End project delays and overspending with OpenOrder purchasing automation
“Insanity is doing the same thing over and over and expecting different results.” – Albert Einstein
Energy companies continue to manage the procurement process using tedious manual workflows that lead to the same problems over and over again – Limited visibility for accounting teams on incurred expenses, duplicate invoices and payments, late payments to vendors, manual verification and document reconciliation, to name a few.
For operations, this could mean missing your bonus as the lack of expense reporting resulted in the project being over budget. For supply chain teams, this could mean purchases are taking place outside of pricing agreements. Accounting teams face daunting and time-consuming manual processes, such as three-way correspondence and invoice approvals.
While these pain points are enough to drive these teams crazy, there is a dissatisfied resignation that things are so for two reasons.
1) Different companies have their own ways of managing and documenting this process, so there isn’t a flexible enough solution to meet everyone’s unique needs.
2) The existing supply solutions used by our industry today are either:
- Not solutions, but a combination of emails and spreadsheets used to manage purchases.
- Not designed for the unique supply needs of the energy industry.
Introducing Streamlined and Efficient Ordering with OpenOrder
OpenOrder, a new solution from Enverus, enables companies to create and process purchase and work orders for shipping services and ordering materials throughout the procurement process. The solution integrates seamlessly with OpenInvoice, PriceBook and OpenTicket, allowing you to manage the order-receipt-invoice process on a single platform while ensuring consistent coding (cost objects and GL codes). This means you can reference orders to both field tickets and invoices, saving you significant time with automated compliance checks and three-way matches. Plus, three-way automatic matching allows you to make automatic bill payments without manual intervention.
OpenOrder is also cheaper than using multiple systems. By managing orders on the OpenInvoice network, it is 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 less processing times.
Watch this short demo video to learn about the OpenOrder experience.
Want to see a live demo of OpenOrder? Request one with the form below.
Now let’s see how OpenOrder saves time for every group involved in the ordering process.
- Improve purchasing control: Supply chain teams can monitor and regulate purchasing with information on what and how much you bought and from which supplier.
- Optimize expenses: Digital procurement workflows provide operations with a view of costs before they are incurred through receipts and invoices to keep companies on top of project budgets and overall expenses. With access to digital spend data, supply chain teams can perform spend analysis to identify future cost reduction opportunities.
- Simplified shipping: Operations can move projects forward on time. Automated and centralized mailing allows a single team to manage the match and send process on a single platform.
- Win time: Fully integrated ordering, receiving and invoicing enables automatic referrals and correspondence between contract, order, receipt and invoice, saving accounting teams considerable time in processing invoices for payment. By eliminating late payments, businesses can pay their suppliers on time, creating better supplier relationships.
Below is the OpenOrder workflow:
Grayson Mill Energy, which currently uses OpenOrder, OpenInvoice, OpenTicket, and PriceBook, uses purchase orders for inventory items and engineering services. Their main engine with OpenOrder was to capture payment and automate three-way matching to create lean and efficient transactions.
“On other systems, a three-way game is difficult to do. With OpenOrder, we had all the information back – well id, vendor information, etc. When you have a purchase order with pre-approval and coding, it is much easier to validate with the receipt of goods. When the supplier submits the invoice, there is your correspondence in the same system, in one place. It really automates your approval process, ”said Mary Atkinson, director of supply chain at Grayson Mill Energy.
The Enverus team continues to develop OpenOrder to include more features in the near future. An RFx module will be developed in early 2022 to provide integrated sourcing and offerings of goods and services. The results of the “procurement event” will enable the results of the offer to be converted into a commercial agreement within OpenContract, a new intelligent contract management solution launched in early 2022, a purchase order within OpenOrder, or both depending on business processes and requirements.
Bring your sanity and make Einstein proud
If the definition of insanity does the same thing but expects different results, OpenOrder will bring sanity back into your procurement process. You won’t have to work through your cumbersome control system which creates manual labor, confusion and frustration. Instead, you’ll try something different, and we believe you’ll get different and better results. Einstein would be proud.
Request your OpenOrder live demo by filling out the form below.
Susie Yuill is Integrated Marketing Manager for the Enverus Business Automation team. She specializes in commercializing SaaS software products and creating and implementing high-value marketing programs to reach and convert target accounts. Over the years, she has led the marketing product launches for several SaaS products for various industries. Susie is a proud and assertive Texas A&M Aggie and received an MBA from Texas State University.