How to Survive a Volatile Oil and Gas Market
Business Continuity in Tough Times
The current crude market environment is unprecedented.
While the energy industry is no stranger to oil price fluctuations, the simultaneous lack of demand due to CODIV-19 creates unique conditions.
Does your business have a plan on dealing with market downturns? The current downturn won’t be the last! Will you be ready for the next one?
Having a plan to deal with adverse market conditions that could harm your business is called “business continuity.” Business continuity creates systems and processes that prevent downturns from putting the business at too much risk and assists in continuing operations during the downturn.
The Role of Technology
Technology must be leveraged to combat market volatility by increasing your agility.
Agility is an important part of business continuity. Organizations need the ability to withstand changes in market conditions.
Agility Beats Market Volatility
For the rest of 2020, AVEVA is allowing companies in the O&G market to start a FREE 90-day trial of Cloud-enabled AVEVA Unified Supply Chain: Plan, Schedule, & Network.
You can get the same results as your current planning tool but get them MUCH FASTER using the high performance computing power of the cloud.
Not all software can utilize cloud computing, but the modern architecture of AVEVA Unified Supply Chain is built to harness the power of the cloud.
As the Energy industry faces a high level of market volatility, AVEVA helps customers gain visibility into their business and operations to quickly understand how various scenarios impact their value chain.
Take advantage of economic opportunities and quickly react to market changes with fast optimization, built-in analytics, and flexible reporting.
Rapidly run scenarios to build short and long-term plans for maximum profit and best use of assets.
In 2017, BP moved several applications to the cloud, including its unified supply chain management platform from AVEVA.
The solution was so successful that Claire Dickson, CIO of downstream at BP, made the following statement:
"Believe it or not, for the same data set, the same crude, and feedstocks, the same units, what used to take us seven hours to run now takes just over three minutes. I have to admit I didn't really think that we'd get that out of cloud, so it has been quite revolutionary for us."
That was three years ago; meaning that for three years, BP has been able to make their buying decisions in under 4 minutes while some of their competition needed 7 hours to make that same decision.
Agility & Business Continuity
The BP success story highlights ability to react quickly.
In a volatile market, conditions change quickly. The ability to make decisions quickly, before your competition, is agility.
Implementing technology that allows you to react quickly to changing market conditions is the first step to business continuity.
Take your first step by signing up for the free 90-day trial of AVEVA Unified Supply Chain.