Unlocking Value: Accelerating Asset Divestiture in the Oil & Gas Industry
In the heart of the dynamic oil and gas exploration industry, Lantern embarked on a transformative journey with a prominent player in the sector. Tasked with enhancing operational efficiency and compliance, Lantern was entrusted with integrating the cutting-edge Quorum Accounting System (QAS) for our valued client. Quorum, a trusted third-party provider, specializes in accounting software tailored specifically for the oil and gas sector. QAS is a robust platform that streamlines operations, manages oil and gas production, and ensures adherence to industry regulations.
Innovating and Adapting – Catalysts for Digital Leadership
Managing Expectations and Inspiring Teams: In a landscape where ERP vendors often overpromise and underdeliver, Lantern learned the importance of meticulous planning when bidding for support. We assembled a team of individuals whose collective spirit fueled creativity, engagement, and collaboration – driving innovation through their work.
Scalable Data Model for Digital Transformation: The success of this project highlighted the potential to leverage our data model for other Quorum customers, demonstrating Lantern’s dedication to creating adaptable and forward-thinking solutions. This scalability is at the core of our digital transformation efforts.
Tailored Solutions for Digital Leadership: Our client, while adopting QAS, aimed to align it with their unique processes rather than adhering strictly to industry practices. This bespoke approach ensured that QAS seamlessly integrated with their operations, laying the foundation for Digital Leadership.
AFE System Enhancement: Lantern identified that our client’s AFE (Authorization for Expenditure) system outperformed Quorum in robustness, showcasing the importance of optimizing existing solutions in their journey toward Digital Leadership.
Valuable Lessons
Lantern learned the importance of a sequential approach to project execution. Devoting adequate time for each phase, such as completing the ERP solution before focusing on the Data Warehouse solution, proved to be more effective in achieving Digital Transformation.
Successfully executing this project required a blend of expertise in both old and new accounting systems. Collaboration with multiple vendors highlighted the significance of comprehensive knowledge in the industry, a cornerstone of Digital Leadership.
This project extended beyond a simple system upgrade. It encompassed data conversion, AFE integration, and other crucial components, reaffirming the complexity and depth of Lantern’s capabilities in driving Digital Leadership.
In partnership with our client, Lantern embarked on this journey to enhance operational efficiency, ensuring that our client’s unique processes and strengths were integrated seamlessly with the powerful Quorum Accounting System. This case exemplifies Lantern’s commitment to delivering tailored solutions that empower organizations to excel in their respective domains through Digital Leadership and Transformation.