By establishing a more efficient invoice processing mechanism that incorporates technology, you can achieve reduced costs.
Companies are always looking for ways to become more efficient and cut costs. One way companies are doing this is by digitizing and automating their financial processes.
checking phones is among the first and last things that we do each day. We need to be just as cautious with our phones as we are with our computers. Here are a few tips on how to protect yourself in this mobile world.
The Texas House Bill 129 , which takes effect September 1, 2017, was brought on to accommodate interest owners who may not have access to a computer or hold some hesitation to going electronic. The Bill ensures all interest owners are given a choice on how they would like to receive their revenue detail, whether that is in paper form or electronic.
Oildex, a service of Transzap, Inc. (“Oildex”), today announced it has acquired the financial and accounting data exchange products and services of PDS Energy Information, Inc. (“PDS Energy”). This transaction, which includes PDS’s Owner Relations products and services, creates the #1 digital data exchange platform and network in the oil and gas industry.
Today’s technology allows us to work anywhere there is an internet connection. This can also present some risks. Know how to be cyber safe when traveling for business.
More than 55% of online users use the same password for most of their applications; making them vulnerable to online hacking. How secure is your password?
In 2015, 60% of cyber attacks came from inside the attacked organizations. Malicious and unintentional attackers can be closer than you think.
Phishing attacks can be done on a mass scale or targeted to a specific victim or group of victims using personal details. What are some ways you can protect yourself?
Social engineering techniques are some of the most successful and the most difficult for an organization to protect against. This blog introduces ideas to strengthen the weak links leading to cyber crime.
When it comes to choosing business software solutions, our number one interest lies in getting the most bang for our buck. Oildex and Forrester elaborate on why standalone solutions win over single suites.
The information you share over the internet helps create a better online experience, but at what risk?
When it comes to complex business needs, like those in the oil and gas industry, it can be difficult to determine what type of engine is needed to not only succeed but to stand out among a sea of competitors. Here's a brief examination of specialized best of breed vs. single enterprise-wide solutions.
In 2016, Oildex saw tremendous payoff from its connections with customers, suppliers, owners, and industry partners. Here's a glance of our successes this year.
Spend visibility can be difficult when the industry involves complex services, a multitude of back office systems, and decentralized operations. In this conclusion to our Spend Series, we summarize what good spend management involves.
Full visibility, from field to office, requires a solution that will help you see past the numbers for a complete analysis of how your business can spend more wisely. It must help you see through the fog to plan your course.
Which cyber threats should we prepare for going into the new year? Here's a top 3 list.
Some of the easiest spend control comes with administrative efficiencies. You may be depleting your savings with the cost of administering spend control tools and processes.
Fraud is often found too late. In North America, auditors have recovered upwards of $1 million in duplicate billing alone. Imagine if you could catch that $1 million at the gate.
Suppliers can cash in with electronic invoicing. You can now pay for upfront inventory and labor without having to worry about when you’ll get the return.
With oil prices projected to remain low for some time, companies are looking at ways to identify the details sooner rather than later to better estimate project costs and anticipate hidden fees.
To help maximize cost savings and prevent overspending, spend control is shared responsibility between supply chain, field operations, and accounts payable. All three business units should influence the development and use of purchase orders and contracts for better spend management.
OpenInvoice is an intuitive solution that is easy to implement and integrate with your existing financial systems. Here are the top three benefits of choosing OpenInvoice.
Billing inconsistencies and lengthy processing times may have been minimal problems when money was flowing, but when times are tough, these problems can profoundly affect the bottom line. This series looks at today's spend management issues and suggest tools and tips to help stop profit from leaking out the door
Fraudulent activity is found too late since many of the schemes are easily overlooked due to labor intensive paper processing. Some scams, such as data entry errors, may seem minimal, but they happen frequently enough to equate to millions in leakage and lost revenue.
There’s no question that technology is needed to stay competitive and agile enough to respond to customer demands. You don’t have to take the digital leap without looking ahead. There are many affordable electronic invoicing solutions, but the payoff needs to be worth your investment.
As we continue to push boundaries with innovative solutions, we leave ourselves vulnerable to the new wave of crime that comes with this world. In the past two years, the cost of data breaches has increased by 23%. And TechRepublic reports that we may see 180 million cyberattacks in 2017, double what we saw this year.
While technology makes our lives much easier, it also exposes us to risk. To ensure that your thermostat, security camera, and smart TV are not participating in an attack, consider the following tips to protect your devices.
The first reaction for companies in today’s market is to cut resources. So why should suppliers invest in technology? Technology helps improve cash flow for today, but also prepare suppliers for the future.
The threat of cybercrime is higher than ever. No company is immune. Here's a list of the most common types of cyber threats and how to identify them.
Oildex was proud to be a gold sponsor at P2 Energy’s 2016 ASCEND conference. From yoga to networking to information sessions, we were pleased to help P2 educate companies about innovations for success in the upstream oil and gas industry.
Cybercrime is the second most reported economic crime facing organizations. Developing that culture of awareness is not an easy task, but here are some ideas to help spur that along in your team.
What's this magic technology that will make your business better? It’s one that allows you to do business faster and more accurately.
October is National Cyber Security Awareness Month, a month recognized by governments, business leaders, as well as other bodies around the world. The campaign aims to raise awareness of the importance of cyber security and to highlight the role that we, as individuals, play in enhancing the protection against cyber threats. This is the perfect opportunity for each of us to look at the practices we apply in our own digitally connected lives
Oildex hosted two user conferences for their clients to attend this year in North America and Canada.
Sounds simple enough, but when dealing with larger buyers, you could be waiting months for payment. Meanwhile, the bills are racking up and your cost of doing business keeps rising. For the oil and gas industry especially, a drop in oil prices and production will drastically affect supplier company growth.
Keeping up with the digital times can be difficult and costly for many suppliers. Email is one thing, but digitizing your accounts receivable workflow is another.
P2P automation provides more than just a connected workflow. A fully automated P2P workflow can provide significant productivity gains, more cost saving opportunities, and greater spend visibility.
Webinar in Review: FYidoctors – Supplier Engagement & the Key to a Successful Electronic Invoicing Initiative
Suppliers are an integral part of finance automation. But as many companies are aware, it’s difficult to get suppliers on board with your electronic invoicing initiative.
The technology investment, for some, can be quite hefty. To ensure you’re taking full advantage of your investment, you should consistently monitor and measure your P2P performance. Learn why.
Suppliers share many of the same challenges as their customers. Maintaining competitiveness, increasing efficiencies, and lowering costs are all important focuses, especially during times of economic volatility.
Fully automated invoice management can provide near real-time visibility and a truly touchless process for your project managers, key decision makers, and accounting staff. Many companies have removed paper from the front-end, but it’s also beneficial to adopt electronic payments to round out the transaction process.
A fully automated management process can connect the dots between your electronic documents for a smoother workflow that results in greater cost savings and improved industry performance.
With electronic contracts, accounting work can be streamlined and compliance can be automatically monitored. Search and retrieval of electronic contracts and audit trails can save auditors buckets of time and energy. The biggest benefit, however, results in more effective spend analysis for smarter spending.
In an environment of low prices especially, companies are inclined to cut back on production, re-evaluate supplier rates, and delay or defer projects. These cost-cutting measures save money in the short term but also slow growth and revenue.
Help to maximize operational efficiency and minimize distractions from the work that really matters by digitizing your purchase orders and automating your transaction workflow.
Business transactions are a two-way street. Maximizing the value of your automation technology requires your suppliers to go digital. And the more suppliers you have on board, the better. Andrew Bartolini, Chief Research Officer at Ardent Partners, says companies are leveraging shared technology to drive greater efficiencies, standardize business processes, and extend the value of core P2P investments. They’re shifting the way they communicate, interact, transact, and share information with their trading partners.
Everyone recognizes the benefits of a paperless process, and we’ve discussed in a previous blog why many companies struggle to walk the talk. Last month, PayStream Advisors and Oildex hosted a webinar about the benefits of a specialized solutions for oil and gas companies. Here’s a quick summary.
Does your procure-to-pay technology help boost your bottom line? To determine if your technology has what it takes, let’s discuss some of the challenges with traditional procure-to-pay workflows, starting with field tickets.
Investing in technology, specifically during an economic downturn, can be risky, but if you choose the right solution, you’ll actually enhance security and compliance and boost your bottom line.
In today’s economy, operators are even digitizing other documents and automating their AP workflows to save costs, improve their AP processes, and ensure transactional information complies with required standards and agreed upon terms.
In this digital age of cloud-based services, all companies in every industry are forced to embrace technology. The majority of accounts payable departments have adopted some form of electronic invoicing, but too many resources are still required for processing activities such as invoice routing and review. There are definitely more opportunities to enhance cost savings and maximize efficiencies.
In today’s economy, some of the best-in-class companies aren’t just digitizing their invoices, they’re digitizing other documents and automating their AP workflows to save costs, improve procure-to-pay processes, and ensure transactional information complies with required standards and agreed upon terms.
We’ve previously discussed what to look for in a trustworthy solution, but exactly how much do we trust its capability to automate tasks?
With today’s technology, it’s easy to convert paper documents into digital files or even forego the paper altogether. Yet, we still see paper—paper bills, paper records, paper invoices, etc. Roughly 30% of companies say they are processing less than 10% of their invoices electronically.
With the technology boom and introduction of cloud-based services, many construction companies are implementing tools that streamline their document workflows and eliminate paper. This is particularly beneficial for industries like construction that rely on a mobile workforce.
Oildex was proud to sponsor at the silver level during Quorum’s annual user conference held at the Cosmopolitan Hotel in Las Vegas, Nevada.
Slow processes, errors from manual entry, and other inefficiencies can often result in lost discount opportunities, late payments, and even damaged company reputation. Electronic invoicing is an effective way to eliminate paper and reduce delivery time between suppliers and buyers.
Digitizing your documents and workflow processes can vastly improve the time and resources that many companies waste on a paper management. An electronic system reduces the amount of errors and guess work from paper documents.
Getting Down to the Business that Matters: How AP Can Provide Intelligence By Becoming More Strategic
In our last blog, we discussed how integrating electronic field tickets with electronic invoices can help maximize the value of your AP technology investments. Let’s take a broader look at how those investments can provide greater value than just paper-pushing efficiencies.
Getting Down to the Business that Matters: Why Electronic Field Tickets and Electronic Invoices are the Perfect Match
Let’s take a closer look at how electronic field tickets can enhance your company’s invoice workflow efficiencies.
Getting Down to the Business that Matters: How Operators Can Reduce the Paper Mountain with Electronic Field Tickets
Let’s continue our blog series with a look at the burden on field approvers and discuss how electronic field tickets can not only shrink the paper mountain but increase visibility for improved spend analysis.
Getting Down to the Business that Matters: How Field Services Can Make Every Dollar Count by Going Electronic
Money unnecessarily tied up in receivables is money that could be invested in the business or returned to shareholders. The sooner cash can be collected, the sooner it can be used for other operations. Learn how field services can make every dollar count by going electronic.
For the past 25 years, companies have been implementing automated solutions to increase resource efficiencies, produce quicker time to value, and achieve greater spend control. Oil and gas companies, in particular, are looking for solutions that provide the most valuable return on investment and easy integration with their traditional ERPs.
It’s still a paper world. A lot can go wrong when paper is involved. A paper process often invites missing, inaccurate, and illegible information. And it’s not just about what’s on the paper but the actual paper itself. Paper gets lost. Paper gets pushed aside. Paper is expensive to route from person to person.
2015 was a year of change for Oildex. In 2015, Oildex saw dramatic changes affect the energy sector. This year, we committed to helping companies look for new ways to not only cut costs in the short term but maximize profit in the long term. Learn more on how we helped companies charge through 2015.
Slow processes, errors from manual entry, and other inefficiencies can often result in lost discount opportunities, late payment fees, and even damaged company reputation. Learn more about how B2B networks can help you gain ground.
How Dynamic Discounting Increases Capture of Early Payment Discounts
In the world of business, mobile technology, cloud-based solutions, and integrated software allow for increased productivity and a more engaged workforce. Important information is more quickly delivered for immediate and smarter decision making.
Oildex holds four user conferences in Houston, Denver, Oklahoma City and Calgary. Oildex customers participated in breakout sessions designed as open discussions that help shape the future of Oildex products. Additionally, they learned product development plans and got a glimpse into future product releases.
The combination of our two companies creates an unrivaled offering that enables businesses to collaborate across the supply chain, eliminate the high cost of paper and provide access to key data to make more informed business decisions, while also now enjoying access to the industry’s largest network of suppliers.
Evan Paul, Director of Product Marketing, at Oildex shares his thoughts and realizations on where the prices of the oil and gas industry are headed in 2015.
Oildex was a proud sponsor during Avatar System’s 2015 User Conference at the famous Riverwalk, which brought together over 150 oil and gas industry professionals for training, networking and discussion.
As United States producers begin ramping up their production in the second half of 2015, it is vital that they take measures to ensure that they are responsibly mitigating their quality risk within the supply chain.
We’ve compiled a list of five of the top software solutions for oil and gas suppliers that have proven to be drivers for efficiency within the supply chain.
The dynamics of the oil and gas industry have shifted dramatically over the past year. According to an Annual Global Survey recently released by PwC, nearly two-thirds of oil and gas CEO’s say their organizations are facing more threats to growth today than they did 3 years ago. Oildex has compiled a list important of CEO insights from the survey, below.
Big Data is a term used to describe large data sets that are so complex that they are nearly impossible to analyze and process using traditional data management tools. This data is extremely powerful when analyzed computationally. It can reveal patterns and trends that directly relate to the profitability and performance of a company.
Oildex is proud to announce the opening of our new Customer Care Center. The center is located within the Oildex Denver, CO headquarters and will house a dedicated Oildex Support Team. The team is comprised of Oildex ePayables and Royalty Management product experts who understand the advanced needs to both our customers and the industry.
Due to the increase in US natural gas production over the past five years, many in the industry are discussing and debating the potential applications of this abundant resource.
Complex data has always been a part of the oil and gas industry and it’s becoming clear that there is a growing need for industry-wide format standardization. This message is being driven home due to the increased influx of information being generated by the sector in an ever more complex array of digital formats.
Implementing an oil and gas focused ePayables software platform may be worth looking into if your organization is looking for a proven way to contain costs this year. Below are three ways in which an ePayables software platform can assist your organization with cost containment, productivity and efficiency.
According to a late 2014 report titled “The Future of Customer Service” compiled by TrendWatching, when 1,620 consumers were tested under laboratory conditions, 63% said they felt their heart rate increase when they thought about receiving great customer service.