7 ways to boost oilfield rentals
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DESCRIPTIONRigER, an oilfield rental operations management software, was presented at Global Petroleum Show 2014 #GPS14. The presentation on topic 7 Ways to Boost Oilfield Rentals discusses the key aspects of successful oilfield rental business. Areas of focus will include cash flow improvement and software implementation questions. It was open discussion points on the common issues that arise with Oilfield Rentals including Key Oilfield Rentals Challenges How it can Effect Rental Business Cash Flow and Operating Cycle Accurate and Fast Invoicing Cost Reduction and Minimum Paperwork Real-time Reporting Supporting Better Decisions Michael Maltsev, RigER Product Manager, will also address the importance of customization of selected software based on specific needs.
- 1. 2014 riger.ca Confidential and Proprietary Information. BelcaSoft and RigER name and logos are trademarks of Belca Soft Corporation All other product or service names are the property of their respective owners Confidential and Proprietary Information. BelcaSoft and RigER name and logos are trademarks of Belca Soft Corporation All other product or service names are the property of their respective owners
2. 2014 riger.ca Oil and Gas Equipment Telecom Equipment Drilling and Servicing Rigs Mobile Trailers and Camps General Equipment Tanks and Sewage Systems Other. Need Specific Installation or Service Usage: Rigs, Camps, Wellsites Daily Rental Rate Locations: LSD, Downhole, Well 3. Tracking Service Requests Fields Jobs Schedule and Management Equipment Tracking Retrieving Daily Paperwork from Field Technicians Delays in Invoicing Inaccurate Invoicing Operations Performance Analysis 2014 riger.ca 4. External Factors Marketplace Competitors Clients Innovations / Products Internal Factors 2014 riger.ca 5. 2014 riger.ca Operator Dispatcher Accountant Operations Manager FT FT FT FT 6. Slow Invoicing Paperwork Headache Undefined procedures Risk of Key Persons Quit Poor Reporting Weak Visibility No Scalability Hard to Grow! 2014 riger.ca 7. 2014 riger.ca Clients Service Request Field Service Invoicing Clients Payment Dispatch *DSO - Days Sales Outstanding DelayDelay Operating Cycle (75-77 days) Average DSO* 60 days 10-12 Days Financial Cycle (70-72 days) Cash Flow DelayDelay 8. Delays in Invoicing Revenue - 10M Average Delay 10 Days Interest rate 5% Losses - $ 13,700 2014 riger.ca Lost of Equipment Rental Fleet 500 Units Average Unit Cost 6K Lost per year 0,5% Losses - $ 15,000 Double Entries Overhead $ 50,000 Total $ 78,700 Some Examples 9. 1. Invoice Accurate and Faster 2. Organize Critical Business Data 3. Improve Fleet Management 4. Protect Assets 5. Enhance Respond Time 6. Measure Operations Performance 7. Build One Transparent System 2014 riger.ca 10. RigER: Next Day Invoicing 2014 riger.ca Slow Invoicing Paper Base Systems MS Excel Spreadsheets Errors in Paperwork Double Entries Combine Services By Client By LSD With Specific Customer PO Calculate Rentals Days Automatically By Each Unit 11. RigER Saves Operational Data 2014 riger.ca Key Personnel Quits with Critical Business Info Procedures Descriptions Unclear Business Processes Lost Sensitive Business Data Broken Pace CRM Saves Clients Data Name, Phone, E-mail of all Client contacts: Engineers, Rig Managers, Superintendents LSD code Client Location Direction Equipment Groups Serial Numbers Type (for prices) Vendor 12. RigER Manages Your Fleet 2014 riger.ca Inefficient Fleet Utilization Large Fleet Size Fleet Geo Allocation Units Mismanagement Low Utilization Know Fleet Utilization by Groups, Types, Items Equipment by type for price-lists and clients discounts Item Availability status: In-Stock Deployed Repair Damaged Lost Equipment Utilization by Groups, Types, Serial Numbers, Vendors 13. RigER Protects Your Assets 2014 riger.ca Lost or Damage Rental Units Field Service Specific Client Long-term Relationships No Tracking of Equipment Moving Lost Field Tickets or Paperwork Equipment Tracking: Purchase, Moving, Deployment, Damage, Repair, Assembling Kits Unit Reports: Locations, Usage, Movement History 14. RigER: Faster, Accurate, Efficient 2014 riger.ca Slow Answer for Client Request MS Excel Spreadsheets Slow Processing Delays and Errors No Actual Info Available Time Sensitive RFPs Create service request in seconds for ongoing capture of costs and revenues associated with the job Use laptops or tablet to access to critical business data Never miss a revenue item again! 15. RigER Controls Operation Results 2014 riger.ca Manual Reporting Time Consuming No Personal KPIs Poor Feedback No Objective Bonuses Base Management Dashboards Configurable KPI Dynamic Reports Special Operations Reports: Jobs, Mileage, Client, Location, Area, Field Technician,Regular Performance Measurement Increases Operation Efficiency by 10% 16. RigER: One Answer for Many Questions 2014 riger.ca Different systems Paper-Base Systems MS Excel Spreadsheets MS Access QuickBooks Other Software Double or Triple Entering Multiple Sources of Truth Inventory Control and Equipment Management Field Service Management Daily Tracking and Reporting Performance Analysis Scalability Visibility and Transparency 17. 1. Model Blueprint 2. Configuration 3. Testing 4. Setup and Training 5. Going on-Live 6. Support 7. Future development 2014 riger.ca RigER can be configured for any number of users and combination of customized optional components. There are 3 versions of software: Desktop, Cloud, and Private Cloud. www.riger.ca 18. email@example.com www.riger.ca (403) 918-5779 2014 riger.ca 19. 1. Invoice Accurate and Faster 2. Organize Critical Business Data 3. Improve Fleet Management 4. Protect Assets 5. Enhance Respond Time 6. Measure Operations Performance 7. Build One Transparent System 2014 riger.ca Be Prepared for Next Level! 20. 2014 riger.ca firstname.lastname@example.org (403) 918-5779