Basware enhances e-procurement process for the oil and gas industry

Friday 31 August 2018 13:52 CET | News

Finland-based e-invoicing company Basware has enhanced its e-procurement solution to help oil and gas companies automate the materials transfer process.

Basware material transfer functionality is integrated with the e-procurement, asset management and inventory management modules to streamline financial processes and provide visibility across assets and inventory items that are spread across multiple locations within oil and gas companies. Materials transfer automation enables companies to:

  • Track the location of high-value equipment;

  • Reduce manual activities associated with material movements;

  • Automate financial entries around material transfer;

  • Document complete audit trails and transaction histories.

This tool records the movement of inventory and assets from main warehouse distribution centres to a well location, from well to well, and from well to the main warehouse location, as needed. As items and equipment are moved, the financial transactions behind these moves are automatically recorded and transferred from one asset pool to another, with the precise location, condition and value of each piece of equipment. Without automation, this process is often conducted on multiple detailed spreadsheets and can be time-consuming and challenging to maintain accurately.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Basware, e-procurement, e-invoicing, oil industry, gas industry, Finland, asset management, inventory management
Countries: World