Source-to-pay best practices

For oil and gas

Contracts

Best Practice #2

Implement digital price collaboration
  • Documenting and tracking price agreements digitally on a single platform provides streamlined collaboration between buyers and suppliers, access to commercial terms and automated price compliance.
     
  • Automated price-checking and three-way matching of invoices to either a purchase order, goods receipt, or field ticket save time by eliminating manual price checks, reducing your AP burden.

  • While purchase orders are proficient at ensuring correct pricing on material goods, pricing for complex services with indeterminate scope and quantities is best verified or disputed within the digital ticketing or invoicing process. 

True or False

70% of oil and gas spend is unpredictable until a project has been completed.

Your correct. It's true!

70% oil and gas spend is made of unpredictable services whose scope and quantity is unknown until the project is completed. This is why automatic scope and quantity validation is critical to best-in-class cost management.

← Back to the question

You're incorrect. It's true!

70% oil and gas spend is made of unpredictable services whose scope and quantity is unknown until the project is completed. This is why automatic scope and quantity validation is critical to best-in-class cost management.

← Back to the question
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Automatic price compliance with pricebook

Enverus PriceBook enables digital in-network collaboration on negotiated pricing between supply chain management and their suppliers, automating price books management.

PriceBook integrates with OpenInvoice and OpenTicket, providing real-time automatic price checks on field tickets and invoices.

Save time and money with significantly less overhead and resources needed.

Case study

Reduce your AP workload with touchless invoicing

The combination of OpenTicket, the Enverus digital ticketing platform, which verifies scope and quantity, and Enverus PriceBook which verifies price, enables automatic invoice approvals, or touchless invoicing.

Many companies are targeting high-volume, low-value invoices ($10,000 or less) for approval automation. One large U.S. operator auto-verifies/approves approximately 80% of its services invoices, significantly lowering their G&A costs.

Want to learn more?

Are you ready to increase your capital efficiency to turbo-boost your Shale 3.0 growth strategy? Request a meeting with our digital transformation experts today!

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Let’s get started!

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