Supply chain management is not new – to varying degrees it’s the tool used to ensure critical production needs are met, costs are managed and processes are streamlined. There is no discrimination based on size, or which segment of the industry your business occupies.With few exceptions, this is still largely managed as a procurement and cost control issue in the energy sector. Consideration of SR issues widens the court, and demands a new approach as we enter 2023.
Although the type of obstacles vary depending on factors such as location and depth of geological, technical and operational knowledge and nature of operating unit, challenges can creep into any part of the supply chain and create problems with ripple effects, whether it’s with delivery of in-bound materials or spare parts prior to demanding project schedule.
With boom in digitalization, IOTs and online platforms, Procurement and Supply chain management (PSCM) in energy markets has evolved significantly over the past 20 years yet many organizations fail to execute their operating model towards peak efficiency and reinforce their objectives regarding cost reduction and efficiency.
According to the Harvard Business Review, purchased products and services account for more than 50 percent of the average energy company’s total costs. Thus, even a 5 percent reduction in purchase costs can result in a significant increase in the profit margin for O&G / Energy companies. It’s also important to have complete visibility into the suppliers’ practices to make sure they remains compliant with security requirements, GMP regulations, and environmental policies.
The 4th Annual Forum on Procurement and Supply Chain for the O&G and Energy Industry will address the most relevant concerns about developing innovative sources, supply chain strategies and procurement, which will benchmark attendees toward success in competitive market. We will also examine strategies, best tools & techniques to optimally manage complicated supply chains, while delivering quality assurance.
Some of the highlights of two day summit include:
- Demand forecasting in the middle of a global pandemic
- Dealing with Increasing freight prices
- Digital transformation in supply chain
- Influence of Supply Chain and Category Management in Material Management.
- Reduce PSCM costs with strategic thinking tools
- Supply Chain and contract performance excellence
- Diversify sourcing in your supply chain strategy
- Success factors in creating a high- performing supply chain
- PSCM and data Compliance challenges