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Oil and Gas: The Imperative for Procurement Digital Transformation

Many oil and gas companies have invested in procurement technology, and they cite benefits from these investments. Yet, they are still bogged down with resolving common issues such as reconciliation issues and exceptions (43%), overcharges and duplicate payments (40%), contract leakage (33%), and unauthorized/maverick spend (20%). Further, 29% of oil and gas executives say that most or all of their procurement processes are manual. As a result, we have identified four key actions that oil and gas executives can take to support their companies objectives to deliver safe, reliable, and sustainable products.1) Reduce supplier risk 2) Embrace data, analytics, and AI 3) Actively manage services providers and contractors 4) Drive technology adoption Download the Document

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