Minimizing Project Downtime Can Sometimes Be at Odds with Sourcing the Vendors Required to Keep the Project Up - Workrise Can Help
Maximizing profitability and minimizing rig downtime is the key challenge for operations leaders in Oil & Gas. This challenge is exacerbated when an unexpected need for a new vendor arises.
Quickly sourcing the right vendor can be extremely challenging, especially considering the often lengthy Master Service Agreement (MSA) negotiations and time spent ensuring vendors are compliant. This is before you consider time spent onboarding new vendors.
Any such delays can increase the risks of extended periods of downtime, which reduces profitability. Studies have shown that the cost of a delay to a project can be up to 15 per cent of the overall capital cost in the first year.
The Challenge of Finding New Vendors
In their quest to keep projects up, often a need for a new vendor may arise but finding new vendors can be a particularly painful exercise for operations leaders. While they have existing relationships in many categories, if a new category of work comes up or work in a new location they may not know vendors that can perform the work. This means operations leaders have to find someone new.
The process of sourcing a vendor who has the ability to do the work where they need the work to be done is a feat in and of itself. Once they find the new vendor, operations leaders then have to run the supply chain and procurement gauntlet to get that vendor working.
Supply chain teams need to ensure that the vendor has the right compliance requirements, they have to train that vendor, the vendor must have the right insurance, and the list goes on. It can take up to 6 months to onboard a new vendor and that's 6 months where a project can be at risk of downtime.
Workrise Helps Eliminate These Challenges
Partnering with Workrise makes sourcing, onboarding and managing vendors easier, faster and safer. Operations leaders can not only better understand who they have access to already but they can more quickly and easily onboard new vendors.
Easier visibility into Approved Vendor Lists
With many operators vendor lists being dispersed across regions, departments and categories it is sometimes difficult to see who is available. Workrise gives operations teams more visibility into who is available, the services they provide and the regions they’re in a one view.
Better access to new vendors that meet requirements
Workrise can provide access to hundreds of vendors that have been vetted and screened. Operations leaders can filter these vendors by region, by service category, and more. Eliminating the time it takes to find new vendors when they need them.
Negotiating MSAs can be extremely time-consuming and increases the risk of unnecessary downtime – Workrise can finalize the MSA process in days rather than months.
With Workrise, operations leaders can plan projects more accurately, as well as make more precise forecasts and get a clearer overview of project resourcing all while staying compliant.
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