New York, February 5, 2015 – Capgemini, one of the world’s foremost providers of consulting, technology and outsourcing services, today announced the availability of the cloud-based version of its industry-leading READYUpstream solution for upstream exploration and production (E&P) companies. The solution leverages the latest SAP® software technology, and is a qualified SAP Business All-in-One partner solution designed specifically to help streamline finance, accounting and operations processes for upstream E&P companies. Capgemini also announced that READYUpstream1 is available on the SAP HANA® platform for on-premises or cloud-based deployments. READYUpstream is designed for a rapid and low-risk implementation.
U.S. E&P companies have entered an era of unprecedented production levels due to advances in horizontal drilling and hydraulic fracturing. As a result, these firms are often challenged by processes and systems that lack a central platform to effectively manage financial and operational performance to reflect their new growth-focused business model – challenges that are only exacerbated by recent economic pressures. READYUpstream helps integrate and streamline field operations, finance, and capital management processes into a single, integrated, process-centric platform. This platform, now available on the cloud, provides users with a single view of critical financial and operational data to help effectively manage operations, quickly identify non-profitable assets, and capitalize on assets that may contribute to higher profit margins.
“Upstream companies’ ability to expand their operational footprints and growth has never been stronger, yet now faced with the challenge of containing costs, their internal technology infrastructure and financial analytics platforms are not always easily scalable,” said Carlos Martinez, vice president, Upstream Oil & Gas Leader, Capgemini North America Application Services. “The additional ability to leverage READYUpstream in the cloud combined with the global scale and breadth of Capgemini provides firms the agility to execute their growth initiatives on a scalable platform supported by a team of experienced professionals around the world. All this can be done via Capgemini’s OnePath model, which allows for licensing, implementation services, and operations of the platform in an integrated suite. By provisioning READYUpstream from the cloud, there are limited up-front investments and the solution can grow with these rapidly expanding companies.”
Introduced in 2009 and based on the SAP Business All-in-One application, READYUpstream is one of the most widely used finance, accounting and operations solutions designed specifically for the needs of E&P firms. Many independent oil and gas companies and E&P firms rely on READYUpstream to help achieve higher levels of data and process integration. As a qualified SAP Business All-in-One partner solution, READYUpstream is a preconfigured, industry-specific version of the SAP ERP application combined with SAP Best Practices offerings to enable streamlined operations, lower costs and provide a proven path to growth.
READYUpstream for the cloud provides upstream E&P companies with the financial management and operational platform to become more efficient and increase their operational speed as they evaluate acquisitions, manage costs and profit margins as well as increase process efficiency. The solution serves all areas of upstream oil and gas accounting, including field lease data and production integration, production volume management, revenue accounting, division order, tax and regulatory reporting, financial accounting, joint venture accounting, authorization for expenditures, asset management, operations cost accounting and reporting, and asset management.
“Equipping companies with the tools and technology expertise to consistently get ahead of new market opportunities is the foundation of our long-standing partnership with Capgemini,” said John Tully, senior vice president and managing director, South Region, SAP. “The complex environment E&P companies find themselves in necessitates streamlined processes for viewing critical data sets in real time. Offering a cloud-based version of READYUpstream built leveraging the SAP HANA platform is an added benefit that we anticipate will allow E&P companies to expand business capabilities and expedite decision-making timelines for pursuing new business initiatives.”
READYUpstream provides an integrated operational and financial platform that enables business units to work collectively. As the business evaluates and analyzes information, from well operation data to company financials, READYUpstream helps eliminate operational silos. To achieve the full potential of strategic opportunities, such as the use of unconventional drilling techniques and shale-related initiatives, businesses are implementing standardization, process optimization, and systems integration across their organizations. READYUpstream provides a uniform platform across the entire enterprise that streamlines the business processes and provides higher levels of process standardization, and is being deployed by Capgemini at large, independent oil and gas companies and mid-size E&P firms.
In 2014, Capgemini acquired Strategic Systems & Products Corp. (SSP), a provider of solutions for the upstream oil and gas industry, which included the READYUpstream solution. Since the acquisition, Capgemini has committed to training and adding up to 100 additional READYUpstream consultants to support the solution and to drive the expansion of functionality for the solution. To address the increasing demand for READYUpstream and SAP software-related services, Capgemini established an Upstream Oil & Gas Academy program to train consultants in areas such as production revenue and joint venture accounting, COPAS (Council of Petroleum Accountants Society) rules and unique industry requirements. Capgemini is also expanding the READYUpstream platform to include additional future functionality for upstream analytics, mobile solutions and integration with field data.
With more than 140,000 people in over 40 countries, Capgemini is one of the world’s foremost providers of consulting, technology and outsourcing services. The Group reported 2013 global revenues of EUR 10.1 billion (more than $13 billion USD). Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business Experience™, and draws on Rightshore®, its worldwide delivery model.
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