When a company reaches a certain level, the growing complexity of their business demands that they trade in their clipboards and spreadsheets for an Enterprise Resource Planning (ERP) software.
If you’re a tech startup, you might opt for SAP. Or, if you’re a retail chain, you might go with Netsuite. But if your company is in the oil field service sector, you will soon find that none of the major players seem to have built their solution with you in mind. They may offer a few of the services and capabilities that you need, but there are still some major gaps.
If you have to keep using clipboards and spreadsheets after switching to an ERP, what was the point of the switch?
The good news is that, yes, there is a True ERP that was built with the oil field service industry in mind.
What is a True ERP?
A true ERP takes care of your entire business from end to end, from accounting to operations.
But what does that mean in the oil field service sector? It means that you only need a single solution to effortlessly handle your:
● Field Service Management
● Rentals Management
● Manufacturing Optimization
● Field Ticketing
● Distribution Optimization
● Accounting and Reporting
It means that you can choose an ERP that was built by a company that has specialized in the oil field service sector since 1983.
The Advantages of a True ERP
There is nothing quite like using something that was built specifically for you and the challenges you face every day.
With Discovery, you get:
Everything You Need. Nothing You Don’t
First and foremost, you get a system that can 100% replace your spreadsheet and paper-based systems for things like accounting, invoicing or field ticketing. There is no need to cling to one of your old systems because your new ERP wasn’t built with oil field equipment rentals in mind.
This also means you don’t have to struggle with a system that sort of works. For example, too many companies try a hybrid accounting model where they use QuickBooks, but still have to enter a lot of information manually from their paper tickets. This leads to double entry, a lot of rework, and frequent mistakes.
More Data. Better Decisions
When you’re no longer struggling to track down and manage countless invoices, tickets, or spreadsheets, your digital system will now give you real-time data.
This gives the decision-makers at the company the fresh and relevant da
ta they need to make more informed decisions. They don’t have to wait for data to propagate upward. They can see exactly what the organization’s financial picture looks like today, which gives them the insights they need to plan for a more profitable tomorrow.
Quicker Cash Conversion
How is your cash conversion cycle (CCC)? If you work in the oil field sector, the answer is often, “Not fast enough.”
A lot of people in this industry are frustrated because their money is “stuck.” They feel like they’re doing pretty well, but there is too much lag between doing the work and actually getting paid.
This is a huge problem for companies that aren’t using an ERP, or using the wrong one. Their money is stuck because:
They don’t really have visibility into their overdue accounts receivables
Their invoicing system is disconnected
They can’t get field tickets signed or processed fast enough
Double entry is causing a lot of errors
They’re struggling with invoicing errors because of inaccurate or missing paperwork orders/invoices
When you reduce your conversion cycle, you can have more readily available money. This means you can reinvest it back into your business.
Simplified Training and Onboarding
When you onboard something that wasn’t built for you, training can be long and wasteful. You will probably be trained on services, functions, and scenarios that your staff will never encounter.
At the same time, after you’re done training, the learning isn’t over. You will have to learn and systemize all of the little tricks and hacks that will make this system work for you. For example, you figure out that once someone fills out Ticket A, you will have to enter it on Spreadsheet B, then enter it into your ERP.
You’re working hard to make the system work, instead of it working efficiently for you. However, if you choose a True ERP that was built with you in mind, you don’t have to deal with any of those problems.
At Discovery, we know the job tasks that you will have to perform every day, every week, and every month. That’s what we train you on, with no time wasted on abstract scenarios that will never come up.
At the same time, once you’re done training, you’re ready to start working. There is no learning curve period where you have to build your own tricks and hacks. Everything just works and lives in one simple and central tool.
Find Out What Discovery Can Do For You
Discovery is the only ERP built specifically for oil field service companies. We have leveraged 35+ years of experience to create an easy-to-use, perfectly tailored software that matches the unique requirements of the industry.
If you want to read about some of the most common problems in the oil field service industry that our solution can solve, click here to learn more.