Advanced tools enable operators and their service providers to collaborate directly on price books to control spending with increased cost control and automated compliance
DENVER, CO – Oildex, the leader in financial automation solutions for the oil and gas industry recently acquired by Drillinginfo, today announced the availability of PriceBook Collaboration, an extension of Oildex OpenInvoice® and OpenTicket. This new module provides operators and their service providers with a number of robust collaboration and messaging features to streamline and improve their price book processes. It is available now for operators who have licensed Oildex’s PriceBook module, all operators who license Oildex’s PriceBook module going forward, and all of their service providers using the OpenInvoice platform.
A common challenge in the oil and gas industry is that in addition to fulfilling their daily duties, operators must also manage their service providers’ price books, which are listings of agreed-upon pricing for individual services between an operator and a service provider. With the new Oildex PriceBook module, service providers can submit pricing changes to both new and existing price books directly in OpenInvoice, where they can be viewed, disputed, or approved by the operator in an automated workflow. This ensures that parties are using the latest agreed-upon pricing, which reduces avoidable questions and errors while helping service providers manage pricing more effectively for both high-value and low-margin offerings.
“Because of our extensive customer reach among both operators and service providers, we were in a unique position to develop features that exactly address the needs of companies involved in oilfield exploration and production operations,” said Jeff White, Oildex’s vice president of product for its Payables and Supply Chain business unit. “While our current PriceBook module offered gains in cost visibility and control, adding in collaboration and the ability for service providers to initiate pricing changes in a controlled process was our chance to take things to the next level.”
In addition to the automated workflow for price changes, both parties can send messages directly through OpenInvoice, which automatically alerts the other party to reduce the delays of back-and-forth email communications. A number of templates are provided for easier and faster collaboration, and a Resource Center is available that includes help videos, FAQs, and more to help Oildex’s operators and service providers learn how to use the new capabilities.
For operators and service providers, Oildex PriceBook means:
- Easier and faster collaboration
- Improved pricing compliance
- Quicker turnaround on pricing changes
- Automated price validation for digital field tickets to increase accuracy and streamline the field ticket approval process
- Higher productivity through process efficiency
- Increased visibility in costs and spending
The development of PriceBook collaboration represents the next step forward in Oildex’s mission to advance innovation and automation for its thousands of operator and service provider customers. OpenInvoice is the only financial automation platform developed specifically for the oil and gas industry, and the PriceBook module is a direct result of Oildex’s efforts to listen to its customers and develop advanced solutions that are specific to industry needs.
Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Our state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Our solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 3,500 companies globally from its Austin, Texas, headquarters and has approximately 675 employees. For more information visit drillinginfo.com.
Oildex is transforming the way the oil and gas industry connects, collaborates and automates. More than 1,100 operators, 74,000 registered service providers, dozens of financial institutions and millions of mineral rights owners use the Oildex Network to seamlessly and securely collaborate with their business partners, automate critical business processes, eliminate the high cost and errors associated with the handling of paper, and obtain access to key data to make more informed business decisions. Oildex is headquartered in Denver and has offices in Calgary; Houston; Austin; Fayetteville, Arkansas, and Tennessee. Learn more at https://www.oildex.com
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