Blockchain-Powered Smart Contract Network, GumboNet™, Automates Invoice Approval and Billing Reconciliation for Operator
Operator and Supplier Experience 95% Fewer Touches; Reduce Service-to-Invoice from 72 Days to Two, Enables Real-Time Financial Visibility
Data Gumbo, provider of GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain, today announced the completion of a successful pilot to automate production chemical delivery with a Texas-based hydrocarbon exploration company and a multinational chemical company. The results of capturing and leveraging chemical data at various points along the path of delivery included the elimination of transactional inefficiencies, decreased costs of doing business such as manual administrative burdens, and real-time lease operating expense (LOE) visibility into cash flow.
The project, which occurred at approximately 200 locations, included the delivery of several chemicals and services in a 30-day period. As demonstrated by the project, full implementation will result in scalable benefits including:
- 95% fewer ticket touches eliminating human approvals
- Reduction of service-to-approved-invoice times from an average of 72 days to two
- Overall reduction of disputes and the accelerated ability for same-day dispute resolution
This Data Gumbo implementation shows that smart contracts backed by an immutable blockchain record can comprehensively and autonomously match invoices using Internet of Things (IoT) and SCADA data, then integrate directly into leading ERP systems.
A Visible Advantage: Real-Time LOE
Smart business decisions based on operational cost and individual asset profitability are hindered by a lack of visibility into spending caused by payment delays, disputes and complicated reconciliations. Instead of relying on estimates while expenses are stuck in manual paper ticket workflows or long invoicing cycles, GumboNet taps existing operational field data to aggregate exact information and measurements, supplying continuous visibility into actual spend for real-time LOE and easier financial health management.
“Real-time LOE is an imperative for oil and gas companies,” said Andrew Bruce, Founder and CEO, Data Gumbo. The project’s successful implementation demonstrates that real-time LOE is a realistic business expectation that enables a company to know their financial position at all times using real data.”
About Data Gumbo
Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — a massively interconnected industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities that automate and execute smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Data Gumbo also provides GumboNet™ ESG, the automated and accurate sustainability measurement solution that ties a company’s operational data to environmental, social and governance (ESG) standards reporting for industrial supply chains.
To date, Data Gumbo has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco; Equinor Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator; and with L37, a hybrid venture capital and private equity company. With offices in Stavanger, Norway, and London, UK, the growing company was recognized as the Disruptive Innovator in the Forbes Energy Awards 2020 and named to CB Insights Blockchain 50, among other awards last year. For more information, visit www.datagumbo.com or follow the company on LinkedIn, Twitter and Facebook.
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