Oil and Gas Company


An oil and gas producer managing annual spend of $3.5B and RFQ volume of approximately 4000 sought to enhance its supplier management and reporting capabilities. Softtek was engaged to deploy a solution.  

Challenge

Lack of tracking, visibility and strategic information
Manual RFQ process
Inaccurate decision making

Solution

E-sourcing
Customized Supplier Collaboration Tool to automate the quotation process and reduce manual input
Automated weekly reports on vendor performance and savings

Results

Softtek’s vendor management solution enabled process standardization and audit trail compliance, and facilitated a competitive, best price-driven mindset among suppliers. Enhanced reporting allowed the client to easily compare historical data and improve supplier performance management 

 

RFQ


cycle time reduced from >30 days to <7days

95%

Reduction


in manual data entry errors

45%

Increase


in supplier compliance

98%

Process


Automation