Effective Supply Chain Solutions Minimize Asset Downtime

Field Operations Teams Are Tasked With Minimizing Rig Downtime but Sometimes Don’t Have the Ability to Influence the Vendor List. Sophisticated Supply Chain Solutions May Be the Answer to the Problem

Field operations teams use countless vendors on oil and gas projects for installing, maintaining, and repairing equipment, systems and assets in order to minimize downtime and keep projects on time and on budget. This is not an easy task. A majority of energy sector projects miss expectations, deviating from schedule by 29 percent and missing budget by a massive 80 percent.^[1] The magnitude of this challenge increases with project scope and complexity.

The downtime caused by vendor management challenges is expensive. Oil and gas companies spend billions of dollars a year on drilling, but unfortunately around 15 percent of that expenditure is attributed to losses, and these include loss of drilling process continuity, called non-productive time (NPT).

When there is a lack of proper supplier relationship management, oil and gas companies end up bearing all the risks in the supply chain.^[2] Field teams have to manage that supply chain risk in order to minimize the expensive downtime of an asset. They have to ensure vendors show up and perform the work and that vendors meet safety and compliance requirements.

The pressure on field teams is immense. 

More Effective Supply Chain Partnerships Support Field Teams

One of the most effective ways to minimize downtime is to look up the funnel to what vendors are available, how they are accessed, and how they are managed at the procurement level. Procurement and supply chain teams can save time and money by implementing technologies that give front line teams a choice in vendors in real time without having to go through procurement and supply chain, give field operations teams visibility into what vendors are compliant and available, providing more information on what that vendors performance has been like historically, and giving them the ability to hire them directly. 

Workrise does all this and more for operations teams. Not only will field teams be able to select compliant vendors in real time and hire them directly within the technology, but they can also track spend in real time in order to more effectively keep projects on time and on budget. 

With Workrise, minimize your downtime through maximizing your own time. 

Sound like something you’re interested in? 

Let’s talk