By Mick Hollison
Change is the only constant in life and in business. That basic truth rings especially true in the rapidly evolving energy industry. Workrise is a leading provider of software and services designed to optimize the energy supply chain. In simple terms, we forge the connections that make it easier, faster, and safer to power our world.
As for me, I’m the new CEO here at Workrise and I’m honored and excited to lead us into a new chapter of growth and prosperity. But before I give everyone a glimpse into what the future might look like, I thought it may be helpful to reflect on the incredible journey the company has been on over the past 10 years.
Vision and Resiliency
The Workrise story began with Mike Witte and Xuan Yong, who met as undergrads at Texas A&M. Mike studied to be a petroleum engineer. Xuan focused on finance. What they shared was an entrepreneurial streak and a dream of building a business that would fundamentally change the way energy companies work. Founded as RigUp in 2014, the original mission of the company was to revolutionize the energy sector by digitizing the supply chain.
With not much more than a big idea and heaps of determination, they literally worked out of a closet and pitched their vision hundreds of times. Their scrappy efforts paid off. The investments started rolling in.
With fresh capital and an unwavering dedication to their mission Workrise appeared to be on the right track. But as fate would have it there was more change in store for Workrise and the world at large. The advent of the COVID-19 pandemic exacerbated an acute labor shortage in the energy industry. Workrise’s customers needed a new kind of solution. That meant the company would have to re-imagine the technology platform and offer services to match skilled workers with energy companies.
Workrise met the challenge and delivered a suite of labor services offerings, but making those technological and business model changes was difficult and disruptive. Despite these setbacks, the team's dedication and hard work continually propelled the company forward.
In the past two years, Workrise has demonstrated impressive top-line revenue growth and secured hundreds of the world’s top energy companies as clients. Even more impressively, they’ve done so while demonstrating sound financial discipline and in the face of powerful macroeconomic headwinds. Today, the company is widely recognized as a leading labor services solution for the energy sector thanks to the relentless grit and determination of Xuan, Mike, and the whole Workrise team. Now, with so much momentum and the wind at our backs, it's time to take flight.
Workrise.next
Today marks the dawn of a new era for Workrise. In fact, today is the day that we begin our journey to go “back to the future.” With a rock-solid financial foundation, a talented team, and hundreds of leading energy customers, it’s now the right time to deliver on the vision set forth by our founders. It’s time to build the future of energy.
So what does the future look like? The future looks bright and it's coming fast. Workrise is collaborating with its customers to build innovative software solutions that remove friction from the energy supply chain. These new offerings will accelerate the production and delivery of energy for a fraction of the cost. That’s a really big deal in an industry that plans to spend more than $1 trillion in 2024 in the United States alone.
And speaking of big numbers, did you know that only 19% of supply chain leaders say that their energy projects were delivered on budget in 2023? Or that more than 60% of supply chain and operations leaders don’t know if they’re paying a good price for the products and services they use on their projects? This is according to senior leaders in the industry who took part in a benchmark study on the energy supply chain commissioned last year by Workrise and conducted by Newton X. Simply put, this means that many energy customers aren’t optimizing their spend or maximizing their productivity.
Enter the new Workrise. We are hard at work crafting a series of technology solutions that are purpose-built for the unique needs of the energy sector. Ultimately, we plan to deliver solutions that will accelerate project timelines, reduce unnecessary spending, improve safety, and increase production. In other words, we’re developing an end-to-end supply chain solution specifically designed for energy providers.
We have a strong foothold in the market today. We have hundreds of delighted customers utilizing our labor services products and services right now. Next we plan to tackle vendor management and discovery, then field services, invoicing, and much more. So, if you’re in the energy space we ask that you join us on this journey to easier, faster, and safer delivery of the energy that powers our world.
You can visit us online to explore some of our innovative new products and learn more about how we can help your energy business thrive.
So today isn’t just day one for me. It’s day one for the new Workrise - a company that’s really stepping on the gas (pun intended ;-)) to deliver on the future of energy. It’s time to rise up!
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