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.
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.’
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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