LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has recently announced the completion of their latest free downloadable article on how optimizing the procure to pay process helped an oil and gas company to achieve significant savings. The article provides detailed insights into the challenges faced by the company due to their sourcing processes. This downloadable resource also highlights how the improved procure to pay process can help companies to successfully reduce their operational and transactional costs.
The presence of numerous type of suppliers and unique business processes has made standardization a challenge for companies in the oil and gas industry. In addition, issues such as unplaced requisitions, inaccurate data, and late invoices make it difficult for companies to manage procurement and purchasing contracts. Therefore, it becomes imperative for oil and gas companies to streamline the procure to pay process and shorten the requisition to PO cycle time. By offering effective procurement market intelligence solutions, SpendEdge has helped many oil and gas companies to reduce operational costs, optimize procurement to pay process, and gain a competitive edge in the market.
Looking for more information? Request a free demo from our experts and know how they can help you streamline procure to pay process by providing accurate insights.
The business challenge: The client is an oil and gas company, providing advanced technological solutions and equipment to companies in the energy industry. The client's decentralized operations were resulting in an increase in purchase order (PO) delinquency and work delays. Also, this was increasing the company’s spend and disturbing operations spread in different countries. By leveraging SpendEdge's procurement market intelligence solutions, they wanted to increase invoice productivity and optimize the procure to pay process.
“An efficient procure to pay system is vital for oil and gas companies to procure goods in a cost-effective manner and determine freight discrepancy codes,” says a procurement expert from SpendEdge.
Wondering how increasing the efficiency of the procurement to pay process can help your company to achieve significant savings? Request a free proposal and access our complete portfolio of procurement market intelligence solutions.
The solution offered: The optimized procure to pay process helped the client to gain detailed insights into vendor contracts and obtain real-time budget information. This enabled the client to gain better visibility over the entire procure to pay cycle and reduce turnaround time for approvals. The procure to pay solution offered further helped the client to set a discrepancy resolution process and improve invoice productivity by approximately 150%.
SpendEdge’s procurement market intelligence solutions helped the client to:
• Reduce transactional costs and achieve savings of over $50,000.
• Minimize the requisition to purchase order cycle time and ensure timely delivery of goods.
• Wondering how optimizing procure to pay process can benefit your business? Request more information from our experts!
SpendEdge’s procurement market intelligence solutions offered predictive insights on:
- Identifying alternate suppliers and reduce dependency on existing suppliers.
- Reducing turnaround time for approvals by providing real-time budget information and a comprehensive overview of vendor contracts.
- Want to know how we can help you to reduce transactional costs and achieve significant savings, get in touch with our experts here!
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.