NetSuiteStreamline operations with NetSuite for oil and gas
Changing consumer expectations, regulatory requirements, and capital expenditure needs are compelling oil and gas companies to modernize existing infrastructure and seek new revenue streams to grow their business. NetSuite’s unified, cloud-based business management suite can help oil and gas companies optimize their operations for sustainable and long-term growth.
Cloud-based business solutions from NetSuite for oil and gas companies
From fast-changing regulations to fluctuations in international markets, oil and gas businesses need software that is flexible, efficient, and amenable to an ever-changing landscape. NetSuite for Oil and Gas is a unified suite of cloud-based applications to support all of your business needs with modules pre-configured to your industry. It combines an enterprise resource planning (ERP) system, with customer relationship management (CRM), project management, analytics and reporting, and more.
As an Oracle NetSuite Alliance Partner, Rand Group business application experts are recognized as leading specialists in implementing rapid cloud solutions across industries. Our NetSuite clients benefit from our Rand Group methodology delivering software on time, as promised.
Connected ERP, CRM, and more
From back-office financials and field service to tax and environmental regulations, NetSuite is a fully unified business management platform built in the cloud for fast-growing energy companies.
Built-in reporting, KPIs, and unified insights
Leverage out-of-the-box roles and dashboards which allow every user in your company to monitor the aspects of business most relevant to them. With real-time visibility, you can better manage asset performance and track data trends in utilization and service issues.
Rapid implementation using industry best practices
Reduce time and money spent on configurations and custom development with NetSuite for oil and gas from Rand Group, a pre-configured solution that leverages industry knowledge and settings tailored to your organization.
Benefits of using cloud-based business solutions versus on-premise solutions
2% to 10% increase in revenue performance
40% reduction in administrative costs
30% reduction in deployment costs
NetSuite tailored for oil and gas companies includes the following process areas and functionality
Financial Management
Ensure accurate financial reporting and seamlessly couple core general ledger, tax, budget management, cash management, and payment management accounting functionality with real-time visibility and business insights to drive financial excellence.
Budgeting and Forecasting
Automate companywide and departmental budgeting processes with pre-built workflows that leverage best practices and use templates that populate data from the general ledger. Create real-time forecasts in minutes with easily accessible financial data.
Customer Relationship Management
Benefit from a 360-degree view of your customers to grow your business and increase win rates. Never miss an opportunity by distributing, managing, and monitoring leads with ease. Gain insights into the sales pipeline and future revenue with real-time sales forecasts.
Reporting
Preconfigured role-based dashboards, reports, and KPIs deliver tailored, detailed insights into company performance to improve decision-making. Generate financial statements and reports that comply with accounting standards with ease for every reporting period.
Inventory and Supply Chain
Gain visibility into stock levels with real-time integrated systems that will send out reminders to avoid stockouts. Achieve insights into inventory profitability with automated monitoring and reporting. Manage item reports, inventory transfers, inventory adjustments, locations, and item pricing and costing.
Asset Management
Cover the entire asset lifecycle from procurement to disposal to maintain up-to-date records, accurately record depreciation data, and comply with lease accounting standards. Assign and track assets by region, facility, department or other reporting segment.
Project Management
Estimate and track projects accurately by developing estimates for labor, expenses, and materials, and monitor planned-to-actual consumption while projects are in progress. Set up automated workflows to improve time and expense policy compliance with submissions, approvals, and reporting.
Global Business Management
Manage multiple subsidiaries, business units, and legal entities from one solution that is built to support both global standards and country-specific audit, tax, and data security requirements. Automatic currency conversions and financial consolidation provide a real-time view of business performance.
White Paper
How to choose an ERP solution for your oil & gas business
From fast-changing regulations to fluctuations in international markets, oil and gas businesses need enterprise resource planning (ERP) software that is flexible, efficient, and amenable to an ever-changing landscape. In this whitepaper, our industry experts will walk you through the process of defining ERP requirements, identifying the necessary modules for your business, and finding a partner to implement the solution.
Solutions included with NetSuite for oil and gas
NetSuite’s built-in features allow functionality to quickly and easily scale with business growth and streamline mission-critical processes. The following solutions are included in NetSuite for Oil and Gas.
ERP
NetSuite’s enterprise resource planning (ERP) system includes everything your business needs – from financial management to inventory, supply chain and warehouse management.
CRM
NetSuite’s customer relationship management (CRM) software provides a complete picture of the entire customer lifecycle, from leads and opportunities to sales orders and support.
Analytics
NetSuite offers embedded real-time insights across the entire platform using SuiteAnalytics. Eliminate the complexities of using siloed reporting tools, data integration, and data warehousing.
Related Insights
What is Joint Interest Billing?
Joint Interest Billing (JIB) is a critical process for managing costs and revenues in oil and gas joint ventures. Rand Group’s custom JIB solution for NetSuite simplifies complex cost allocations, improves billing accuracy, and ensures transparency among partners, providing oil and gas companies with a powerful tool to optimize their financial processes.