Pete Waldroop, CEO
In the coming decade, several aspects—an aging workforce, the rise of millennials, budget shortfalls, and ballooning costs of software solutions and services—could reshape the way the energy sector operates. But the amplification of digital technologies is likely to be the most imperative factor of all. Oil and gas companies across the world are in the midst of a massive transformation as they endeavor to upgrade their traditional on-premises software solutions to the modern cloud-based digital systems. However, revamping long-established processes can be quite an intricate and expensive journey. This is where Waterfield Energy has been instrumental in helping oil and gas companies lead the innovation curve by offering a suite of cloud-based solutions. Playing a major role in providing low total cost of ownership and outstanding customer service, Waterfield serves as a go-to technology solutions provider for the modern energy sector.
“At Waterfield Energy, our mission is simple: to help clients improve performance and operational effectiveness throughout the value chain,” says Pete Waldroop, CEO of Waterfield. The company makes this possible through their fully-integrated, cloud-based software systems that help manage all facets of accounting and transaction management for upstream and midstream verticals of the oil and gas industry. While Waterfield’s applications can be deployed on-premises, over 60 percent are deployed on the could.
What makes Waterfield’s solutions 'out-of-the-ordinary' is the fact that they were completely built in a cloud environment, unlike many other software solutions in the energy space that were initially designed in a traditional on-premise setup and later migrated to the cloud. Coupled with that, the software also boasts unprecedented visibility into its functions and calculations, helping users comprehend how the system calculates its results—thereby removing any kind of 'black box' from the solution.
Our mission is simple: to help clients improve performance and operational effectiveness throughout the value chain
With Waterfield’s upstream suite of solutions, oil and gas companies can gain complete functionality for contract management, revenue accounting, cost accounting, financial accounting, financial accruals, land management, and volume balancing capabilities. The uniqueness of this software, however, is not just accomplishing tasks efficiently but also analyzing the processes that go into carrying out the tasks. “Millennials today want to probe deeper into each of the tasks, and we provide them the functionality to do so,” mentions Waldroop.
While putting the solution into practice, Waldroop notes that every implementation process is quite unique. It usually begins with a thorough review of existing business processes and detailed requirements gathering. “Our approach is consultative in nature,” continues Waldroop. The motive is not only to implement the software but also provide in-depth training to ensure seamless knowledge transfer for rapid user adoption. Additionally, through extensive documentation, training materials, and on-going support, Waterfield builds a long-term relationship with all their clients—one of the many reasons why Waterfield’s customers rave about working with them.
Waterfield’s robustness can be further articulated through their success with an energy company. With an aim to enhance the performance of its business processes, the client implemented Waterfield’s suite of solutions. The results were startling: processes which previously took 18 hours to complete can now be accomplished in five minutes. “The company was so impressed with the outcome that they doubted whether something was wrong with our solutions,” states Waldroop.
“Our focus on being, not just another vendor, but a great long-term partner with our clients in the energy sector has helped us attain a reputable position in the marketplace today,” says Waldroop. Following this trajectory of success, the company now intends to enter phase two of its growth cycle through an acquisition approach. The aim is to cater to millennials and generation Z of the energy sector with more powerful and robust cloud-based enterprise solutions.