Supply chain has suddenly become a very easy thing to grasp for people as we’ve seen shortages of everything from graphics processing units to steel.
Revati “Rani” Puranik, executive vice president and global CFO of Worldwide Oilfield Machine (WOM), recently joined Hart Energy to discuss workarounds to supply chain woes and what she sees as a long-term solution for supply chain challenges.
A vertically integrated, multinational oilfield equipment manufacturer headquartered in Houston, WOM’s approach to addressing supply chain issues includes both short- and long-term fixes including revisiting the company’s vendor base, according to Puranik.
“We’re actually now looking for vendors that might be closer to our geographic location,” she said. “Whatever may have had a dependency on, let’s say, across the seas, over a number of borders or ports, we’re trying to minimize those lead times or risk factors in terms of just time management.”
The long-term strategy then would be turning these potential vendors, which Puranik said may not have all the capabilities as WOM’s go-to suppliers may have, into more of a collaborative partner.
“If we see the potential,” she continued, “then it goes into a little bit of a long-term strategy of can we invest, can we partner, can we collaborate with these vendors which are closer to, let’s say, any geographical location—for us in the U.S., either could be India, it could be Mexico, wherever.”
“Then really start to strengthen those ecosystems around where you are actually offering your product,” she said.
Puranik is an honoree of Hart Energy’s Oil and Gas Investor Influential Women in Energy program and will be recognized at the 5th Annual Influential Women in Energy luncheon and networking event on Friday, April 29 at the Marriott Marquis hotel in Houston. For more information on the luncheon and these extraordinary women visit HartEnergyConferences.com/Women-in-Energy.
Rani Puranik is the co-owner, executive vice president and global CFO of Houston-based Worldwide Oilfield Machine (WOM), a multinational privately held engineering and manufacturing company for oil and gas, railways and defense. Puranik's leadership has set an optimistic plan to grow WOM 10X including a visionary blueprint for the next 200 years.
Puranik thrives at leading innovation, empowering others and inspiring collaboration within WOM and its CSR arm, Puranik Foundation. She Chairs Puranik Foundation, started by her mother Rekha, and now managed by her daughter Bhakti, representing three generations of women committed to education, wellness and sustainability.
Puranik serves as a board member for World Affairs Council, Junior Achievement, and Rice Council of Overseers, and she is a member of the Greater Houston Partnership. She has been honored by Women in the Fast Lane of STEAM, Greater Houston Women’s Chamber of Commerce, Texas Women’s Foundation’s Maura Award, ‘Enterprising Woman of the Year, and Indo-American Chamber of Commerce Entrepreneur of the Year. She is a Daily Point of Light honoree and is recognized as Houston’s Top 30 Influential Women.
Puranik is the author of “The Power of Seven,” slated to launch in 2022. She has a bachelor’s degree in commerce with a minor in accounting from the University of Pune and an MBA in finance from Rice University. She is a mentor, friend and mother to two grown daughters, many God children and two rescue dogs. She believes her purpose is to be and build bridges to hand over a stronger, brighter and powerfully stable torch to the next generations.
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