Industries

NetSuite for Oil and Gas: Business Benefits

NetSuite provides a comprehensive, cloud-based solution tailored to the complex needs of the oil and gas industry. By leveraging NetSuite, companies in this sector can streamline their operations, enhance financial management, and improve overall efficiency.

NetSuite for Oil and Gas: Business Benefits

Financial Management

Manage financial operations with comprehensive tools for budgeting, forecasting, and financial reporting, ensuring accurate and timely financial data.

Asset Management

Track and manage critical assets with tools that provide real-time insights into asset performance, maintenance schedules, and lifecycle costs, optimizing asset utilization and reducing downtime.

Supply Chain Management

Streamline supply chain operations from procurement to distribution, ensuring timely delivery of materials and reducing operational costs.

Project Management

Manage complex projects with tools that provide real-time visibility into project performance, budgets, and timelines, ensuring projects are completed on time and within budget.

Regulatory Compliance

Ensure compliance with industry regulations and standards, such as environmental and safety regulations, minimizing the risk of non-compliance and associated penalties.

Advanced Reporting and Analytics

Generate detailed reports and dashboards to monitor performance, track key performance indicators (KPIs), and support data-driven decision-making.

Key Features of NetSuite for Oil and Gas

Optimize Operations and Drive Efficiency with Advanced Resource Management, Compliance Tracking, and Real-Time Financial Insights

Advanced Planning and Scheduling

Finite and Infinite Capacity Scheduling: Utilize both finite and infinite capacity scheduling with user-definable constraints to optimize resource utilization and production flow. This flexibility helps in managing complex production schedules effectively.

Dynamic Schedule Codes: Implement dynamic scheduling codes to accommodate changing production demands and ensure timely order fulfillment.

Comprehensive Manufacturing Workbench

Enhanced Operations Routings: Define detailed operations routings, including setup and run times, labor requirements, and work instructions. This comprehensive setup ensures accurate and efficient production planning.

Configurable Work Order Completion Logic: Customize work order completion logic to fit specific manufacturing processes, ensuring accurate tracking and reporting of production activities.

Manufacturing Execution Syste

Real-Time MES Reporting: Leverage integrated bar code scanning and wireless tablet functionality for real-time reporting of work order completions, material issuance, downtime, and labor/machine hours. This enhances operational visibility and control.

Mobile Capability: Support for mobile devices allows for real-time data entry and access on the shop floor, improving responsiveness and efficiency.

Variance Management

Actual vs. Standard Comparison: Compare actual production costs and times against standard values to identify variances and areas for improvement. This helps in maintaining cost control and optimizing production processes.

Detailed Analysis: Conduct detailed analysis of production performance and make data-driven decisions to enhance manufacturing efficiency.

Batch and Process Manufacturing Support

Recipe/Formulation Management: Manage batch or process manufacturing with enhanced workbench records, including alternate assets, detailed work instructions, and FIFO material issuance for raw and bulk lot controlled items.

Full Lot Traceability: Ensure full lot traceability with automatic batch lot IDs and enhanced material issuance control, supporting compliance and quality assurance.

Integrated Plant to Enterprise (P2E)

Unified Manufacturing Data: Integrate plant-level manufacturing data with enterprise-level business processes, ensuring a single version of the truth and consistent information across the organization.

Comprehensive Reporting and Intelligence: Access manufacturing information and intelligence in real-time, providing insights into production performance and supporting strategic decision-making.

Purchase Contracts

NetSuite Advanced Procurement provides a comprehensive solution for managing the procure-to-pay process, helping businesses streamline procurement operations, enforce compliance, and achieve significant cost savings. By automating and optimizing procurement activities, this module ensures smarter spending, improved efficiency, and enhanced visibility across the procurement lifecycle.

Automated Data Capture and Reporting

NetSuite Business Intelligence (BI) modules provide comprehensive tools for capturing, analyzing, and visualizing data, empowering businesses to make informed decisions and drive performance improvements. By seamlessly integrating with NetSuite’s suite of applications, these BI modules offer a holistic view of business operations, helping organizations optimize strategies and achieve better outcomes.

Reporting and Analytics

NetSuite Customer Relationship Management (CRM) is a comprehensive, cloud-based solution that provides a 360-degree view of customers, streamlines lead-to-cash processes, and enhances productivity across sales, marketing, and customer service teams. By automating and integrating key customer-facing activities, NetSuite CRM enables businesses to improve sales performance, manage customer relationships more effectively, and drive better decision-making.

Forecasting

NetSuite Demand Planning provides a powerful solution for managing supply and demand across your business, ensuring product availability while minimizing excess inventory and carrying costs. By leveraging advanced forecasting and planning techniques, NetSuite Demand Planning helps businesses increase forecast accuracy, streamline inventory management, and optimize order fulfillment.

Project Budgeting

NetSuite Job Costing module provides detailed visibility into project costs and cost management efficiency, ensuring greater accuracy and accountability throughout the project lifecycle. From estimating to budgeting, forecasting, and posting to the General Ledger, NetSuite’s robust cost management solution spans all stages of project execution. This comprehensive approach enables businesses to manage expectations, control costs, and drive project profitability.

Comprehensive Reporting and Analysis

NetSuite Multi-Book Accounting provides a robust solution for managing multiple sets of financial books in parallel, ensuring compliance with various accounting standards and improving the efficiency of financial reporting. This module allows businesses to optimize their financial close processes, enhance visibility into financial performance, and maintain compliance with ever-changing accounting rules and tax laws.

Advanced AI and Machine Learning Capabilities

NetSuite Analytics Warehouse is a sophisticated cloud-based data warehouse and analytics system tailored for NetSuite customers. It consolidates data from multiple sources, providing a unified platform for deeper insights and enhanced decision-making. By integrating with NetSuite and other business systems, the module leverages advanced analytics and AI capabilities to transform data into actionable intelligence.

Demand Forecasting

NetSuite Planning and Budgeting provides a powerful, easy-to-use solution designed to streamline and enhance the planning and budgeting process for organizations of all sizes. By integrating directly with NetSuite’s financial data, this module facilitates comprehensive planning and forecasting, allowing for both company-wide and departmental collaboration.

Intercompany Accounting and Consolidation

NetSuite OneWorld is a comprehensive solution designed to manage global businesses with multiple subsidiaries, business units, and legal entities. This module offers a single, unified platform that provides real-time financial and operational visibility, streamlines processes, and ensures compliance with local and international regulations.

Real-Time Order Tracking

The NetSuite Order Management module is designed to streamline and optimize the entire order-to-cash process, ensuring timely and accurate order fulfillment. This module provides businesses with the tools needed to manage orders efficiently, reduce operational costs, and enhance customer satisfaction.

Release for Fulfillment

NetSuite Advanced Order Management provides a comprehensive solution for managing the entire order lifecycle, ensuring efficient and profitable order fulfillment. As customer expectations and supply chain complexity continue to rise, it becomes critical to deliver the perfect order. NetSuite Advanced Order Management automates order promising, allocation, orchestration, and execution processes, enabling businesses to intelligently fulfill orders based on global inventory availability and business rules.

Resource Management

The NetSuite Professional Services Automation (PSA) module is designed to enhance the efficiency and effectiveness of professional services organizations. By integrating project management, resource management, and financial management into one platform, this module ensures that projects are delivered on time and within budget.

Skip Lot, Sample Size, and Failures

NetSuite Quality Management module ensures the highest standards of product quality through rigorous inspection, testing, and reporting processes. This module is designed to help businesses formalize quality policies, improve product quality, and reduce the overall cost of quality. By integrating quality management with business transactions and providing real-time visibility into quality metrics, NetSuite helps organizations maintain consistent product standards and enhance customer satisfaction.

Storage and Space Utilization

NetSuite Warehouse Management System (WMS) optimizes day-to-day warehouse operations using industry-leading best practices. With intelligent pick-and-pack processes, handheld barcode scanning, cycle counting, and integration with shipping systems, NetSuite WMS ensures efficient warehouse operations and minimizes handling costs. The solution guides users through essential tasks, from receiving and storing items to picking and shipping them, in the most efficient way. As items are processed in the warehouse, each transaction is automatically updated in the NetSuite inventory record and reported in real-time.

Multi-Currency and Balance Sheet Management

NetSuite Advanced Revenue Management (ARM) simplifies the complexities of revenue recognition and management, ensuring compliance with evolving accounting standards while providing real-time revenue insights. By automating revenue policy and managing multiple performance obligations, ARM allows businesses to streamline their revenue processes, enhance accuracy, and focus on strategic financial analysis.

Work Order Management

NetSuite Work Orders and Assemblies module provides manufacturers with the tools needed to efficiently manage and streamline their production processes. By automating key aspects of production, from work order creation to assembly builds and real-time costing, this module helps businesses enhance productivity, reduce manual effort, and support lean manufacturing initiatives. Key business benefits include:

Key Features of NetSuite for Oil and Gas

Optimize Operations and Drive Efficiency with Advanced Resource Management, Compliance Tracking, and Real-Time Financial Insights

Financial Management

Manage financial operations with comprehensive tools for budgeting, forecasting, and financial reporting, ensuring accurate and timely financial data.

Asset Management

Track and manage critical assets with tools that provide real-time insights into asset performance, maintenance schedules, and lifecycle costs, optimizing asset utilization and reducing downtime.

Supply Chain Management

Streamline supply chain operations from procurement to distribution, ensuring timely delivery of materials and reducing operational costs.

Project Management

Manage complex projects with tools that provide real-time visibility into project performance, budgets, and timelines, ensuring projects are completed on time and within budget.

Regulatory Compliance

Ensure compliance with industry regulations and standards, such as environmental and safety regulations, minimizing the risk of non-compliance and associated penalties.

Advanced Reporting and Analytics

Generate detailed reports and dashboards to monitor performance, track key performance indicators (KPIs), and support data-driven decision-making.

Project Management

Flexible Pricing Models

Automated Accounting Rule-Driven Engine

Order Sourcing and Allocation

Revenue Policy Automation

Assembly Item Definition

Work Center Management

Receiving and Inbound Logistics

Inspections

Task and Milestone Management:

Project Management

Demand Planning and Forecasting

Order Processing Automation

Workforce Planning

Global Business Management

Budget Management and Reporting

Comprehensive Data Integration

Demand-Based Inventory Replenishment

Complete Asset Lifecycle Management

Unified Ecommerce Platform

Item Setup

Sales Force Automation

Comprehensive Data Integration

Advanced Planning and Scheduling

Requisition Management

Project Costing

Client Success

Click the Logo to download the Case Studies

Sabbel Foods NetSuite Implementation Story

Boosted Boards NetSuite Implementation Story

Kasa Living NetSuite Implementation Story

PGM of Texas NetSuite Implementation Story

SWIR Vision Systems NetSuite Implementation Story

Latest Blog

5 Min Read

NetSuite Implementation Checklist: Key Steps for a Smooth Transition

Ensure a smooth transition with our NetSuite implementation checklist, covering key steps for successful ERP system integration and project management.

September 30, 2024