Founded in 2004, Seven Energy is now the leading fully integrated company of its type in southeast Nigeria, with extensive upstream oil and gas interests in the region. For the first years of its growth, Seven Energy had been using a US-hosted external finance system at its admin base in the UK and Nigeria. However, this had ended up with an unwieldy workflow, as well as being open to human error inputting crucial financial and operational data.
As a result, Seven Energy’s leadership sought to implement a purchase-to-pay system to streamline invoicing, buttressed with a fully integrated and always-available, central document management system to drive further back office efficiencies. EASY won the contract after open competition, due to the strength of its offering and references, say the partners.
The solution EASY implemented has enabled Seven Energy to rapidly streamline its payment procedures, which now all adhere to strict payment terms and carefully set payment dates. In parallel, the new EASY DM system is allowing the organisation to get an overview of its complex tax obligations (due to the international nature of its business). At the same time, thanks to the new DM technology, internal tax specialists can easily pull up invoices and any contract terms from the finance repository.
Seven Energy also uses EASY to store contracts and associated documents in a third party contract management system, while the document management system is also a great benefit in managing travel expenses.
The next phase of the project is to implement the scanning and archiving of all finance journal back-up. This will allow the journal approvers to view the supporting documents directly in the document management system. Deployment is scheduled for the first half of 2017.
All in all, Seven Energy says it’s formed an “excellent working relationship with EASY” thanks to the success of the invoices and contracts deployment. “We have seen tangible benefits in terms of reduced administration overheads and improved efficiency and productivity,” said Richard Ray, Seven Energy Group Systems Manager. “We really are only scratching the surface at Seven Energy with DM and EASY,” he added.
“We are delighted about the success of Seven Energy, who is one of our most important DM engagements in the oil and gas sector,” commented Howard Frear, Sales & Marketing Director at EASY. “This is also testimony – due to the size, complexity, scope, and above all, the multi-country operational aspect of Seven’s achievement – to the power of EASY’s technology.
“EASY Invoice was recently voted ‘Accounts Payable/Invoicing Product of the Year’ in the 2016 DM Awards, partly down to strong use cases like this,” Frear added.
“We look forward to supporting Seven further in its journey, and helping it realise further benefits across all areas of the business.”