Enverus openinsights spend analytics for strategic sourcing

OpenInsights provides visibility your supply chain team needs to source materials, manage vendors and optimize collaboration between supply chain and operations.

Enverus OpenInsights Supply Chain Solution

OpenInsights, a spend analytics software solution, provides operators visibility into goods and services spend at a granular level, so you know where every last dollar is spent.

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Market Price Indices

Compare your pricing to the market index

For insight on your pricing to discover deviations from market trends, the economic impacts of pricing, find specific opportunities for additional cost savings and forecast future trends. This acts as a prescriptive system, driving strategies in worse-performing areas.
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Reporting

Access accurate, granular spend analytics to strategically source goods and services and manage your vendor network

For insight on your pricing to discover deviations from market trends, the economic impacts of pricing, find specific opportunities for additional cost savings and forecast future trends. This acts as a prescriptive system, driving strategies in worse-performing areas.
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Strategic Advisory Services

Gain detailed, prescriptive recommendations from Enverus analysts to follow based on your strategic goals, without the need to conduct data analysis in-house

This allows you to focus on your core business and realize your cost reduction goals faster through a data-driven strategic sourcing strategy. Examples include RFQ analysis, strategic sourcing, vendor consolidation, D&C campaign management and asset optimization initiatives.
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Benefits of openinsights supply chain visibility

Improve Project Planning

Gain insight on historical pricing information to understand and forecast market bids’ cost.

Decrease Direct Costs

Consolidate vendors to reduce markups applied to similar goods and services by region and avoid non-performance penalty clauses.

Strengthen Negotiations

Gain visibility into the cost of goods and services across your vendor portfolio to identify primary suppliers and negotiate better terms.

Make Decisions With Current Data

OpenInsights data is updated regularly, meaning you make decisions based on the most timely and reliable datasets in the market.

On-Demand Webinar: Maximize Operational Performance with OpenInsights

Key Features of OpenInsights Spend Analytics Solution

Spend Analysis – OpenInsights at a Granular Level

Analyze goods and services by category and attribute level to identify pricing trends and find new cost-saving opportunities.

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Prepare for an integrated rfq

Evaluate price differentials between different suppliers to identify variance across vendors, outlier pricing and pricing consistency.

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Benchmark price performance by region

Trying to reduce costs as a blanket effort is time-consuming and inefficient. Leveraging market indices to benchmark your goods and services pricing to the market by region allows you to find opportunities to improve.

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Consolidate Vendors with OpenInsights

Use OpenInsights to evaluate pricing by vendors to understand price consistency across your supplier network and define preferred vendors.

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Solution overview: openinsights

Learn more about OpenInsights, a spend analytics software solution, provides operators visibility into goods and services spend at a granular level. Get the insights your supply chain team needs to strategically source materials, manage vendors, and optimize collaboration between your supply chain and operations.

“The value goes well beyond dollars and cents. The value of the solution is information and knowledge of what we’ve purchase, what we’ve built and what we paid for it—we’ve never been able to get our hands on this spend data before. This is why we are so passionate about the idea and pushed hard. We want to equip our people with knowledge so that we make better decisions.”

– Supply Chain Analytics Manager, Large Operator

How openinsights works

With more than 50,000 active oil & gas suppliers submitting invoices and field tickets into our network, and more than $190 billion in industry spend data, Enverus OpenInsights cracked the code on category-specific supply chain data. By analyzing millions of lines of complex, unstructured data and normalizing it through descriptive attributes, supply chain organizations can quickly analyze their own spend data at a granular level to identify where every dollar is being spent — without any tedious onboarding process or IT resources required.

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