New e-procurement features help oil and gas customers increase efficiency gains
Basware (Nasdaq: BAS1V), the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, introduced enhancements to its e-procurement solution that help oil and gas companies further automate the materials transfer process resulting in significant efficiency gains.
Basware material transfer functionality is seamlessly integrated with the e-procurement, asset management and inventory management modules to streamline financial processes and provide critical visibility across assets and inventory items that are often spread across multiple locations within oil and gas companies. Materials transfer automation enables companies to:
- Increase visibility by tracking the location of high-value equipment
- Save costsby reducing manual activities associated with material movements
- Increase efficiency by automating financial entries around material transfer
- Properly depreciate assets by recording the condition with each move
- Document complete audit trailsand transaction histories.
“The oil and gas industry is experiencing a fourth year in the downturn of crude oil, which means that there is a lot of emphasis currently on containing costs and producing more with fewer resources, whether it is on the wells or in the back office,” said Bhavin Shah, Director of Product Management for Basware. “A recent Deloitte report, 2018 Outlook on Oil and Gas, stated that the digital revolution could mean the difference between thriving, surviving, or not just making it in this industry.”
Materials transfer functionality helps oil and gas companies contain costs by preserving high-dollar equipment and generating savings by increasing efficiency in the back office. This tool records the movement of inventory and assets from main warehouse distribution centers to a well location, from well to well, and from well to the main warehouse location, as needed. As items and equipment are moved, the financial transactions behind these moves are automatically recorded and transferred from one asset pool to another, with the precise location, condition and value of each piece of equipment. Without automation, this process is often conducted on multiple detailed spreadsheets and can be time-consuming and challenging to maintain accurately.
“The latest version of our materials transfer module includes a number of usability enhancements that enable users to manage the process even faster and reduce the number of steps needed to process a transaction,” continued Shah. “Whether it is transferring an asset from a yard to a well, coding debit and credit entries or making changes to material transfer requests – we have made it easier and faster with this new e-procurement enhancement.”