Advances in oil and gas order management software continue to create new and valuable opportunities for operators to reduce project delays and overspending along the procure-to-pay process, from touchless invoicing to digital field ticketing to procurement workflow automations and beyond. And while digitalizing and automating each of these parts of the procure-to-pay process has proven to add value to oil and gas companies of all sizes, today we’re going to focus on how digitalizing and automating oil and gas procurement workflows can help your team overcome common challenges.
Current challenges in oil and gas procurement
Automating oil and gas order management workflows has the power to relieve oil and gas companies of many headaches along the procure-to-pay process. Energy companies continue to manage the procurement process using tedious, manual workflows that result in the same issues over and over — limited visibility to accounting teams on committed spend, duplicate invoices and payments, delayed payment to suppliers, manual verification and matching of documents, to name a few.
For operations, this could mean missing your bonus because the lack of spend reporting caused the project to go way over the budget. For supply chain teams, this could mean purchasing happens outside of pricing agreements. Accounting teams face dreaded, time-consuming manual processes like the three-way match and invoice approvals.
Tracking goods and services using paper documents is challenging and often creates poor spend visibility.
While these pain points are enough to drive these teams crazy, there’s an unsatisfied resignation that this is how things are for two reasons.
1) Different companies have their own ways of managing and documenting this process, so there isn’t one solution flexible enough to meet everyone’s unique needs.
2) The existing procurement solutions used by our industry today are either:
- Not solutions, but a combination of email and spreadsheets used to manage oil and gas purchasing.
- Not designed for the energy industry’s unique procurement needs.
Introducing streamlined, efficient ordering with OpenOrder
The new OpenOrder order management software solution by Enverus allows oil and gas buyers to create, dispatch, track and manage digital purchase orders and work orders throughout the entire procure-to-pay process. This solution integrates seamlessly with OpenInvoice, OpenContract PriceBook and OpenTicket, allowing you to manage the order-receive-invoice process in one platform while ensuring consistent coding (cost objects and GL codes). This means you can reference the orders to both field tickets and invoices, saving significant time with automated compliance checks and three- and four-way matches. Also, automating your three- and four-way matching allows you to make automatic invoice payments without manual intervention.
OpenOrder is also less expensive than using multiple systems. By managing ordering on the OpenInvoice network, which connects more than 380 E&P and midstream companies and 35,000+ active suppliers, it’s much easier and faster to collaborate with your connected suppliers. Buyers and suppliers transacting in the same environment results in better communication, more transparency and fewer processing delays.
Watch this brief demo video to see the OpenOrder experience.
How OpenOrder creates time savings for every group involved in the procure-to-pay process
- Improve procurement control: Procurement and supply chain teams can monitor and regulate job callouts and purchases with robust ordering and approval entitlements and automatic compliance.
- Optimize spend: Digital order management enables oil and gas operations teams to track incurred and accrued costs and leverage advanced spend data analytics to identify future cost saving opportunities.
- Centralize and streamline dispatch: Operations teams can easily keep projects moving on time by managing the match and dispatch process in a single platform.
- Automate billing: Automate your billing workflow and compliance checks from ordering to invoicing for easy three- and four-way matching between contracts, orders, receipts and invoices, saving accounting teams significant time processing invoices for payment. By eliminating payment delays, companies can pay suppliers on time, creating better supplier relationships.
OpenOrder process flows for oil and gas order management
Success in the field: How Grayson Mill Energy leverages Enverus procurement automation software to optimize operations
Grayson Mill Energy, currently using OpenOrder, OpenInvoice, OpenTicket and OpenContract PriceBook, uses POs for inventory items and engineering services. Their main driver with OpenOrder was capturing procure-to-pay and automating the three-way match to create lean, efficient operations.
“On other systems, a three-way match is hard to execute. With OpenOrder, we had all the back info – well ID, supplier info, etc. When you have a PO with approval and coding up front, it’s much easier to validate with the goods receipt. When the supplier submits the invoice, there’s your match all in the same system, in one place. It really automates your approval process,” said Mary Atkinson, the director of supply chain at Grayson Mill Energy.
With OpenOrder, we have all the information, and it all matches.
—Mary Atkinson, Supply Chain Director, Grayson Mill Energy
Enhancing the oil and gas procurement experience
Watch this customer panel session on demand today to hear how oil and gas operators are leveraging new technology to streamline their ordering processes.
Regain your sanity with oil and gas procurement and order management
If the definition of insanity is doing the same thing but expecting different results, OpenOrder will bring the sanity back to your procure-to-pay process. You won’t have to work in your cumbersome ordering system that creates manual work, confusion and frustration. Instead, you’ll be trying something different and, we believe, you’ll experience different, better results.
To get a live a live demo of OpenOrder, please fill out the form below.