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Precision Drilling Ditches Excel for Inventory Control

With 226 drilling rigs, 229 service rigs, and 28 snubbing units, tracking inventory at Precision Drilling is no small task. Despite the incredible volume of work Precision Drilling completed, they were still using Excel for inventory control. These spreadsheets were ill-suited to the task and led to an incredible amount of administrative time lost. • Manually Updated Inventory in a Complex Process Precision-Drilling-3aEach of Precision Drilling’s inventory items needed to be tracked down to minute details, including: age, availability, and usage. Every time an item required updating, it had to be done manually within the Excel spreadsheet. Inventory counts were updated manually as were item locations; simply finding information was incredibly difficult and time consuming. Even more frustrating for those relying on the information – the details could not be guaranteed accurate because it was so difficult to manage. Additionally, two, complete business days a month were often spent trying to update and manage the Excel spreadsheet. Precision Drilling attempted to upgrade their process but found the solutions available too complex and difficult to use. The SAP enterprise resource planning system would have managed their inventory, but it was complicated and did more than the company really desired. They wanted a streamlined, elegant solution to their issues so they could properly manage their $2 million in physical inventory. • Inventory Control Provided Everything Precision Drilling Needed A switch to Wasp Inventory Control significantly reduced the administrative burden for Precision Drilling and ensured the accuracy of their inventory. Unnecessary shipping and equipment expenses were removed entirely, leading to reduced equipment costs. Precision-Drilling-2Prior to the adoption of Inventory Control, parts were ordered even when they were not necessary. A single part could run the company $5,000 to $6,000 more than they needed to spend. By implementing Inventory Control, the company now orders parts when they need them to arrive rather than having to pay additional shipping costs to rush order the parts at the last minute. These rushed orders cost a significant amount of money for the company and wer avoided through proper inventory management. Inventory Control reduced the amount of time spent managing inventory on a company-wide level. Parts no longer had to be searched for; the system could report exactly where they were. Precision Drilling achieved positive ROI within six months and saved a total of two days per month in inventory tracking. The 11 technicians in Precision Drilling complete their work in a more efficient and effective manner. Precision-Drilling-4 The inventory solutions provided by Wasp offer an easy, streamlined method of managing inventory items. Rather than purchasing and implementing a more expensive and complicated system to manage inventory – one typically used by larger companies – small businesses are able to easily and accurately track their consumables without significant changes to their inventory processes. Companies with significant money invested in consumable inventory, such as Precision Drilling, who find Excel no longer meets their inventory tracking needs, will experience the benefits provided by an automated inventory solution; including lowering costs and eliminating the time wasted using a manual tracking method.