Workrise, the source-to-pay solution for the energy industry, has launched its newest offering, Workrise Vendor Management, the company announced. The product combines purpose-built software and expert services to optimize the way energy operators, suppliers and field personnel work together to meet the world’s increasing energy demands.
Workrise Vendor Management tackles a critical challenge for the industry, which is the source-to-pay process itself. The fractured, overly complicated, and error-prone journey from sourcing and evaluating new vendors to verifying and paying for completed work in energy has plagued the industry for too long. So much so, that most energy companies currently use five to eight separate tools to manage this process.
The product’s five core capabilities span the entire S2P journey: Vendor Discovery, Onboarding, Safety & Compliance, Payments & Invoicing, and Data & Insights, with a sixth capability in Managed Vendor Services supporting each step in the purchasing life cycle.
“The industry has an enormous opportunity to improve how it puts every dollar to work,” said Workrise Chief Revenue Officer Joshua Trott. “Energy companies in the US spend $1 trillion in capex annually, with $150 billion going to field spend alone. By optimizing every step in the source-to-pay life cycle, Workrise Vendor Management is poised to streamline field operations not just for operators, but for everyone involved in producing and delivering the energy the world so badly needs.”
Due to its unique position as both the leading supplier of labor solutions and a provider of strategic vendor and supply chain management for energy companies, Workrise has deep firsthand experience with the friction, bloat and headaches suffered by both energy companies and the suppliers they rely on to complete projects.
“Energy demands are soaring, putting energy companies under immense pressure. Add in the sudden increase in demand driven by AI data centers, and you get a set of challenges like none ever faced by the industry. The outdated tools these companies have had to get by with are no longer sustainable,” said Praveen Kalamegham, Chief Technology Officer at Workrise. “Instead of another tool to solve a pain point for one member of the energy ecosystem, we’ve built a solution for the whole ecosystem, from the ground up.”
Complementing the platform’s core S2P capabilities are dedicated teams of supply chain and operations experts who help absorb the complexity that has plagued the industry for years. The solution is free to vendors, enabling them to more efficiently manage things like work orders, invoicing, and compliance for all of the relationships they manage through Workrise.
Workrise partners with over 300 energy companies in the US, from independents to supermajors; Workrise Vendor Management is the first in a series of products the company is building to transform and improve the way the energy ecosystem operates.
SOURCE: Businesswire