Even before the pandemic destroyed demand in oil and gas, margins were shrinking, shareholders demanded proof of returns and there was a resounding cry to “Do More with less” across the energy industry. As oil prices fell to sub-zero levels, lay-offs were prevalent and reduced internal teams were left to shoulder the workload. Fast-forward to today and we are seeing the industry take this rally cry seriously and implement new technology, automation, and processes to successfully do more with less, and reap the benefits. One opportunity some OpenInvoice users are taking full advantage of is touchless invoicing. Below we discuss this concept in more detail, including the benefits of touchless invoicing and examples of customer results with this automated approval workflow. Why touchless invoicing? Despite the perception that oil and gas operations are dominated by expensive equipment and complex services, most invoices in the industry are surprisingly small. In fact, in an analysis of invoices in OpenInvoice over a one-year period, Enverus found that more than 50% of invoices were less than $1,000 and almost 80% were less than $5,000. Yet, the amount of time spent managing invoices is surprisingly similar, regardless of the invoice amount because each invoice has… continue reading
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Source: CTRM Center