Ability to effectively manage parts and consumables can easily turn into a competitive advantage for any Oilfield Rentals and Services company when they decide to invest into a tracking system that works. Real-time monitoring of the incoming and outgoing inventory allows to plan and do oilfield job dispatch right, avoid lost time spent to maintain the inventory data up-to-date manually, and improve cashflow by eliminated unnecessary purchases of parts and consumables that may not be ordered at all.

There are two types of inventory items that can be tracked in RigER: Goods and Materials. They accommodate various types that a company might have, like goods, materials, consumables, supplies, parts, etc. After setting up each part of the inventory in the system, you will be able to have full control over your inventory items, i.e. you can consume, move, sell, track inventory, generate reports and get notified if any of them are low in stock.

Let’s see how inventory can be managed in RigER.

webinar

Note: to be able to utilize any parts or consumables in RigER you will need to ‘purchase’ them in the system first. By purchasing parts in the system you bring them into the stock and they will reflected on the dashboard, which is a dynamic list of rental assets and inventory items.

It is important to know how many of which consumable items are left in stock to understand if more need to be purchased as purchase and delivery process might take up to several weeks. In RigER you can set the safety stock amount in every single item cart and you will be notified whenever stock reaches that number. And, you can always generate a report showing all items that need to be reordered.

So, how exactly do you “consume” inventory in RigER? By “consumption” we mean that the system will write off the quantity of the parts used from the overall stock in the inventory. The inventory is consumed within the following documents in RigER:
  • RSA (Rental Service Agreement)
  • Rental Ticket
  • Field Ticket
  • Repair Ticket
Inventory Dashboard

You can also move goods, materials, parts and other consumables between different shops, yards and warehouses using the inter-company transfer feature of RigER. You may sell the inventory out of RigER using Sales Order.

Here’s the reports that will help make most of Inventory Management in RigER:
  1. Weekly equipment report – shows you all the information you need about your inventory on a weekly basis;
  2. Grossing profit margin report – shows the actual profit margin that you get from your inventory;
  3. Inventory on hand report – shows all available on-hand inventory;
  4. Inventory purchases – provides you with all the information regarding purchases of every single piece of inventory;
  5. Inventory sales report – shows sold pieces of inventory;
  6. Inventory turnover report – shows balances of every single piece of inventory broken down by the date, the document type that was used and the location.

Click on the video link above to watch full webinar on the Inventory Management in RigER. Or you can always book a FREE personalized demo by filling out a form.

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See how with RigER you can:

Manage Equipment Rental Operations

  • Generate Oilfield Rental Invoices in 24 hours!
  • Know Where your Rental Fleet and Field Team is
  • Schedule Oilfield Service Instantly
  • Dispatch Rental Fleet Faster

Be Always in Control

  • See Full Picture and Make Data-driven Decisions
  • Streamline Business Processes and Supporting Documentation
  • Solve Business Challenges (Sales, Service, Revenue)
  • Analyse Performance on Ongoing Basis