AUSTIN, Texas--(BUSINESS WIRE)--Workrise, the source-to-pay solution for the energy industry, has launched its newest offering, Workrise Bid Management, the company announced today. The product streamlines and optimizes the bidding process on energy projects, benefiting both operators and the suppliers they rely on to complete and maintain projects in the field.
Bidding is the crucial first step in the journey from sourcing new vendors to verifying and paying for completed work, also known as the source-to-pay (S2P) lifecycle. The industry’s traditional bidding process is filled with outdated, time-consuming procedures — emails, PDFs, Excel spreadsheets, and copious manual work to manage them all — that strain resources and inhibit efficiency for energy companies and suppliers alike.
“Bidding might seem like a small, or even insignificant, step in the source-to-pay lifecycle,” said Jacob Gritte, General Manager, Source-to-Pay Solutions at Workrise. “But we see it as a massive opportunity for the industry to get more out of every dollar it spends, and another tangible step on the road to helping operators, suppliers, and the talented men and women in the field work better, together, to meet the world’s increasing energy demands.”
Workrise Bid Management is an add-on to Workrise Vendor Management, which launched earlier this year, providing seamless transition from the initial request for quote (RFQ) all the way through to payment with a unique combination of purpose-built software and expert services.
Benefits of Workrise Bid Management for operators include customizable RFQ templates, automated side-by-side bid comparisons for easy evaluation of pricing and safety details, direct messaging capabilities with vendors, the ability to discover and invite qualified new vendors to bid from Workrise’s extensive vendor network, and the automatic conversion of awarded bids into structured work orders.
For suppliers, it's free to join Workrise and participate in RFQs with Bid Management. Supplier benefits include clearer project specifications across RFQs, improved team collaboration on bids, the ability to provide value-added recommendations without inflating the core quote, and notification of all bid outcomes, which enhances transparency and enables companies to make improvements when needed.
“This is a powerful solution to a problem that has plagued the industry for decades,” said Praveen Kalamegham, Chief Technology Officer at Workrise. “For operators, this puts an end to the days of digging through emails and spreadsheets, centralizes all RFQ-related information in one place, and provides access to a broader vendor network — potentially uncovering new, cost-effective options for projects. And it allows suppliers to submit more competitive bids and, ultimately, get more work.”
The launch comes on the heels of the release of a national benchmark study by Workrise and Newton X on the state of source-to-pay in the energy industry. Among the study’s findings: Industry leaders are being asked, on average, to reduce costs by an astonishing 40% to 60%. Competitive bidding represents a key opportunity for savings at a time when everyone in energy is feeling the cost crunch.
Workrise partners with over 300 energy companies in the US, from independents to supermajors. Building on its dominant position in workforce solutions for the Oil & Gas sector, Workrise Vendor Management and Workrise Bid Management are the first in a new series of products the company is building to transform and improve the way the energy ecosystem operates.
About Workrise
Workrise is the source-to-pay solution built for energy. By combining purpose-built software with expert teams, we empower the world’s leading energy companies, their suppliers, and the talented men and women in the field to work better, together.
Learn more about how Workrise is equipping everyone in the energy ecosystem to operate with greater speed and efficiency at workrise.com.
