamlined operations and cost savings.
With the help of BPM software for energy companies, your business will be able to accurately analyse and map out existing processes, identifying bottlenecks and inefficiencies. You'll be able to model and simulate process changes with confidence, and easily determine the potential impacts that these new processes will have on the business. Finally, actually putting the changes in place, and monitoring how they perform to ensure that they deliver as expected, should become easier too.Another significant advantage of BPM software for energy companies is the ability to automate business processes. By automating repetitive tasks, energy companies can free up valuable resources, reduce errors, and improve overall efficiency. Finally, some examples of processes that can be automated using BPM software for energy companies include approval workflows, document and contract management processes, and the tracking and reporting required around matters of regulatory compliance.
Authorisation for Expenditure is a critical component in the energy industry as it outlines the budget and approval process for new projects and investments. BPM software for energy companies can help to streamline or automate the AFE process, and track budget changes. These steps reduce delays and help projects to move forward in a timely manner, provide real-time visibility into project costs, and ensure compliance with internal and external regulations by maintaining a clear audit trail.
Managing time and expenses is a crucial aspect of running an efficient energy operation. BPM software for energy companies can help to streamline this process by automating the collection, approval, and reporting of time and expenses.
In fact, when it comes to time and expense management BPM software for energy companies helps energy businesses in a number of ways, including by streamlining the collection and approval of time and expense data, thereby reducing errors and ensuring more accurate reporting. In addition, however, effective use of BPM software in this area of business can also automate the calculation of labour costs, taxes, and other expenses, and provide real-time visibility into project costs and budget status, enabling better decision-making as a result.
In the oil and gas industry, tracking daily drilling costs is essential for maintaining budget control and ensuring project efficiency. BPM software for energy companies can help to simplify this process by automating the collection and analysis of drilling cost data. With the effective use of BPM software, energy companies can collect and analyse daily drilling cost data in real-time (allowing for quick adjustments and cost-saving measures), they can monitor project progress and budget status (enabling better decision-making and resource allocation) and once again they can better ensure compliance with internal and external regulations by maintaining a clear audit trail of drilling costs.
In conclusion, BPM software for energy companies constitutes a powerful tool for better business. It helps energy companies to streamline operations and promote efficiency, all while also ensuring compliance with the applicable industry regulations. By automating and optimising key processes, energy companies can achieve significant cost savings, better decision-making, and improved overall performance. As the energy industry continues to evolve, BPM software will play an increasingly important role in helping businesses navigate the challenges and opportunities that lie ahead, and the TouchstoneEnergy team is the group of industry experts best placed to help you harness its power.
In addition, TouchstoneEnergy is also a proud member of the Touchstone Group, alongside sister businesses such as Touchstone Financial Management Services, Touchstone Business Intelligence and Xpedition. Click the relevant link to learn more about how each of these businesses could help your company succeed too.
Contact us today to learn more about how our support can help you overcome the challenges you face, improve efficiency, and drive growth in the energy sector.
