Oildex: Pathway to Electronic Data Exchange

Oildex: Pathway to Electronic Data Exchange

CIO VendorMichael Weiss, CTO
The foundation of Oildex traces back to the early days of the internet, when the multitude of operators, service providers, royalty owners, and the network partners of the vast oil and gas ecosystem were engaged in the process of pushing tons and tons of paper back and forth. To streamline the transmission of data, and obliterating the laborious and error-prone paper processes, Oildex, a corporation that hails from Denver, CO, delivers end-to-end cloud-based accounting software solutions to automate the workflow and facilitate efficient exchange of electronic documents in the energy realm. Marc Arseneau, CFO, Oildex, says, “We have over 60,000 suppliers on our network and we do well over 200 billion dollars in transactions while enhancing visibility into every single transaction.” More than two hundred operators and millions of royalty owners leveraging the solutions benefit from renowned user support, analytics, and streamlined workflow of business documents through the Oildex platform.

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

“Yet another core product offering, ePayables is a lot more interactive,” evinces Arseneau. In a nutshell, suppliers who are part of the Oildex network are provided with a user ID and password to sign up enabling them to dramatically improve workf low, deliver electronic invoices, eliminate fraud or duplicate billings or any human errors introduced with paper processes.

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."