Energy and Utilities

Oil & Gas Industry: Planning, Budgeting, and Forecasting for 2020

Oil & Gas Industry

Tumultuous times in business and personal finance require that all take a look at their budget and plan for the future. Given the wild ride that WTI and natural gas are on, it is more important than ever that the oil & gas industry avail itself of all that modern planning, budgeting, and forecasting tools offer. Several CEO’s of the largest global oil & gas companies have announced massive cuts to their capital budgets to the tune of billions of dollars.

Today’s planning, budgeting, and forecasting tools can be used as a remedy to help oil & gas companies analyze risk and uncertainty via multiple scenarios on a scale never seen before to the industry. Modern tools in this space move organizations away from excel to dynamic applications that allow for real-time input and changes.

The following technology features enable decision making based on data and standardization:

  • Ease of use with a modern user interface
  • Standardization against company business units
  • Finance best practices are pre-packaged
  • What if modeling and sandboxes
  • Empowers planning governance directives
Energy Utilities - 5 Digital Essentials for Succeeding in the Utilities Industry
5 Digital Essentials for Succeeding in the Utilities Industry

Learn about the state of the utilities industry, changes impacting both customers and providers, and five essentials for remaining front-and-center in your customers’ experience.

Get the Guide

Planning and forecasting, scenario modeling, workforce, capital, and projects are all core competencies that take on new importance for today’s oil & gas leaders. When strengthened with emerging technology like predictive planning and Monte Carlo simulations, this becomes Intelligent Performance Management (IPM).

Over the years, Perficient has seen that data capture and organization to prepare for planning can occupy a large chunk of an oil & gas company’s resources. This will not be a sustainable process in years coming for the industry. CAPEX and OPEX forecasting are mission-critical processes for upstream, midstream, and downstream energy companies, trust and transparency are more important than ever in this environment and are enabled by modern planning, budgeting, and forecasting tools.

Key Takeaways

The Perficient team has two decades of experience working with oil & gas customers to empower their dynamic planning models with integrated systems via an enterprise planning system. We have references and success stories for upstream, midstream, and downstream companies and can work with your company to streamline and build for the new future.

  • Now is the time to prioritize planning, budgeting, and forecasting
  • Planning projects can be accomplished in 6 to 8 weeks, and are quick wins with definable ROI
  • It’s time to spend less effort on data and report building, and time to produce insights that will help your company grow
  • Technology can help company’s support their staff and decrease burnout
  • Planning technology can lead to less cost of ownership for these processes

We are available and ready with oil & gas skilled consultants to lead oil & gas organizations to new levels of dynamic planning that can be run multiple times a day with different scenarios based on today’s commodity environment.

About the Author

Alaster has two decades of experience working in the Oil & Gas industry and could be described as a “digital roughneck”. Alaster has expertise in innovation, transparency, competitive advantage, and systems transformation, and how all can be accomplished via Oracle ERP, EPM, SCM, and Analytics in the Energy industry.

More from this Author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to the Weekly Blog Digest:

Sign Up