This client manufactures and leases standard and customized fluid conditioners designed to reduce paraffin and mineral scale from settling in production tubing. Their business model entails leasing their proprietary-technology-based units to oil well operators comprising of a large-scale installed base in US and Canada. Their objective was to implement a software solution that would centralize asset-based activity with related transactions and provide complete visibility.
Challenges and Opportunity
The existing methods and processes used to capture transactions, manage the installed base information, and track product/units inventory required significant manual efforts—transactions and sources of information were decentralized, which limited access within the organization.
The decentralized sources of information restricted their ability to capture and manage transactions in the field and back office efficiently and provide easy access to essential installed-base activity. Installed-base and inventory information resided in various lists and data sources. One of their challenges was the amount of work required to accurately track and manage the locations and transfers of the installed units. Pricing structure and promotions of new product leases were recorded for each transaction manually. Communication from customers on unit installations needed improvement to reduce lag time between install time and time recorded for billing. As in any business, our client was interested in reducing invoicing and payment delays to expedite receipt of cash by improving data accuracy. They also needed easy access to inventories stored in warehouses and field stocking locations held by field representatives. Although they managed the day-to-day business requirements with the existing methods and processes, they realized that to gain significant efficiencies, they needed to centralize all transactions and information digitally onto one software platform.
Our client needed a single-platform software solution that would give them complete visibility of the installed base by customer, well-site, and unit information and location. Easily record transfers of units within its installed base and record new units’ leases and installations. It was also necessary to capture the history of each unit, including replacement information.
After reviewing our client’s processes and workflows, we collaboratively configured a centralized solution using our cloud-based SaaS FieldEquip field service management platform. With FieldEquip’s feature-rich portfolio, we digitally streamlined field transactions by providing field representatives transaction-reporting capabilities via our intuitive mobile app. FieldEquip’s mobile app gives them access to inventory data to eliminate discrepancies between the system’s data and actual physical inventory. By enabling field representatives to record installations in real-time, it prevents the possibility of any missed revenue due to reporting and invoicing delays.
All field units’ transactional activity and inventory data are managed in FieldEquip, centralizing our client’s processes and workflows onto one platform. In addition to digitally automating several processes, today, FieldEquip provides our client the pricing flexibility (standard, negotiated, or discounted) that they were looking for from a system. Pricing for additional units leased by a customer is automatically processed based on pre-established pricing stored in FieldEquip. Our solution has provided our client centralized access to business-essential information to accurately track leased products/units, capture field transactions, and, more importantly, generate prompt error-free customer invoices.
With FieldEquip, we have provided our client the perfect solution, which has gained them significant efficiencies in field workflows and back-office administrative activities.
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