Though ESG investing has impacted the oil and gas industry greatly, there are ways to address those concerns for a secure future. Assuaging these concerns and adhering to compliance standards set by ESG is made simple with the right compliance software.
Ensure Company Longevity Even with ESG Investment Influence
ESG, often referred to as sustainability, represents activities a company does in order to increase its long-term value. However, ESG and sustainability shouldn’t be entirely confused with environmentalism. Human capital, social capital, innovation, and leadership initiatives are also considered sustainability efforts.
This fact helps propel the notion that even if the ESG impacts on oil and gas industry are heavy, it doesn’t mean the industries are defunct. Using the oil and gas industry to help alleviate social hardships and provide leadership opportunities is equally important as environmental aspects.
Managing these initiatives and constantly changing regulations is much easier with a compliance management system like Accupoint Software. With our software, ESG impacts on the oil and gas industry are manageable, ensuring the longevity and profitability of your company.
Attract Investments by Understanding Compliance
It’s clear the Energy Transition is happening, and that shouldn’t be ignored. ESG impacts on the oil and gas industry are furthering that transition quickly. But some companies are taking charge of their ESG profiles in a way that attracts investment.
ConocoPhillips recently acquired drilling company Concho Resources for $9.7 billion. With this acquisition, the company focuses on lessening environment impact by means of cutting emission and flaring. This is a prime example of the many ways oil and gas can remain relevant, in power, and sustainable by adhering to ESG demands.
Understanding the legal, expected, and possible ways of adhering to ESG demands is simple with a compliance software. With it, you can focus your oil and gas company towards a financially safe future without the risk.
Oil and Gas Are Here to Stay
The world is still heavily reliant on the oil and gas industry as an energy provider, and that isn’t changing anytime soon. There are great strides towards green energy and a conversion from fossil fuels to renewables, but what’s most important to investors is still the bottom line. There’s a lot of money to be made here, even with ESG impacts on the oil and gas industry.
Right now, finding the middle ground between adhering to ESG responsibilities and increasing revenue is where success lies. If a company can find their footing here, there’s no reason future decades won’t be profitable.
Using Accupoint Software to comply with ESG on oil and gas is the best solution for any company in the industry. You can easily monitor, assess, and comply with regulations and initiatives that will propel you further into profitability.
For more information on how we can help you manage your ESG initiatives, contact us today.
Specifically, the standard requires us to document the actions taken to to enhance customer satisfaction, such as improvements to products and/or services. This means that continual improvement must be a management mindset, centered around creating procedures and processes that grow into day-to-day practices that are carried to completion time and time again.
This process is dependent on effectively collecting customer and employee feedback and applying those evaluations to products and services. One of the best ways to do this is to utilize software-based management tools that track point of contact communications with customers and vendors and encourage and facilitate strong record keeping practices that centralize customer feedback.
Good response feedback should include open ended questions such as “Was the response successful?” or “What process should be improved?” Such data can be an invaluable asset when deciding what improvements can be made to any service or product. Beyond meeting the requirements, approaching the process in this way generates customer satisfaction and promotes long-term relationships.
For more information on how Accupoint Software can help your business promote continual improvement efforts, please contact us today.
In June 2018, API released Q1, 9th Edition, Addendum 2. Addendum 2 focused on supply chain controls, specifically on multi-tier suppliers. It expanded the definitions to included associated (tier 2 & 3) level suppliers essential for product realization.
The long-awaited 10th edition update is currently being finalized, and is expected to be released in the coming months. The new edition will contain some significant changes and will require companies to review their current programs for conformity. Additionally, the new requirments will impact existing API Product specifications as well.
Accupoint Software’s InterLink platform provides users with an innovate, web-based tool to manage all aspects of the new API Q1 requirements. With over 54 integrated modules, our InterLink framework delivers a well-structured and formalized method to minimize risks, improve operational efficiency and meet customer requirements for product quality.
For more information, or to schedule a platform demonstration of our Interlink API Q1 software, please contact us today.
The sections under this certification aim at reducing nonconformity in the execution of a service. Accupoint provides a flexible API Spec Q2 QMS software that enables oilfield service suppliers to comply with the requirements of the certification.
Service companies with the API Spec Q2 QMS software can enjoy several empirical advantages. Like the Q1 certification, this software provides a structured approach to quality management in the service sector. Moreover, the system facilitates operational efficiency in the delivery of services, productivity, and reliability for the customers. Thus, the company can achieve customer satisfaction by meeting their requirements as directed by the API Spec Q2 standards. Many companies in the product sector in oil and gas industry are already familiar with the API Spec Q1 certification. A service company having the API Spec Q2 certification is likely to increase the confidence to its customers and consequently access new markets. New markets translate to increased market share and revenue.
For more information on how Accupoint Software can help you attain certification to the API Spec Q2 standard, please schedule a demo or contact us today.