Procurement software solution vendor Workrise has launched a new offering designed to improve the source-to-pay process for the energy industry. Workrise claims the solution, Workrise Bid Management, streamlines and optimises the bidding process on energy projects. This is something they believe will benefit both operators and their suppliers.
The product launch follows the recent release of a national benchmark study by Workrise and Newton X. The study explores the state of source-to-pay in the energy industry. Among its findings: Industry leaders are being asked, on average, to reduce costs by an astonishing 40% to 60%. Competitive bidding represents a key opportunity for savings at a time when everyone in energy is feeling the cost crunch.
Bid management
Bidding is the first step from sourcing new vendors to verifying and paying for completed work. Workrise argues that outdated, time-consuming procedures define the energy sector’s bidding process. Manual processes like creating, refining, editing, and exchanging emails, PDFs, Excel spreadsheets are common in the bidding procedure. So too is the “copious manual work” required to manage them all. These outmoded and inefficient processes, Workrise claims, strain resources and inhibit efficiency for energy companies and suppliers alike.
“Bidding might seem like a small, or even insignificant, step in the source-to-pay lifecycle,” commented Jacob Gritte, General Manager, S2P Solutions at Workrise. “But we see it as a massive opportunity for the industry to get more out of every dollar it spends, and another tangible step on the road to helping operators, suppliers, and the talented men and women in the field work better, together, to meet the world’s increasing energy demands.”
“This is a powerful solution to a problem that has plagued the industry for decades,” said Praveen Kalamegham, Chief Technology Officer at Workrise. “For operators, this puts an end to the days of digging through emails and spreadsheets, centralises all RFQ-related information in one place, and provides access to a broader vendor network — potentially uncovering new, cost-effective options for projects. And it allows suppliers to submit more competitive bids and, ultimately, get more work.”
