Market Overview

Basware Makes Materials Transfer Even Easier for the Oil and Gas Industry

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New e-procurement features help oil and gas customers increase
efficiency gains

Basware (NASDAQ:BAS), the global leader in networked source-to-pay
solutions, e-invoicing and innovative financing services, introduced
enhancements to its e-procurement solution that help oil and gas
companies further automate the materials transfer process resulting in
significant efficiency gains.

Basware material transfer functionality is seamlessly integrated with
the e-procurement, asset management and inventory management modules to
streamline financial processes and provide critical visibility across
assets and inventory items that are often spread across multiple
locations within oil and gas companies. Materials transfer automation
enables companies to:

  • Increase visibility by tracking the location of high-value
    equipment
  • Save costs by reducing manual activities associated with
    material movements
  • Increase efficiency by automating financial entries around
    material transfer
  • Properly depreciate assets by recording the condition with each
    move
  • Document complete audit trails and transaction histories.

"The oil and gas industry is experiencing a fourth year in the downturn
of crude oil, which means that there is a lot of emphasis currently on
containing costs and producing more with fewer resources, whether it is
on the wells or in the back office," said Bhavin Shah, Director of
Product Management for Basware. "A recent Deloitte report, 2018 Outlook
on Oil and Gas, stated that the digital revolution could mean the
difference between thriving, surviving, or not just making it in this
industry."

Materials transfer functionality helps oil and gas companies contain
costs by preserving high-dollar equipment and generating savings by
increasing efficiency in the back office. This tool records the movement
of inventory and assets from main warehouse distribution centers to a
well location, from well to well, and from well to the main warehouse
location, as needed. As items and equipment are moved, the financial
transactions behind these moves are automatically recorded and
transferred from one asset pool to another, with the precise location,
condition and value of each piece of equipment. Without automation, this
process is often conducted on multiple detailed spreadsheets and can be
time-consuming and challenging to maintain accurately.

"The latest version of our materials transfer module includes a number
of usability enhancements that enable users to manage the process even
faster and reduce the number of steps needed to process a transaction,"
continued Shah. "Whether it is transferring an asset from a yard to a
well, coding debit and credit entries or making changes to material
transfer requests – we have made it easier and faster with this new
e-procurement enhancement."

Visit our Fact
Sheet
to learn more about Basware solutions for the oil and gas
industry. For more information on Basware e-procurement solutions, visit
the Basware
website
.

About Basware:
Basware is the global leader in providing
networked source-to-pay solutions, e-invoicing and innovative financing
services. The Basware commerce and financing network connects businesses
in over 100 countries and territories around the globe. As the largest
open business network in the world, Basware provides scale and reach for
organizations of all sizes, enabling them to grow their business and
unlock value across their operations by simplifying and streamlining
financial processes. Small and large companies around the world achieve
significant cost savings, more flexible payment terms, greater
efficiencies and closer relationships with their suppliers. Find out
more at www.basware.com.

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