PriceBook, in conjunction with OpenInvoice® or OpenTicket™, lets both operators and suppliers upload contract price agreements, catalogs, or simple rate sheets to validate inbound electronic invoices and field tickets. It provides line item detail, automated workflows with reconciliation, and spend analysis reporting to help control leakage.
Control Spend with Automated Compliance & Increased Visibility
Spend management can be difficult in an industry that involves complex services, a multitude of back office systems, and decentralized operations. The process begins at the pricing stage, and getting updated pricing information quickly has been a challenge because – in addition to fulfilling their daily duties – operators must also manage their service providers’ pricebooks.
PriceBook solves the challenge by enabling service providers to submit pricing changes to both new and existing pricebooks directly in OpenInvoice, where changes can be viewed, disputed, and approved in an automated workflow. This ensures that all parties are using the latest agreed-upon pricing, which reduces questions and errors and enables the operator to:
- Track complex pricing and spend with powerful reporting
- Analyze how payments match the services received
- Understand how well suppliers are honoring their pricing agreements
The Digital Pricing Process in Oil & Gas
PriceBook digitalizes the process of establishing price lists, validating pricing on field tickets, and verifying pricing on invoices. As a comprehensive end-to-end solution in conjunction with OpenInvoice or OpenTicket, it enables operators and service providers to collaborate for easier and faster collaboration, quicker turnaround on pricing changes, and greater productivity through process efficiency.
Identify Non-Compliance and Collaborate Directly with Service Providers
|Using PriceBook has other important advantages, like the ability to validate pricing and identify non-compliant invoices. That means you can:
In addition to the automated workflow for price changes and compliance checking, both parties can send messages directly through OpenInvoice, which alerts the other party when a message is waiting. This helps to shorten turnaround time on pricing changes by avoiding the back-and-forth common with email. A number of templates are included to enable easy and fast collaboration, and an online Resource Center includes help videos, FAQs, and more to help operators and service providers learn how to use the new capabilities.
Win-Win for Operators and Service Providers
- Improved pricing compliance without the need for audits
- Increased visibility in costs and spending
- Expanded agreement adoption
Operators & Service Providers
- Easier and faster collaboration
- Quicker turnaround on pricing changes
- Higher productivity through process efficiency
Controlling and optimizing spend begins with putting the right tools in place. In choosing the right tool, near real-time visibility is crucial, and for compliance, the power of an automated solution that can handle the manual checking for you is vital for accuracy and efficiency. PriceBook will not only save you money in the long run, but you’ll also save money and time through the entire spend management process and establish better relationships through collaboration with your service providers.