Cindy Kelemen
Marketing Director
DO2 Technologies
ckelemen@do2.com
DO2 Technologies Inc., an Internet-based business-to-business (B2B) software solutions company that automates and simplifies complex workflow processes for the global oil and gas industry today announced the commercial release of OpenInvoice™ , its first module in a suite of new software applications designed to improve oil and gas industry processes and enable workplace collaboration. OpenInvoice automates the generation, receipt, coding, adjudication, authorization and posting of invoices for the complete range of oil and gas operations.
"Our goal is to provide the industry with innovative solutions that provide measurable value," says Rod Munro, DO2's President & CEO. "OpenInvoice improves invoicing efficiency and cost-effectiveness for both operating companies and vendors and provides organizations with an online tool to better analyze their operational spending practices."
"OpenInvoice allows vendors to generate field tickets and invoices over the Internet," explains Doug Spackman, VP of Development for DO2 Technologies. "Invoices are automatically coded to the corresponding operators' Chart of Accounts, Cost Centers and Authorization For Expenditures. This greatly reduces the cycle time required for processing documents and allows disputes to be resolved on-line. Vendors are paid faster and operators spend less time and effort authorizing invoices. The bottom-line is that OpenInvoice is a win-win solution for the oil and gas industry."
"The exact workflow savings realized through the automation of invoice processing can be accurately determined," adds Spackman. "The costs associated with generating invoices vary depending on the oil and gas organization, but research indicates that costs are consistently between $40 and $60 per invoice. We conservatively estimate that companies employing OpenInvoice will realize cost savings of approximately 3% per invoice."
To support OpenInvoice, DO2 Technologies has developed an industry standard Services and Supply Index that links to all the services provided by vendors in operations and to the internal accounting codes for each individual operator using the system. The design of the system ensures a unique cross-referencing process that is precise for each transaction.
"Operating companies can track their spending in far more detail using OpenInvoice than through existing systems", adds Munro. "OpenInvoice captures cost information at the line item level and embeds operational data in each item to provide companies with spend analysis capabilities that previously were not available."
According to Munro, the real long-term benefit of OpenInvoice lies in its collaboration capabilities. "Once you have vendors and operators trusting and embracing the same technology for something as fundamental as generating and processing invoices, you have established an environment that provides tremendous opportunities for improved industry practices."
DO2 Technologies is a developer and marketer of open, Internet-enabled business-to-business (B2B) software solutions that electronically automate and simplify complex workflow processes for the global oil and gas industry. The company's next generation workflow solutions streamline and integrate company-wide knowledge online, allowing for collaborative business approaches among separate parties including drilling and production, finance, procurement, purchasing and external service providers and partners. DO2 Technologies has offices in Calgary and Houston, Texas. Further information about DO2 Technologies can be obtained by visiting www.do2.com.
Cindy Kelemen
Marketing Director
DO2 Technologies Inc.
(713) 260-9693
ckelemen@do2.com
http://www.do2.com