More Than Just a Tool
We’ve designed this solution to empower teams from the field to the back office to solve problems, move faster, and work better together. At the heart of Workrise Vendor Management is a novel combination of software and services:
- Five capabilities spanning the entire source-to-pay journey. They are 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.
- Dedicated teams of supply chain and operations experts. Our teams are standing by to absorb the complexity that has plagued the industry for so long. Combined with source-to-pay software tailor-made for the energy industry, this sets Workrise Vendor Management apart.
- Improved collaboration with vendors. Solving for the ecosystem means making it easier for all sides to work together. 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.
- Optimized collaboration between the back office and the field. The solution doesn’t just remove friction between operators and vendors. It’s also a game-changer in the historically strained relationship between teams operating in the field and the teams back at HQ within larger energy companies. HSE and supply chain managers finally have clear visibility into compliance and vendor spend. And the field can always trust they have a real-time view of the approved vendors they need, whenever they need them, in the palm of their hand.
Today, most energy companies use five to eight separate tools to manage this process. Of those, very few provide tangible value for the effort you put in. Let’s talk about the very real value unlocked by this solution.
The Power of ‘And’
Workrise Vendor Management’s five core capabilities work in concert with Managed Vendor Services to solve for the toughest vendor management challenges.
Discovery
The Discovery capability enables users to search the Workrise network for new vendors, and access the details they need — from services and locations to diversity classifications and safety ratings — to determine if a given vendor is a good fit for a given project.
Need suppliers for a niche service category, or in a remote location? Submit a sourcing request and our dedicated teams will source new vendors that meet your requirements, even for just-in-time needs.
Onboarding
The Onboarding capability enables users to invite vendors to Workrise, set their standards, collect vendor documentation, and track their onboarding progress. Once standards are set, the software enforces them. Finally, a single source of truth for all vendor relationships that’s available any time, anywhere.
Don’t stop at searching for new vendors. Find the vendor you need, click to add them to your AVL, and sit back as Workrise onboards them for you.
Safety & Compliance
The Safety & Compliance capability enables energy companies to reduce their operating risk with clear visibility into the safety and compliance status of all of their vendors, and active monitoring of all documentation.
Stop asking teams to schedule compliance reviews. Start receiving proactive alerts when a supplier slips out of compliance, with the knowledge that they’ve been notified and our teams are reaching out for new documentation on your behalf.
Payments & Invoicing
The Payments & Invoicing capability validates invoices against a predetermined scope of work, with supporting documentation such as work order details and price sheets. This drastically reduces invoice dispute rates and costly errors.
Stop chasing down invoice disputes and overpaying on duplicate invoices below your thresholds. A blend of AI and expert eyes validates invoices against your scope of work, drastically reducing the headaches associated with invoice and payment processing.
Data & Insights
The Data & Insights capability improves project planning, budgeting, and vendor utilization by providing 24/7 access to powerful spend reporting, compliance tracking, and other critical vendor data.
Because we’ve validated and captured your source-to-pay data at every step along the way, you finally have actionable data you can rely on to proactively manage your operations. You know exactly what you’re spending — and what you’re spending it on.
Years in the Making
Workrise Vendor Management has been battle tested by our clients throughout the source-to-pay life cycle, as well as in use cases like tail spend and regional expansion. The results have been powerful, to the tune of 6x faster onboarding and 35% cost savings.
One supermajor saw $1.5 million in up-front cost savings after Workrise took over managing non-core vendor relationships for functions like contracts, onboarding, HSE, and invoicing.
We are thrilled to be able to offer this solution to the market at large. Follow Workrise on your favorite channels, and keep an eye out for more big announcements later this year.
See the Solution in Action
Learn more about how Workrise Vendor Management can solve your toughest supply chain challenges.
Book a demo today.
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Praveen Kalamegham is a 25-year technology veteran who has driven innovation at all layers of the software stack, from embedded systems to web-scale SaaS platforms. As Chief Technology Officer, Praveen leads the development of all Workrise technology solutions inclusive of the company’s Source-to-Pay products, and the technology that powers the No. 1 Oil & Gas labor solutions business in the country. Praveen is as much a tinkerer at home as he is at work, spending his free time coding, gardening, and wood working at his home in Austin, Texas.
