The Oildex platform is designed to be highly secure, redundant, and is embedded with advanced features required by a SaaS provider. In order to reduce the total spend on complex services, Oildex platform offers two different product families to reap success; Data exchange products and e-Payable products. The Data exchange product helps in streamlining and improving revenue time for the royalty owners of the well on a regular basis. “Our product, Royalty Check Stub, enables royalty owners to receive the data electronically from the operators who run these wells,” states Arseneau. The product helps in saving time and cost by enabling the remitters to securely send and receive revenue details easily, which is further imported into the user’s accounting software system.
For Joint Interest Partners—who have a Joint Interest Ownership in a particular well—Oildex’s Joint Interest Billing (JIB) solution, automates accounting; by giving a better spend visibility, and integrating into their partners' ERP systems to electronically upload joint interest bills.
Our OpenInvoice Field Ticket technology brings the ability to make smarter, more informed decisions with real-time field knowledge
Adding further credence, Oildex’s innovative solution OpenInvoice Field Ticket quashes the incoherent paper processes in the energy ecosystem by enabling mobility in the field. This solution in the e-invoicing world brings in ease of cloud-based digital field ticket document collaboration unswervingly into the site. “Our OpenInvoice Field Ticket technology brings the ability to make smarter, more informed decisions with real-time field knowledge,” says Michael Weiss, CTO at Oildex.
To illustrate an example, a client who had problems in their field with duplicate tickets approached Oildex. “The suspicion of duplicate tickets led them to leverage our solution to tighten and bring the operations and the paying services back into track,” states Weiss. With the use of Field ticket, Oildex not only provided them a better view into spend but also eliminated million of dollars of human error in the ticketing process.
Oildex will continue to expand not only organically by increasing their product lines but also through acquisitions. Adding a recent major acquisition of a product ‘Procure-to- Pay’, Arseneau on a progressive note, adds, “We apparently view things that are on our table in a different angle—right from building to acquiring them to move the needle towards profitability."