Chesapeake Energy Corporation is the latest company to sign up for Oildex’ SpendWorks hosted e-payment system. Chesapeake, currently the most active driller of new oil and gas wells in the US, will use SpendWorks to speed its accounts payable process. SpendWorks ‘software as a service’ (SaaS) offering replaces traditional paper-based invoices with digital data and workflows.
Flanagan
Oildex president Peter Flanagan told Oil IT Journal, ‘Studies have shown that paper based settlements in oil and gas typically cost in the $15-20 range. Our hosted service brings this down to around $5. But we also add value to the process through our industry-tailored workflows and soon, new in-depth business intelligence (BI) of a company’s spend. Unlike previous BI techniques, which produce results weeks or months after the fact, our SaaS offering supports near real time BI, providing analysis within a day or two of actual spend.’
10,000 users
Oildex claims to be one of the energy industry’s largest Internet-based data exchanges serving over 1,000 companies and 10,000 users.
Oil IT Journal will be publishing an in-depth interview with Flanagan in next month’s issue.
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