Huge operating costs, fluctuating prices, staff shortages and sector-specific accounting issues are just a few challenges the companies operating within the oil and gas industry face nowadays. Luckily, all these can be solved with Microsoft Dynamics AX, a complex ERP solution that provides an agile software product for the oil and gas industry, capable to comply with the latest accounting updates, and a competent production system, ready sustain the activities of the organizations involved in an industry characterized by intense competition, sudden changes and rapid growth.
Addressing and Solving Industry Challenges
If you’re looking for a proficient ERP solution, Dynamics AX is a top contender. Developed by Microsoft, AX is able to address oil and gas industry-specific areas, such as:
Data Storage: The tools included in this gas and oil production software helps organizations complete day-to-day activities, while saving money and achieving incredible workload adjustment flexibility for superior competitive advantage.
Efficiency and Profitability: Delivering effective oil and gas production software, Dynamics AX can be used for managing specific field operations. Many companies use this system to store and analyze data, reduce project complexity, mitigate risks, improve prioritization and find the most cost-effective methods for gas and oil extraction and processing. For instance, according to a study conducted by the University of Texas, gas companies can consume 25 to 50 times less water when extracting gas by not using coal plants. This is valid for all gas companies, regardless of whether they operate in Texas, Oklahoma or other locations. More effective ways to extract and process gas and oil can be found with the help of special oil and gas software solutions, such as Dynamics AX.
Accounting Errors: Dynamics AX as an oil and gas accounting software system grants access to critical information, while delivering specific tool sets for correcting and preventing accounting errors from occurring and adjusting invoicing cycle according to your needs.
Cost Centers: You can also use this oilfield services software system to track labor and costs, check inventory levels, verify third-party services, set budgets, and even build hierarchies to group cost centers and compare them to budget numbers in order to evaluate their profitability.
Mission-Critical Applications: AX is one of the most complex oil & gas software products that promote easy and seamless integration with other systems critical for financial and production management.
In a nutshell, Dynamics AX proposes a perfect combination of a truly efficient oil and gas accounting software product and a competent production management system.
Dynamics AX: The Best Software for Oil and Gas Industry
There is no better way to illustrate the capabilities of Dynamics AX software as an oil and gas accounting solution than by presenting a relevant case study.
In 2006, Amalie Oil Co., a large family-owned oil company, decided to adopt Dynamics AX because this solution was able to deliver much more than a complete oil & gas software product. Besides the aforementioned features, AX includes:
Warehousing Capabilities: Proposing advanced warehousing functionality, AX eliminates the need for a separate warehouse management system
Business Intelligence as a Service (BIAS): BIAS delivers real-time data, making possible invoice automation, carrier performance assessment, freight reconciliation and status updates
Transportation Tools: Enabling carrier, routing, scheduling and contract selection, Dynamics AX delivers advanced transportation planning and execution capabilities
Vendor Portal: This tool integrates suppliers into the system, allowing users to streamline procurement processes based on vendors’ performance
Before AX implementation, Amalie Oil Co. was managing its operations with multiple accounting software for oil & gas and production systems. Now, about 95 percent of its operations run in Dynamics AX, resulting in a highly efficient, streamlined business activity.
For more information on how Dynamics AX helps Field Service industries overcome challenges, download white paper below:
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