Business Automation

Back Office Automation Tools for Oilfield Services Companies

byEnverus

Being a supplier in the oil and gas business is hard. You must ride the cycle of boom and bust, differentiate yourself in an incredibly competitive market and make sure your financial fundamentals are sound. It’s not for the faint of heart, and there is no guarantee of success. More than half the suppliers that have transacted on the Enverus OpenInvoice network over the past 20 years are no longer in business.

Gain a competitive edge

So, suppliers need an edge. Something that can make an instant impact on operational efficiencies. Digitalization is a hot topic among organizations looking to cut costs and better prepare for future uncertainties in the market. And there certainly are opportunities if you can determine the right solution for your business. One area of focus for an increasing number of suppliers is the supply chain. As obtaining access to commodities such as steel and sand becomes more challenging, supporting the procurement process — from order to fulfillment — becomes more important. Ensuring the terms of negotiated contracts are leveraged becomes more critical as margins tighten. Supply chain efficiency has moved from being a luxury to a necessity, as it is now one of the levers that can be used to drive down costs and increase profitability.

A complete digital process

Enverus’ supply chain solution for suppliers supports the end-to-end order placement, receipt, invoicing and the fulfilment process. Leveraging a network of more than 40,000 active vendors, companies can completely digitalize a process that is typically manually intensive and unintegrated. Oilfield service companies can generate purchase orders or service orders that are supported by negotiated pricing, validate them against goods receipts or work tickets, then automatically approve invoices knowing that scope, quantity and pricing have all been digitally validated.

This provides oil and gas suppliers with immediate direct benefits. Time and effort spent managing invoices is reduced. Negotiated pricing is validated. Suppliers are notified of orders, short shipments are tracked, the status of any order at any time can be determined. As the company’s business grows, there is no longer a need to grow support staff with it. And monthly/quarterly forecasting and reporting are easier and far more accurate.

Become an industry innovator

Many oilfield service companies have adopted the Enverus solution, the same technology their customers have been using for more than 20 years. Drilling contractors, OCTG suppliers, drilling fluids companies, chemical providers and others utilize the system. Operators and suppliers share virtually the same supply chain. Companies that have been transacting on the network for years for operators can do the same for suppliers.

So, as you look at ways to cut costs and make your processes more efficient, consider digitalization of the supply chain. It makes sense, it’s proven, and it can be implemented tomorrow.

Picture of Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Subscribe to the Enverus Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Related Content

energy-transition
Energy Transition
ByKevin Kang

The anticipated end of a two-year reprieve on solar panel tariffs from China coincided with unexpected tariffs on other energy transition-related sectors.

brno-enverus
Operators
ByBryn Davies

Our twelve-member team embarked on the memorable Vltava Relay challenge, covering 360km in 35 hours, with 300 other competing teams.

nuclear-worker
Energy Transition
ByCarson Kearl

This past week two companies in the advanced reactor space went public. Oklo Inc. (NYSE: OKLO) and Nano Nuclear (NASDAQ: NNE) had mixed opening days, with OKLO seeing nearly a 50% price drop from open and NNE trading up well...

Enverus Press Release - Tapping Alberta’s overlooked lithium brines
Energy Transition Intelligence
ByMatthew Keillor, Editor, Enverus Intelligence

Equinor is acquiring 45% stakes in two of Standard Lithium’s direct lithium extraction (DLE) projects in the Smackover Formation in Southwest Arkansas and East Texas, less than a month after closing the book on its U.S. onshore shale operatorship.

Enverus Press Release: Beyond the horizon: US solar and storage solutions are on the rise
Power and Renewables
ByMarie Amice

Learn how Enverus Contiguous Acreage enhancement simplifies parcel discovery, making negotiations easier and projects more viable.

kid-solar-gallery
Power and Renewables
ByColton Wright

Harnessing Sunlight and Soil As the early morning light filters through the countryside, you find yourself on a quiet rural road. You’re sipping coffee and humming your favorite tune. You’re on your way to see loved ones, explore a national...

emissions-wind-women-working
Power and Renewables
ByBryan DiRenzo

In the United States, the anticipated load growth and the retirement of aging plants to meet state mandates are creating a compelling narrative for the expansion of battery storage infrastructure.

Enverus Press Release - Load impact imminent: Data center growth at the mercy of power supply constraints
Energy Transition
ByJeffery Jen

On March 25, 2024, the EPA released its final rulemaking on the update to 40 CFR Part 60 implementing its New Source Performance Standards for New, Modified and Reconstructed Fossil Fuel-Fired Electricity Generating Units.

accurate-grid-forecastin
Energy Transition Intelligence
ByMatthew Keillor, Editor, Enverus Intelligence

In March 2021, the Biden administration set a goal of deploying 30 GW of offshore wind capacity in the U.S. by 2030. These efforts have faced significant growing pains.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Sign up for our Blog

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert