With oil supply sources growing, especially in the US, oil prices have been on a steady decline — hitting lows the industry hasn’t seen in decades.
This is different than downturns in the past, driven by an overall economic slowdown and effecting all industries. In that case, all companies rode the ebb and flow together, waiting for the tide to rise.
Oil companies are uniquely facing this decline, and therefore have to work harder to compete with each other — or even stay afloat. With no upturn coming soon, oil companies will benefit from making quick decisions and finding ways to minimize expenses as soon as they can.
By mitigating losses, oil companies can make the most of income streams, navigate today’s challenges and be ready for tomorrow’s economy.
How can The WFC Group and Kronos software help lessen the burden of this nation-wide issue?
Real-time and detailed data, such as that provided by Kronos’ Workforce Activities, gives oil companies the exact information they need to make those critical decisions.
Tracking every shift and every project — from exploration sites, production sites and more — helps oil companies understand which areas are being most efficient and which are costing them the most.
They can shut down or move rigs, refineries, plants or distribution centers that aren’t meeting income goals. By comparing what’s working with what’s not working, oil companies know exactly which departments or projects they need to cancel or change.
Kronos’ Workforce Analytics gives oil companies exact information on their labor force, to build a broader picture of productivities and expenses. They can compare this live information with budgets, to ensure that numbers line up and goals are met. It also allows oil companies to plan for the future.
Instead of waiting for weeks and months to see what happens, and then suddenly trying to make major changes to save money, oil companies can make little pivots and edits along the way to stay within financial goals.
Making workforce decisions is never easy, but having exact statistics takes the emotion out of the equation. Tightening up overhead will save oil companies money today - and give them the boost they need to survive this downturn.
Does your oil company need workforce management assistance? The WFC Group has years of experience in all energy industries – we can help you implement software to better track how, where and why your employees work the way they do, increasing efficiency in all areas of your business. Contact us, today.