The future of the Oil, Gas and Energy promises to be highly dynamic. Production and operations in the oil, gas and energy sector are typically high-cost, high-risk and capital-intensive. Effective management of safety, deep collaboration with field suppliers and engineers, and reducing supplier risk is crucial to optimizing performance.
Companies will face a variety of short and long-term challenges, such as balancing the effects of downward prices, output cuts, movement of demand to alternative energy sources, heavy capital investment for new capacity, complex government regulations and rising operating costs. With persistent global uncertainty about output levels, demand and pricing, reducing costs and third party spend is crucial for traditional Oil, Gas and Energy companies to stay profitable.
Procurement professionals in Oil, Gas and Energy companies require governance to ensure contract compliance, adherence to processes and develop sustainable supplier relationships. Further, strategic procurement teams can drive significant value across the entire organization by enabling stakeholders to take a project approach to site development, engineering and construction activities.
A solution that can streamline complex sourcing activities, increase transparency and efficiency in procure-to-pay processes crucial to process excellence.
A comprehensive and easy to use source-to-pay tool set makes it easier for oil, gas and energy to achieve strategic objectives:
Dive into this in more detail: see how Ivalua helps Oil, Gas and Energy