Verian Releases Enhanced Materials Transfer Capabilities

E&P industry now benefits from improved materials transfer processes

Charlotte, N.C.Nov. 5, 2012Verian, a provider of purchasing and inventory automation software, released enhancements to its software suite to help global oil and gas companies simplify and expedite the process of materials transfers.

“Customer feedback for our recent materials transfer enhancements has been very positive,” said Tehseen Ali Dahya, President and Chief Executive Officer, Verian. “We will continue to factor this feedback into refining our software solutions so our E&P customers can operate more efficiently, reducing their costs and boosting their profitability.”

Accounting for tubular product movements is a time-consuming manual process for many E&P companies. It is not uncommon for companies to track asset transfers with spreadsheets and manual journal entries. Approving materials transfers is a manual paper chase. These inefficient processes result in limited auditability and visibility into where inventory is located and what inventory is present at specific yards, well sites or warehouses. Long lag times and limited visibility can lead to unnecessary spending, inaccurate well financials and over budget projects.

Verian's dedicated Materials Transfer Manager module provides pinpoint accuracy into inventory location; and detailed cost, condition, value and clean history of where all of a company's assets have been. Its latest enhancements to this targeted software solution provide such benefits as:

  • A simplified end-user experience so that initiating a materials transfer process is much like ordering items from a vendor, which helps with faster adoption in the field;
  • The system now supports tracking materials in the yard, on the truck and at the well; and tracks the materials condition code;
  • System now supports tracking average weighted cost for material based on its assigned condition.
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