Cindy Kelemen
Marketing Director
DO2 Technologies
ckelemen@do2.com
DO2 Technologies Inc., a software solutions company that optimizes financial and operational processes between energy companies and their suppliers, launched OpenContract Suite, a group of web-based tools to manage the entire contracting process from creation and approval, through to obligation and delivery management, including pricing reconciliation.
According to Andy Kyte, Vice President of Research, Gartner Group, "Managing contracts is not a peripheral business activity: it will be a core competence for most members of executive management teams. Enterprise Contract Management solutions - which focus on the entire contract life cycle of all contractual agreements, among all trading partners - will provide managers with the visibility and control they need to achieve immediate bottom line cost savings."
OpenContract is an Internet-based software application designed to optimize the processes supporting contractual relationships between energy companies and their suppliers. OpenContract Professional provides a secure, common digital repository for contract information, allowing visibility and access across the enterprise. In addition, OpenContract Professional allows companies to easily monitor and manage contractual obligations, greatly reducing risk and potential liability.
OpenContract PriceBook – an add-on module – automatically compares contract terms to the line-items on incoming invoices and field tickets. To ensure effective use of OpenContract PriceBook, DO2 Technologies also offers a complete suite of contract data management services. DO2 Technologies personnel provide support for contract loading and ongoing management of various contract pricelists.
“Enabling and enforcing contract compliance is becoming a critical business requirement,” said Rod Munro, President and CEO, DO2 Technologies. “OpenContract builds on our strategy of Supplier Integration, and adds tremendous value by dramatically reducing costs and ensuring appropriate controls. The issue of controls and auditability exists both inside the corporation, and extends beyond a company’s four walls to contractual obligations with suppliers. Capabilities such as obligation management, ensuring that contractual obligations are effectively monitored and enforced, are important drivers for reducing costs and managing risk.”
“One of the key value drivers in OpenContract is automated pricing reconciliation with incoming invoices,” said Doug Spackman, Vice President Development, DO2 Technologies. “This functionality is provided through integration of OpenContract with our electronic invoicing solution, OpenInvoice. Because OpenContract and OpenInvoice are so tightly integrated, our customers gain significant additional value from their existing investment in OpenInvoice.”
OpenContract is available immediately on DO2 Technologies’ hosted environment.
DO2 Technologies delivers Internet-based solutions that automate and integrate financial and operational processes between energy 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