Procurement Software for Oil and Gas Industry
There is a global race underway.
And the players are competing to exploit a broad and fast-moving array of energy-sector technological innovation across exploration, extraction, processing and transport functions. Oil & Gas companies with the fastest, most agile and intelligent procurement and supply management operations will be best positioned to win competitively. Complex capital and technology acquisition initiatives demand ingenuity and precision in project lifecycle planning and execution throughout global supply networks. Oil & Gas industry procurement and sourcing leaders will be required to:
- Ensure robust supplier network design and risk contingency planning, starting very early in project lifecycles.
- Immunize their organizations against regulatory, health, safety, environmental, disruption and other types of risks.
The Oil & Gas industry needs to maximise operational agility as well as supply-chain continuity and transparency. Rapid and comprehensive strategic sourcing, acquisition and management of market and business intelligence and collaboration, controls and compliance in ever-expanding global networks for third-party relationships will be crucial in exploiting new market and technological opportunities.
Abilities to plan and execute long-term spend strategies and to mine and draw sense from vast quantities of data using intelligent engines will be key differentiators enabling rapid adoption of key energy sector innovations.
Insurance Industry Challenges
The strategic importance of sourcing, procurement and supply management has risen manifold with challenges encompassing:
Complexity facing the insurance industry stems from a large number of specific challenges and risks:
- Needs for a reliable knowledge and analytics ecosystems to handle vast quantities and scopes of capital project data.
- Multiple risk factors related to workforce scarcity, stakeholder community, cyber-security, regional regulatory stringency and variability and global price volatility.
- Increasing requirements for speed, agility and precision as energy companies compete to extract profits and advantage from the plethora of industry innovation opportunities now underway.
How We Can Help
Our next-generation, customizable source-to-pay procurement suite with its intelligent and intuitive platform is designed to help you drive business performance improvement.
Our advanced SaaS solutions empower decision making, automate high-volume processes and enable sophisticated parametric analyses while ensuring that procurement ROI is translated to organizational performance metrics.
- Use our artificial-intelligence powered SPEND ANALYSIS solution to create up-to-date, granular visibility into all categories of spending worldwide and to manage spending in context of global commodity market-price movements. Read More
- Use STRATEGIC SOURCING to dramatically accelerate complex sourcing and supply network design initiatives. The solution facilitates extensive cross-functional, cross-regional collaboration across all sourcing stages (from requirements definition through reward) and can handle entire spectrum from simple categories to sourcing initiatives comprising tens of thousands of line items. Read More
- Use CONTRACT MANAGEMENT to rapidly build, negotiate and execute creative contracts, containing all necessary terms related to safety regulation, policy compliance and risk avoidance. Effectively manage dynamic pricing and location terms across complete contract lifecycles. Read More
- Use SUPPLIER MANAGEMENT to expand and accelerate supplier discovery and onboarding and to manage critical supplier audit, certification and safety credentials. Model custom KPIs and KPI-weighting systems to optimize ongoing supply-risk assessment & mitigation and supplier performance management & development activities consistently and systematically across multiple geographies. Read More
- Use FINANCIAL SAVINGS MANAGEMENT to align procurement with both bottom- and top-line business performance objectives and to document and demonstrate how sourcing, procurement and supply management is helping the enterprise to win the great innovation race currently underway in global energy markets. Read More
- Use PROCURE-TO-PAY to streamline and speed up requisition and purchase order workflows, free internal talent to focus on supporting key innovation initiatives and to monitor and drive compliance to preferred supplier contracts, terms and conditions. Read More