Put an End to Project Delays and Overspending
“Insanity is doing the same thing over and over again and expecting different results.†— Albert Einstein
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 purchasing.
- Not designed for the energy industry’s unique procurement needs.
Introducing streamlined, efficient ordering with OpenOrder
OpenOrder, a new solution by Enverus, allows companies to create and process purchase and job orders for dispatching services and ordering materials through the entire procurement process. The solution integrates seamlessly with?OpenInvoice,?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-way matches. Also, automated three-way match 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, it’s much easier and faster to collaborate in real time 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.
Now let’s take a look at how OpenOrder creates time savings for every group involved in the ordering process.
- Improve procurement control:?Supply chain teams can monitor and regulate purchases with insights into what and how much you purchased and from which supplier.
- Optimize spend: Digital procurement workflows provide operations a view of costs before they are incurred through receipts and invoices for companies to stay on top of project budgets and overall spend. With access to digital spend data, supply chain teams can conduct spend analysis to identify future cost saving opportunities.
- Streamline dispatch:?Operations can keep projects moving on time. Automation and centralization of dispatch allows a single team to manage the match and dispatch process in a single platform.
- Save time:?Fully integrated ordering, receiving and invoicing allows for automatic references and matching between a contract, order, receipt and invoice, saving accounting teams significant time processing invoices for payment. By eliminating payment delays, companies can pay suppliers on time, creating better supplier relationships.