Enverus, the leading oil & gas SaaS and data analytics company, has released OpenInsights, a new software analytics solution that allows energy supply chain teams the ability to gain detailed understanding of their spend data—a common black hole for many companies. Enverus’ advanced spend analytics solution unlocks this insight for its customers focused on efficiency and cost control, making it easier to evaluate supplier spend by analyzing oilfield invoices, ticket requests, and spend analytics datasets.
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Cost control is a vital part of any sustainable business, but especially so in today’s historically challenging oil & gas market. Corporate decision-makers are constantly looking for innovative ways to unlock meaningful savings as an alternative to the pain of layoffs.
According to the U.S. Bureau of Labor, the four-week moving average for unemployment claims is now around 5 million, bringing the total number of first-time unemployment claims closer to 30 million over the past eight weeks. Among those have been thousands of layoffs in the oil & gas industry—and experts are predicting more.
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Utilizing its valuable datasets, Enverus is now unlocking new technologies with OpenInsights as an additional option for the industry to identify savings, reducing the need for further layoffs.
“We are doing everything we can to help oil & gas companies mobilize their teams to ease the shift to a remote work environment and implement tighter cost controls. The double whammy of the price crash and worldwide spread of the coronavirus pandemic means two things for the oil & gas industry—virtualization and cost containment—and this solution addresses both,” said Chris Dinkler, senior vice president and general manager of Enverus Business Automation. “Overpaying once is unfortunate but imagine doing it thousands of times in one year and the relief experienced once you identify that oversight and have the ability to fix it. That could be several employees’ salaries.”
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