Oildex 2017 Wrap-up – A Year of Innovation and Amazing Growth

Oildex Year In Review

At Oildex, we’re all about numbers. Compiling and digitizing data, and making them easily and securely available to the right people at the right time, is what we do. That includes parsing and sending financial data (CDEX, JIB, and other statements) and helping companies innovate and automate their tracking and payables processes to have better insight into their real-time spend.

Today we want to take a slightly different direction and provide some insight into Oildex itself, specifically the year 2017 in review.

Company Highlights
The fourth quarter of 2017 was our best quarter ever – and that came on the heels of a third quarter which had been our best quarter ever. Those results set the stage for continued growth and product expansion this year.

Our emphasis throughout the company to a renewed focus on customers clearly showed in our 37-point improvement in our company NPS score from 2016 to 2017.

In July, we acquired assets from PDS Energy to create the preeminent financial data exchange network for the oil and gas industry. The addition of these PDS Energy assets made Oildex the only company that can offer end-to-end financial automation solutions in a single provider. Companies in the oil and gas space can now automate their entire financial supply chain and securely exchange digital statements, all in one place and on one network.

In September we acquired Phoenix DAS, a leader in integrated, mobile field operations software for oilfield service providers. Phoenix offers a full suite of products that manage sales, dispatch/e-ticketing, equipment, purchase orders, rental orders, inventory, personnel, safety, and payroll, and provides real-time information across multiple geographical areas. Integrating Phoenix DAS into the Oildex network will allow operators and service providers to digitally collaborate in real-time all the way from initial sourcing through contracting, ordering, shipping/receiving, invoicing and payment. This is an important milestone to creating an ‘always-on supply chain’ that will deliver dramatic productivity improvements and cost savings to both operators and service providers by eliminating paper, manual processing, data entry, redundant processes, errors, and fraud.

Product News
In product improvements and news, we released our OpenInvoice Supplier Link module in the fall. Supplier Link works with QuickBooks and any other accounting software that can export invoices as spreadsheet or text files. Suppliers can import invoices from their accounting system, validate them against their customers’ requirements, and easily submit the invoices directly to the OpenInvoice system. This eliminates double invoice entry, can reduce disputes, and helps suppliers get paid quickly.

Customer-Focused Events
In addition to the many joint events that we did in the U.S. and Canada throughout the year with our partners, we also held two Oildex User Group Conferences in 2017, one in the U.S. and one in Canada. Our main goals at these events were to gather vital customer feedback and to better articulate our vision for the digital, automated future in the oil and gas industry. Not only were these events sold out, but the feedback was incredibly positive on both our products and our goals for the upcoming year. Ease of use of the Oildex platform and customer support were high points, which syncs perfectly with some of the main objectives for our products.

Other Bona Fides
In awards news, Oildex was named a Top 10 Accounting Solution Provider 2017 by CFO Tech Outlook, and our game-changing technology, OpenInvoice Field Ticket, was a finalist in the Project of the Year category for the Colorado Technology Association’s APEX Award.

And last – but certainly not least – because we’re as devoted to our employees as we are to our customers, we’re extremely proud that we were certified as a “Great Workplace” for our U.S. and Canadian offices after a thorough and independent analysis conducted by Great Place to Work® USA and Canada.

Oildex 2017 By the Numbers
Here are just a few of the highlights from Oildex’s year in 2017 in numbers.

  • We added 137 new customers, over 7,300 new suppliers to the Oildex network.
  • We surpassed $150 billion in spend.
  • We provided services to 1,100 oil and gas customers, including all the top 10 oil companies.
  • We have over 69,000 registered suppliers in the Oildex network (and that number is growing every day).
  • The Oildex suite of products processed 81 million lines of checkstub data in close to 16 million invoices.
  • Our reach expanded to over 2.1 million unique owner accounts.
2017 Oildex year in review

As we mentioned, this is just a small summary of our 2017 year in review, and a complete summary can be found in our press release.

But we’re definitely not resting on our laurels. In fact, our entire focus for 2018 is taking the remarkable success from 2017 and using it to push further innovation for our customers, making the prospects for 2018 even more exciting than last year. We’re calling this initiative The New Oildex… and we’ll have more to say on that in an upcoming blog update next month.