Oil and gas company taps Wellogix for solution to increase efficiency of invoice process, reduce cycle times
Dallas — April 15, 2005 — Oil and gas company Oracle Resources Oklahoma has selected Wellogix to provide software and services to improve the company's purchase-to-pay process for its U.S. operations.
Utilizing the core modules of Wellogix's Complex Services Management (CSM) suite, the company is looking to the solution to increase the efficiency of the invoice process and reduce the cycle time between invoice receipt and payment, thereby reducing costs and expediting service company payment.
Wellogix said the CSM suite is designed to address the needs of oil and gas companies looking to improve their business processes relating to the planning, procurement and payment of complex oil field services. The suite delivers a solution to help company engineers to collaboratively plan and specify complex services with their service providers, to automatically reconcile field-tickets and invoices, and to enforce compliance with preferred service providers' contracts.
"Wellogix's CSM solution gives us the ability to completely streamline our planning, procurement and payment processes," said Ray Walker, vice president of operations at Dallas-based Oracle Resources. "We could hire ten additional people now, or we could license the Wellogix solution and streamline our process from the beginning."
Walker said that, with Wellogix's CSM suite, the company should be able to focus its employees on the task of drilling wells instead of hiring a large accounting staff.
He added that Oracle Resources decision to select the Wellogix solution came after a review of the market for oil and gas specific business process management solutions. "This was an easy decision for me," Walker said. "Wellogix not only met our requirements for functionality, but their deep industry knowledge and flexible commercial structure made them the right fit for our business."
Patrick Talley, vice president of Wellogix, said that Oracle Resources' vision of a streamlined planning to procurement to payment process will be a showcase for the solution provider's ability to deliver value from the largest of operators through to the early stage operators in the oil and gas sector.
"Oracle and Wellogix together will clearly show that Wellogix delivers a scalable business solution for any company, of any size endeavoring to manage the procurement of complex services," Talley said.
For more information on the current state of the payment solutions market, see the article "The Analyst Corner: Payment" in the December 2004/January 2005 issue of Supply & Demand Chain Executive.