“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.
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.
Want to see a live demo of OpenOrder? Request one with the form below.
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.
Below is the OpenOrder workflow:
Grayson Mill Energy, currently using OpenOrder, OpenInvoice, OpenTicket and 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.
The Enverus team continues to develop OpenOrder to include more functionality in the near future. An RFx module will be developed in early 2022 that provides integrated sourcing and bids out of goods and services. The results of the “sourcing event” will allow for the conversion of the bid results into a commercial agreement within OpenContract, a new smart contract management solution launching in early 2022, a purchase order within OpenOrder, or both depending on company processes and requirements.
Bring back sanity and make Einstein proud
If the definition of insanity is doing the same thing but expecting different results, OpenOrder will bring the sanity back to your procurement 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. Einstein would be proud.
Request your live demo of OpenOrder by filling out the form below.
The post Put an End to Project Delays and Overspending With OpenOrder Procurement Automation first appeared on Enverus.
Read more Go to the Source – Put an End to Project Delays and Overspending With OpenOrder Procurement Automation