Cindy Kelemen
Marketing Director
DO2 Technologies
ckelemen@do2.com
DO2 Technologies Inc., a software solutions company that optimizes financial and operational processes between E&P companies and their suppliers, today announced its commercial release of OpenContract 2.0, an Internet-based solution to automate and improve the processes supporting strategic pricing relationships. OpenContract is fully integrated with the company's flagship product, OpenInvoice™ , which automates the paper-driven processes associated with the invoicing workflow.
Suppliers and operators in the upstream oil and gas industry use OpenContract to automatically compare contract terms to the line items on invoices. The process automation results in materially reduced savings in time and resource, and the operator is able to realize the full benefit of the strategic agreements that have been negotiated.
This powerful workflow-improvement tool is specifically designed to support shared access between financial, operations and procurement professionals in operating companies, and is the first of its kind to integrate contracts management and the invoicing process. Prior to the release of OpenContract, processes between strategic sourcing, procurement or purchasing personnel and selected suppliers have been manual and paper-driven.
"Strategic sourcing and master pricing agreements used to be difficult to track and monitor, particularly at the field level where field tickets and invoices are often approved," said Rod Munro, President and CEO of DO2 Technologies Inc. "Now, with OpenContract, companies can implement "field to ERP" invoice processing with full confidence that all pricing complies with strategic agreements. Faster processing and quicker payment are two benefits that accrue to operating companies and their suppliers," Munro added.
"OpenContract maintains full audit capability," explains Doug Spackman, VP of Development for DO2 Technologies. "And since OpenContract is fully integrated with OpenInvoice, there is no need to re-enter data or to move from system to system as an invoice works its way through the approval process. The supplier and operator are notified immediately if there is a variance from the contracted rate," continues Spackman," and this is done right down to the line-item level of the invoice. This tremendously reduces the time required to reconcile detailed invoices to complicated contracts that goes on frequently between E&P companies and their suppliers."
According to Munro, a significant long-term benefit of OpenContract and OpenInvoice lies in their collaboration capabilities." Once you have suppliers and operators trusting and embracing the same technology for something as fundamental as generating and processing invoices and managing contract information, you have a foundation for collaboration that can lead to significant improvements in the operator-supplier relationship."
DO2 Technologies delivers Internet-based solutions that automate and integrate financial and operational processes between E&P companies and their suppliers. Our products simplify complex workflow processes and enable collaboration within and between organizations. Drilling, Production, Finance, Procurement, and Purchasing departments, as well as external service suppliers and partners all use DO2 Technologies solutions.
Cindy Kelemen
Marketing Director
DO2 Technologies Inc.
(713) 260-9693
ckelemen@do2.com
http://www.do2.com