Prices keep climbing higher domestically and globally, and it’s no secret that, as a small oil and gas operation, every dollar counts. Now is the time when you might be looking for places to cut spending and find processes that are leaking funds. Would it shock you to learn that your back-office practices might be one of those places?
It’s true! With fast-paced changes always happening in both the energy and tech industries, you are bound to fall behind the curve at some point. So, how do you know when it’s time to make some updates? Keep reading to find out!
What Are Your Outdated Processes?
Legacy software, manual processes, and an aversion to change are going to hurt your back office and businesses overall. While using the software you have stuck with for years seems like a good choice because your team knows it, you are facing inevitable compatibility issues, causing your team to spend more time (thus, money) inputting the necessary data. On top of that, it prevents you from finding innovations in new software that is hitting the market, setting you behind the competition.
Now your processes may be even further outdated if you are relying on physical hard copies of your regulatory, accounting, and land documents. This not only drains money by costing you in paper and ink, but you are just asking for a mistake down the line when a paper inevitably gets misfiled or vanishes.
More Than Money Is On The Line
Beyond the upfront dollar amount lost from outdated systems, there are even more hidden dangers when your back office remains in the past.
To start, your outdated systems will eventually contain data that is no longer current with existing regulations. This sets you up for huge regulatory compliance issues, and that not only is going to cost you up front, but also creates headaches and hardship for quite some time. At the same time, you are not free from these issues if you are manually managing your compliance. Forgoing software and allowing your regulatory work to be handled all by hand increases your chances of errors.
These same processes will set you behind in more ways than one. First, manual and outdated data handling prevents real-time updates to your most important oil and gas data. This will put you behind the curve when fast decisions need to be made when the market pivots.
Second, when software is out of date, it opens you up to security breaches that are less likely to exist in newer versions of your software. This means that you are now vulnerable to hackers and data breaches, which can cause detrimental harm to your business.
It’s Time To Modernize, And We Can Help
Now that we’ve identified the biggest risks to outdated software and back-office practices, it’s time to look at how you can keep your oil and gas business safe and efficient, all while being cost-effective.
If you are still doing things the old school way with paper and Excel spreadsheets, it’s time to start looking into an ERP software. This will streamline all of your processes from regulatory compliance to payroll, and the best part is that they are scalable and fully customizable to fit your needs. We can help you get on the right track and even assist you in picking the right software solution for your specific situation.
If your current software is badly out of date or just too frustrating to work with, then it’s time to consider switching. We know that is a scary prospect, but our team has decades of experience in data conversion and software setup, and they can even train you on how to use it, so you are not left in the dark.
If you are ready to stop losing money, time, and risking errors or worse, data safety, then reach out to us today and discover how our team can get your back office on track!
Angella is the newest addition to the PetroLedger Marketing team. She comes to us with many years of experience in various marketing settings creating graphics and running ad campaigns. She has a Bachelors in Graphic Design and Media Arts.
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