**London**: Vroozi has launched Thomas Supply, a new division under Thomas Oilfield, leveraging its procure-to-pay platform to enhance inventory management and procurement processes in the oil and gas sector, aiming to drive operational efficiency and open new revenue streams amidst past financial challenges.
Vroozi, a provider of procure-to-pay solutions, has announced a significant development in the oilfield supply sector with the launch of Thomas Supply, a new division under Thomas Oilfield. This division has been established using Vroozi’s P2P platform, which facilitates the procurement and management of inventory in the oil and gas industry.
Located within Thomas Oilfield, Thomas Supply presents equipment and hardware available for purchase or rental to contractors and associated entities. The Vroozi platform enhances efficiency by automatically monitoring inventory levels and generating purchase requests when stocks are low, ensuring seamless management of transactions and data.
Shaz Khan, Co-founder and CEO of Vroozi, highlighted the uniqueness of this system, stating, “What sets this implementation apart is its handling of direct materials procurement, which requires precise tracking of material numbers and inventory levels.” He noted that while many P2P systems primarily manage indirect materials, Vroozi’s solution extends its functionality to direct materials procurement, providing an integrated approach that connects inventory management systems to procurement workflows.
The introduction of this automated system marks a recovery phase for Thomas Oilfield. The company previously faced considerable financial challenges that necessitated a comprehensive strategy to turnaround its operations. The establishment of Thomas Supply has created new revenue streams through both the rental and sale of inventory items while eliminating the inefficiencies often associated with manual procurement processes.
Ed Esqueda, Supply Chain Director at Thomas Oilfield, remarked on the initial goals and ultimate achievements of this partnership with Vroozi. “We approached Vroozi with a clear vision to integrate systems that provide critical business information and ultimately help drive data-driven decisions with more spend under management,” he told Oilfield Technology. “What began as a procurement solution evolved into the foundation for an entirely new business division. The system’s ability to automatically manage material numbers and maintain real-time inventory accuracy has been crucial to our success.” Esqueda also indicated plans for future enhancements, stating, “We’re already planning our next phase to incorporate IoT devices throughout our warehouses, which will further enhance our operational capabilities and cement our position as an industry innovator.”
Key features of the newly implemented system include automated inventory monitoring and reordering, real-time integration with Thomas Oilfield’s NetSuite ERP system, automatic creation and management of material numbers, and a digital marketplace for contractor purchases and rentals. Additionally, it encompasses comprehensive supplier qualification and risk management practices.
The launch of Thomas Supply exemplifies the potential for P2P platforms to extend their application beyond traditional indirect procurement, significantly enhancing core business operations and direct materials management while ensuring strict oversight of supplier relationships and minimising supply chain risks.
The latest issue of Oilfield Technology magazine details various aspects of the oil and gas industry, including insights into upstream news, project stories, and technical articles focusing on digital technology, safety improvements, and innovation within the sector.
Source: Noah Wire Services
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