If you work in Energy and Natural Resources, you'll be aware of the multiple challenges the industry is facing. Climate issues, price volatility, and decarbonisation mean traditional ways of doing business are fading fast, not to mention the move towards electric vehicles – the UK government has vowed to phase out petrol and diesel cars by 2040 – and uncertainty caused by Brexit.
SAP Concur Specialist for Energy and Natural Resources, Dan Phillips, says, “Changing environmental regulations, safety and security, and crew movement to new locations are all key challenges.” Plus, changes in the energy landscape are transforming energy law, leaving businesses in the sector with new regulations to get their heads around.
Search for Innovation
What consumers are looking for is changing too. Green and smart home tech trends mean innovative energy-related products like smartphone-operated thermostats and new storage battery options are all the rage. As PWC's Power and Utilities Trends report 2017 puts it, 'Everywhere in the industrialised world, the electric power and utilities sector finds itself pulled to economise and pushed to innovate'.
But challenges also mean opportunities, and confidence in the sector is growing. According to Bank of Scotland's Oil and Gas report 2017, half of oil and gas firms are planning for growth and job cuts in the industry are slowing.
Seize Opportunities with Connected Spend
Connecting spend can help your businesses take advantage of the opportunities on offer. The energy and natural resources sector works on a global scale, which means multiple suppliers are spread across the world. Connected spend joins up travel, invoice and expense management processes in all your business locations around the world, giving you greater visibility and control.
"Organisations need to manage tax implications and the risk arising from operating in certain markets. Companies often don’t have the in-house expertise or resource to manage this, but SAP Concur can connect data to a wider ecosystem of partners to deliver new solutions and greater value – such as managing cross border tax and risk management.” – Daniel Phillips, SAP Concur Specialist for Energy and Natural Resources.
Boost Recruitment and Retention
Bank of Scotland reports more than half (55%) of oil and gas companies plan to increase their overall head count in the year to June 2018. And according to PWC's 2017 Oil and Gas Trends report there's a need to recruit and retain new talent to ensure long-term success. That means getting on board with the younger generation. The report says: “Younger employees expect somewhat less traditional workplaces — they are seeking more collaboration and open communication and less top-down decision making.”
SAP Concur is a great example of the seamless technology the younger generation has come to expect. We support some of the world’s largest energy companies with integration of spend management tools to improve compliance, duty of care and the end user experience. Change doesn't have to be challenging, it can be empowering with the right technology in place to support you.