Oildex Releases Purchase Order Functionality For Spendworks

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Oil and Gas Industry Platform Provider Delivers Supply Chain Features for Automated Accounts Payable Workflow Solution

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“Our new PO functionality signals Oildex’s entrance into supply chain management,” said Mike Weiss, Oildex VP of software engineering.

Oildex, the premier cloud-based document exchange and workflow provider connecting the oil and gas industry, is pleased to announce new Purchase Order (PO) functionality for its Spendworks 4.0 ePayables product. This new development further highlights the company's evolution to a new Oildex with a focus on streamlining customers' most important supply chain processes.

“Our new PO functionality signals Oildex’s entrance into supply chain management,” said Mike Weiss, Oildex VP of software engineering. “This feature eliminates errors and duplicate work by doing a true three-way match between the PO, invoice and goods receipts within the Spendworks workflow, not the ERP system, providing real-time validation and alert messaging.”

Procurement is an evolving strategic business function in the oil and gas industry and provides the cost control and visibility needed to compete in this volatile industry. The PO module allows operators to receive an approved PO from their procurement system, electronically present it in Spendworks and provide a full 3-way match (PO to invoice to goods receipt) with both validation and alerts. This new module will also pass PO information from the ERP to suppliers so they can reference it, search for it and flip it to an invoice.

The PO module is built into Oildex’s recently released user dashboard providing an at-a-glance status of existing POs, as well as any new POs ready for presentment. In the development of this module, Oildex adhered to the PO standards set forth by PIDX.

“Oildex is excited to pair our new PO module with our existing certified integration with SAP to help upstream producers with sizable Supply Chain initiatives,” continued Weiss. “With our new feature, operators can place the proper cost control and visibility measures in their accounts payable process to ensure success.”

About Oildex
Oildex provides smart information management and business process automation Software-as-a-Service (SaaS) solutions to over 7,900 companies and 130,000 registered users in the oil and gas industry. The Oildex suite of services streamlines operations enabling companies to shift from paper-based processes to electronic and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (Spendworks™ and Spendworks Complete™), owner/producer relations data posting (Owner Relations Connect™), check stub reporting (Checkstub Connect™ - CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB processing (JIB Complete™), crude oil data exchange (Run Ticket Connect™ - CODE), and production and sales volume reporting. Oildex has offices in Denver and Houston. For more information, please visit http://www.oildex.com.

Oildex Contact
Courtney Cook, Marketing Coordinator

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Courtney Cook, Marketing Coordinator
Oildex Contact:
+1 (303) 222-6139
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