Terraoil Swiss, an international oil exploration and production company has implemented VIENNA Advantage Enterprise Cloud ERP, an industry-leading Enterprise Resource Planning System, to transform the company’s business operations, allowing it to achieve operational excellence and meeting local and international industry standards. This oil and gas success story is one of the many recent examples that talk about the undergoing digital transformation of the oil and gas industry.
The new ERP technology involves the utilization of a cloud-based ERP platform that offers substantial business advantages including high level tracking capabilities, improvement of automated data and financial information providing the company with the flexibility to concentrate on core operations. The insights into financial data will not only promote cost efficiency and improve the financial productivity but also assist the company to meet accounting standards such as IFRS.
Terraoil has been working diligently with VIENNA Advantage to ensure a smooth transition and rolled out the system in phases, beginning with its Swiss headquarters in Zug. All entities will be operating under the VIENNA Advantage Cloud ERP System for 2021 onward.
Terraoil’s CFO, Bill Cummins was interviewed by VIENNA Advantage. Click here to watch the full oil and gas success story.
Why oil and gas organizations should migrate to the cloud?
Most organizations across different industries are migrating to the cloud now and rightly so. In a relentless effort to digitize business, organizations are turning to cloud technologies and moving away from legacy phasing in and out technologies. The manifold benefits of migrating to the cloud include maximizing asset production and democratization of data – making data universally accessible, facilitating a well structured management of business processes – all stemming from the complete digitization of the organization on the cloud.
The Oil and Gas sector however is far from being ideal in the path to complete digitization. In spite of efforts to digitize, the sector at large is lagging behind.
Embracing a new technology is no longer a luxury, it has become the norm. While the Oil and Gas sector has had a slow start, now is the time to act. This is the opportunity for organizations to scale their operations and have an impact on the market. With technology becoming more affordable, all these businesses need is a clear road map that will make the implementation process less cumbersome and more efficient. VIENNA Advantage Cloud ERP provides Oil and Gas companies all this and much more. To learn more about our product and the value it brings your business contact us today.