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Relationship of Rig Scheduling Software & Profit Margins

Rig scheduling is helpful in project planning and project development within the oil and gas industry. Since rigs are expensive, there is a need to be careful when allocating them in the course of any oil and gas project. It also means that the number of available rigs at any one time is limited. Thus it is necessary first to allocate rig with special features to specific projects.

The emergence of rig scheduling software has proven to be more beneficial as compared to the old way of rig scheduling which uses spreadsheets. The key goal of businesses is to reduce expenses and improve their profit margins. Below are the pointers towards the relationship of rig scheduling software and profit margins.

 

moneyReduced Errors thus Improving Profit Margins

The old method of rig scheduling using spreadsheets leaves room for errors either regarding numbers or the formulas being used. On another hand, rig scheduling software automation ensures that the errors are minimal or none.

The presence of errors leads to reduced productivity and underutilization of rigs and sometimes losses meaning that the company does get optimal profits. Therefore, with reduced errors, the results achieved are optimal which improves the profit margins for the company.

 

Rig Scheduling Software Saves Time Increasing Productivity

Rig scheduling software improves the visibility of how rigs are scheduled across the entire company. Thus everyone knows where to find the necessary information, and they can get the information in an instant. This saves the time employees would spend navigating through spreadsheets or enquiring from various departments.

As a result, less time is wasted, and thus the employees spend their time in more productive activities. Increased productivity directly increases the profit margins.

 

Improved Efficiency

In case of corrections in rig scheduling using spreadsheets, the person who prepared the spreadsheet is required to make the corrections. This is because it is hard for others to navigate the spreadsheets. However, since the rig scheduling software is user-friendly, one can easily navigate it even if they are not the ones who prepared it. This improves efficiency as any authorized person can easily make the necessary corrections. It is also faster compared to the use of spreadsheets thus less time is wasted in rescheduling. Improved efficiency, improves results thus increasing the profit margins.

 

softwareAutomated Notifications

Rig scheduling software comes with the option of having automatic notifications. This means that any approvals, permits, maintenance, and other necessary activities related to the rigs are carried out on time. Failure to do this means that there could be penalties or other expenses incurred as a result of not carrying out the activities on time. For example, if maintenance is not done on time, this could lead to expenses as a result of machine damage or even reduced productivity due to breakdown. If expenses and losses are reduced, then the profit margins for the project are improved.

With the above information, it is therefore evident that there is a relationship between the use of the rig scheduling software and the profit margins on a project.…

Understanding Benefits of Bitcoin for Retirement Investments

Recently, IRA ruled that cryptocurrencies have the same value as real currency. This means that you can use it to buy services or goods. It goes further to mention bitcoin as an example of the virtual currency. In fact, thisĀ Bitcoin IRA offers both traditional and roth IRA options. Remember that bitcoin can be traded digitally, exchanged to other currencies and used to purchase goods and services.

The IRS notice is straightforward and clear. This is because you can exchange bitcoin for U.S. dollars and other major currencies. Moreover, you can use it to make various investments and even fund your 401k or IRA. Remember that IRS also considers bitcoin as property. Thus, a custodian is needed for compliance purposes.

Why Invest?
Is it a good idea to consider funding your 401k or IRA with bitcoin? Bitcoin continues to gain widespread acceptance for both business and personal transactions across the world. This explains why its value continues to grow. The good thing about having bitcoin IRA is that you have invested your money in a non-correlated asset. This means that the value of bitcoin cannot be affected by economic forces which affect traditional assets. More investors and consumers continue to embrace bitcoin across the world.
Fluctuations in the stock market cannot have an impact on the bitcoin value so are oil prices, or a weak dollar.

The fact that 401k and IRA are not subjected to capital gain taxes, you can greatly maximize your investment. As you probably know, none can predict the future value of any particular investment. Currently, bitcoin is quite speculative. Given the increased acceptance across the world, its value has greatly increased. This means that your IRA investment can turn out to be quite profitable over time. This is the case when you take into account tax savings.

How It Works
Bitcoin IRA investment works just like the traditional IRAs. Just like IRA investments in collectibles or precious metals, your investment will be handled by a custodian. The fact that these are recent developments in the finance sector, very few custodians can handle them.

For you to benefit from bitcoin investment, you should have a self-directed IRA. This is also the case for collectible investments and precious metals. This provision may not be available for most 401k plans. In any case, most plans specify the choice of given type of investments such as stock funds or stocks.…