PTC Named a Leader in IDC MarketScape: WW Field Service Management Solutions for Oil & Gas

Written by: Matt Danna
4/11/2024

Read Time: 5 min

IDC expanded its research focus in the Field Service Management industry by publishing a new MarketScape report dedicated to the unique needs and challenges of the Oil & Gas industry. PTC ServiceMax was recognized as a Leader in the IDC MarketScape: Worldwide Field Service Management Solutions for Oil and Gas 2023-2024 Vendor Assessment (doc #US50040023, November 2023). The report can be purchased here.

We believe this achievement reflects PTC and ServiceMax's commitment to expanding its Field Service solutions to serve specific industry categories better.

This IDC MarketScape evaluates vendors in the field service management (FSM) space for the oil and gas (O&G) industry through a qualitative and quantitative assessment of their capabilities and strategies. It aims to help O&G organizations in deciding on their current or future FSM implementations, as well as to assist vendors in deepening their understanding of the competitive landscape.

“Drawing on extensive FSM experience in asset-heavy industries, energy domain expertise gained through the LiquidFrameworks acquisition, and years of learnings by serving a variety of O&G players — such as oilfield and drilling services, equipment suppliers, and subsea engineering firms — PTC's ServiceMax has grown its FSM solutions to effectively meet the specific needs of O&G industry processes. For instance, dynamic pricing via a CPQ engine, rental asset management (for tracking, billing, and invoicing), automated e-ticketing, and specialized trucking applications are just a few of its O&G-focused FSM capabilities,” said Gaurav Verma, worldwide O&G lead, IDC Energy Insights.

ServiceMax field service management solutions serve the Oil & Gas industry

PTC’s Field Service Management solutions for the O&G industry deliver a wide range of capabilities to help these organizations overcome the following industry challenges:

  • E-ticketing – Simplify and streamline the entire ticketing process from operations to field personnel and invoicing
  • Schedule & Dispatch – Optimize job management processes with the ability to update, store, and more in one convenient place
  • Remote Asset Management – Increase equipment reliability, systematically implement preventative and predictive maintenance strategies, and improve the efficiency of inventory management
  • Rental – Capture asset and consumable data throughout the entire rental lifecycle from the warehouse to the field and back office
  • CPQ – Model contracts with complex rules related to the operational and environmental characteristics of jobs
  • Invoicing – Complete the quote-to-cash process to ensure a four-way match between the price book, quote, ticket, and invoice

ServiceMax recognized by Frost & Sullivan for enabling technology leadership in the Oil & Gas industry

Frost & Sullivan also recognized ServiceMax—specifically its ServiceMax FieldFX product — for excellence in Field Service Management (FSM) in the Oil & Gas industry. This recognition was based on a rigorous analytical process to evaluate multiple nominees before determining the final Award recipient.

“With its customer-led innovation strategy, ServiceMax offers a best-in-class FSM solution that helps O&G clients to improve efficiency and performance while minimizing revenue leakage by ensuring that clients’ teams stay connected at all times and that all work that is performed is invoiced and billed appropriately,” said Mahesh Radhakrishnan, Senior Industry Analyst, Frost & Sullivan.

Those interested in reading the complete report can do so here: ServiceMax Recognized for 2023 Enabling Technology Leadership Award.

Two attributes were critical as part of this award selection process, including:

  • Efficiency: ServiceMax allows users to streamline communication between field operations, accounting, and back-office management. This solution consists of modules (e.g., e-ticketing, scheduling and dispatching, invoicing, and customer self-service) that clients can apply to their specific sector-related needs. Hence, customers can gain comprehensive tools to update, store, and manage their work, personnel, and equipment data in one convenient place. Simultaneously, clients benefit from an accurate compilation and synchronization of their ticketing activities for work performed by field personnel and operations invoicing. They can quickly configure price books to apply different rules to automatically drive relevant items onto the ticket under various conditions.
  • Reliability: ServiceMax enables clients to conduct preventive maintenance to minimize equipment downtime, reduce costs, and extend asset life. As a result, clients can increase equipment safety and reduce unplanned downtime to help reduce asset maintenance costs by utilizing the company's solution. Furthermore, they can ensure transparent cost forecasting and improved inventory management of their critical energy assets.

PTC Energy, Oil & Gas customers

PTC has a strong history of serving the energy, oil, and gas industry. These customers have achieved powerful results upon implementation of a Field Service Management solution. Here are three examples, including the challenges that were faced, and the solution that was implemented.

  • Nine Energy Service is a Houston-based oilfield services company that offers completions, wireline, cementing, and drilling services in North America and overseas. Nine Energy realized that their system of paper tickets and Excel spreadsheets was in dire need of modernizing. Read the case study.
  • Trican Well Service Ltd. is an oilfield services company that operates in Calgary, Canada. In 2005, they created a proprietary ticketing system. However, as new processes and technologies arose in the oil and gas sector, their internal system became cumbersome and obsolete. Read the case study.
  • Tech-Flo, the leading provider of flexible hydraulic lift systems and filtration equipment, was struggling with tickets. Large volumes of missing or illegible tickets led to inaccurate pricing and high DSOs. Read the case study

Learn More About FieldFX

ServiceMax FieldFX provides a critical end-to-end field management solution for energy service companies, driving improved process efficiency, and less revenue leakage by enabling your field and office teams to stay connected, even when offline. Click Here
Tags: Service Lifecycle Management (SLM) ServiceMax Oil and Gas Field Service

About the Author

Matt Danna

Matt Danna is the senior director of product strategy FieldFX at ServiceMax. Matt has been working in software for over 25 years, with a depth of knowledge in software engineering, sales engineering, and product management. His primary function is to work with customers, key stakeholders, implementation managers, account executives, and developers to ensure alignment across all parties. Prior to ServiceMax, Matt Danna led product strategy at LiquidFrameworks, which was acquired by ServiceMax in 2021.