Enverus, the leading oil and gas SaaS and data analytics company, on May 12 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.

Cost control is a vital part of any sustainable business, but especially so in today’s historically challenging oil and 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 five 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 and gas industry—and experts are predicting more.

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.

“Cost-cutting analyses are often a dead end because of the sheer complexity of the problem. With more than 50,000 active oil and gas suppliers submitting invoices and field tickets into our network and over $190 billion in industry spend data, we were in a unique position to crack the code on category-specific supply chain data,” Chris Dinkler, senior vice president and general manager of Enverus Business Automation, said. “By analyzing millions of lines of complex, unstructured data and normalizing it through descriptive attributes, this solution allows companies to quickly analyze their own spend data at a granular level to identify where every dollar is being spent, how it is being spent, and if their supply chain is truly optimized without any tedious onboarding process or IT resources required.”

As a part of today's software product launch, Enverus cited examples of the savings OpenInsights can provide including up to 60% reduction in unforeseen costs; discovery of product overpayments in one part in the supply chain purchased thousands of times per year; increased savings of 20% through smart vendor management; and supplier optimization by quickly identifying who you are purchasing the same services, parts, or equipment through by region and pricing.

OpenInsights provides visibility into a buyer’s own spend data to better forecast project costs, engage in benchmarked vendor negotiations, and quickly and effectively perform should-cost analysis on goods and services. By providing rich data and a software created for oil and gas companies, OpenInsights provides supply chain teams with the tools needed to discover and analyze spend trends to make better decisions without disrupting operations.

OpenInsights can detect price variations; prevent overbilling (fraudulent or accidental) for high-volume/low-dollar spends like transportation and construction before you pay the invoice with OpenInsights’ sister solution, Audit Intelligence; enable social distancing requirements by virtually connecting the field to the office with electronic tickets; and ease the burden on current staff by leveraging virtual assistance to manage administrative tasks, including outsourcing owner call center support and check printing.

“This is the future of energy and, when utilized fully, will bring oil and gas into the modern technological area. This will be the new evolution in shale,” Dinkler added.