The oil industry heavily depends on quality supply chain management. The reason is simple: the industry is deeply integrated into a global supply chain, and it requires seamless integration of all supply chain management techniques to operate effectively. ADMA-OPCO is the company with 50 years of history of the successful offshore oil extraction operations that develops and evolves according to the needs of the modern oil industry (ADMA-OPCO para. 1). The company is also successful in applying the most advanced project management techniques needed to assure the company’s success on the market (Stettina & Horz 147). Contemporary technologies provide the managers with numerous opportunities to initialize, develop, implement, and control a project and the process of its implementation.
We will write a custom Essay on Abu Dhabi Marine Operating Company’s Management specifically for you
301 certified writers online
ADMA-OPCO utilizes an agile approach to managing its current and future projects because it is the most suitable instrument considering the speed of changes in the modern world (Ren, Yeo & Ren 85; Sharifi, Ismail & Reid 1080). Alternative energy sources, various global trends, and emerging conflicts in the oil extraction areas, the ongoing political tension in the Eastern Region, and other issues make oil companies watch the quickly changing trends very attentively.
The major challenges in managing supply chain projects today are keeping the balance between the stock and procured materials/products, assuring the timely and correct just-in-time purchasing, and agile global sourcing (Porananond & Thawesaengskulthai 110; Schindler & Eppler 220). It is important to have competent and experienced personnel as well as senior management who would be ready the respond to the upcoming issues accordingly. ADMA-OPCO hires only the best professionals in this area to assure the steady development of the company.
Today, ADMA-OPCO’s supply chain management operations assure the appropriate procurement services and control over the inventory via the Enterprise Resource Planning (ERP) system, MAXIMO (ADMA-OPCO para. 4). The system allows us to manage the requirements for materials’ supplies, control the available stock, and control the spares the company has at the central base of supplies at Mussafah and several other warehouses that are located nearby. Additionally, MAXIMO is used to maintain data in catalogs to ensure that all materials have appropriate specifications, and they are procured according to the correct procedure (ADMA-OPCO para. 4). The company has substantial experience in the oil industry, and it is capable of creating an effective supply chain management model.
Strategic procurement is one of the techniques worthy of the attention of modern supply chain managers. It proposes to include procurement to the early stages of the project management to guarantee its timely execution (Azambuja, Ponticelli & O’Brien 4). Time is essential for the oil industry when it comes to the prices’ deviations in the global market. The company must be ready for the changes in the Organization of the Petroleum Exporting Countries (OPEC) policies regarding the quotas for oil extraction and foresee the potential outcomes for the business.
Project management and supply chain management are the strategic areas for the company involved in the oil industry. ADMA-OPCO is one of the main players on the offshore oil extraction market in the region, so it has to be among the leaders in the project and supply chain management as well. To achieve such a position, the company has to apply the best available techniques and use the most advanced planning systems like MAXIMO. The key to success is to develop constantly and adapt to the quickly changing situation on the market.
ADMA-OPCO 2012, Introduction. Web.
Azambuja, M, Ponticelli, S & O’Brien, WJ 2014, ‘Strategic procurement practices for the industrial supply chain’, Journal of Construction Engineering and Management, vol. 140, no. 7, pp. 1-4. Web.
Porananond, D & Thawesaengskulthai, N 2014, ‘Risk management for new product development projects in the food industry ‘, Journal of Engineering, Project, and Production Management, vol. 4, no. 2, pp. 99-113. Web.
Ren, Y, Yeo, KT & Ren, Y 2014, ‘Risk management capability maturity and performance of complex product and system (CoPS) projects with an Asian perspective’, Journal of Engineering, Project, and Production Management, vol. 4, no. 2, pp. 81-98. Web.
Schindler, M & Eppler, MJ 2003, ‘Harvesting project knowledge: a review of project learning methods and success factors’, International Journal of Project Management, vol. 21, pp. 219–228. Web.
Sharifi, H, Ismail, HS & Reid, I 2006, ‘Achieving agility in the supply chain through simultaneous “design of” and “design for” supply chain’, Journal of Manufacturing Technology Management, vol. 17, no. 8, pp. 1078-1098. Web.
Stettina, CJ & Horz, J 2015, ‘Agile portfolio management: an empirical perspective on the practice in use’, International Journal of Project Management, vol. 33, pp. 140–152. Web.