Digital Oilfield is a technology company with a senior management team averaging over 20 years experience each developing and introducing new information technology to the upstream petroleum sector. Digital spent over a year conducting detailed research and analysis to determine where the strategic opportunity existed to leverage Supplier Integration technology in the energy industry. And our research yielded surprising results and discovered a material opportunity.
Digital Oilfield provides technology that integrates the financial and operational processes between energy companies and their suppliers. Called Supplier Integration by Digital, it's analogous to supply-chain and supplier management software in the manufacturing sector. And it has become a core competency in today's business environment.
Our analysis showed that by bringing together our industry expertise and the Internet as the delivery vehicle, we can drive costs out of the system. The result: our technology delivers measurable ROI and material cost reductions, savings that translate directly to your bottom line.
Two core components were identified as being required to deliver a complete solution for energy industry Supplier Integration: OpenInvoice is the platform that calibrates the Supplier Spend and automates the manual invoice process. It allows suppliers and operators to collaboratively create and process invoices and field tickets. OpenInvoice automates paper-driven processes within the operating company by automatically coding invoices and field tickets, tracking inquiries, resolving disputes and seamlessly linking spend information to corporate financial systems.
OpenContract is designed to optimize the processes supporting strategic relationships between energy companies and industry vendors. Fully integrated with OpenInvoice, it can significantly reduce processing for over 80% of incoming invoices. It ensures contract compliance on every invoice, while maintaining full audit capability and non-contract exception reporting.