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Increase Supply Chain Efficiency with Better Vendor Management

April 25, 2023
Austin, TX

Partnering with Workrise for Your Supply Chain Efforts Can Alleviate the Burden of Vendor Management and Free Up Teams to Focus on More Strategic Projects

With energy markets being at an inflection point, the sector needs to do all it can to improve the efficiency of its operations. Supply chain managers can be instrumental in this efficiency drive by enhancing the way they manage vendors. A partnership with Workrise can support supply chain teams to get the best value from vendors by ensuring they are compliant, and by reducing the time spent on procurement.

This is mission-critical for Workrise. Our focus is on ensuring the biggest players in energy, specifically Oil & Gas companies, work more efficiently both for their shareholders and for our global energy future. Workrise supports supply chain efficiency in a few key ways:

Better Visibility into a Company's Own Vendor List and Access to Hundreds More Vendors

Workrise gives operators a consolidated view of their approved vendor list so that operations teams can feel confident that when they select a vendor, it meets the requirements of their supply chain and procurement teams.  Workrise frees up supply chain managers’ time by giving the operations teams they serve access to pre-qualified vendors exactly when they need them.

When companies partner with Workrise, they not only have access to their own vendor lists but also the entire Workrise vendor network. Ultimately, expanding the company's own AVL without the expense.

Ensuring Operators Get the Best Price for the Vendors They Need

Workrise has access to a plethora of vendor data so that energy companies can ensure they’re getting the best price for the services needed. It gives the operator visibility into what a service costs without the operator having to expand their own vendor list to do it. In addition to getting the best pricing up front, Workrise can ensure that prices are compliant with governing purchase orders, work orders, or other pricing agreements throughout the engagement to ensure operators aren’t over charged. 

Onboarding New Vendors Quickly Within Compliance Requirement Standards 

Once a vendor is selected, a vendor management partner takes on the burden of onboarding vendors, which saves supply chain manager resources and time. A good vendor management partner will help an energy company to save costs by ensuring all vendors meet an operator's specific safety and compliance requirements. Workrise can also ensure vendors carry the necessary insurance cover and that this cover is maintained for the duration of the contract. Workrise can reduce the length of the MSA process from a few months to just a few days, saving considerable time and reducing operating costs. 

Managing Complex Invoicing Across Hundreds of Vendors

Achieving an effective supply chain overview can be particularly challenging for Oil & Gas supply chain managers as a single project may require 50 vendors. Managing the complex payment terms, timing, submission and processing of these varied invoices is a huge time suck. Workrise can handle that transaction end to end. Vendor overbilling, and other types of fraudulent activities, are not uncommon, but a Workrise can ensure that vendors charge the correct amounts for their services.

Providing Visibility into Spend in Real Time 

A study by Deloitte showed that 65% of procurement leaders have limited or no visibility into their supply chain and are not making the most of digital tools that could help to provide a more complete view. Workrise provides real time spend tracking thats filterable by category, region, and site.

Workrise clients are seeing an average vendor onboarding time that is over six times faster than the industry average, as well as an up to 35% reduction in vendor management costs when compared to their existing in-house processes.

Get in touch to find out more about how Workrise can:

  • Give you access to hundreds of vendors across the US for your projects
  • Provide a consolidated view of vendor management, helping you to budget more effectively
  • Provide spend visibility at project, vendor and category level
  • Provide a streamlined, consistent invoice format, reducing the number of vendors you have to deal with directly.
  • Enable organization-wide compliance with vendor qualification criteria
  • Enable operations to more efficiently source new, compliant vendors 
  • Enable operations to manage their vendor list within supply chain parameters (for example, in accordance with required qualifications and certifications).

Let’s Talk

At Workrise, we can support supply chain managers to optimize their vendor management processes. Reach out to learn more.

Workrise Vendor Management: Product Overview
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