Solution

Itechnocrat Financial Information Data Exchange (FIDX) eliminates the need for fax machines and servers, labor cost outlay involved in manual fax and email transmission of purchase orders, service orders and invoices – resulting in greater than 70% to 90% in annual cost saving.

Rather than focusing time and resources on manual processes such as fax machines, paper work, ink,  searching for data, typing data, writing data, sending faxes, sending emails, receiving faxes, receiving and saving email attachments and other related waste, FIDX help free all these waste and add value by focusing time and resources on business productivity.

What is FIDX and what does it do and for whom?

Itechnocrat FIDX is a business-to-business (B2B) financial information delivery system that enables Oil and Gas professional service companies to meet their service order management challenges by offering them a complete set of tools to automate delivery to their trading partners of:-

a)    Service requests,

b)    Purchase orders,

c)     Service schedule,

d)    Service planned time, projected resources and material cost

e)    Service orders or Field Tickets,

f)     Service order responses or Field Ticket responses,

g)    Invoices and also,

h)    Automatically manages disputes and exceptions handling of the above processes.

FIDX is also 100% compliance to Petroleum Industry Data Interchange (PIDX) and Open Applications Group Integration Specification (OAGIS) former (CIDX) standards.

FIDX Business Benefits:

Ø  Increase process time efficiency with tools that enable service managers to gain visibility and continuously monitor the entire service order management processing chain activities.

Ø  Improve customer satisfaction by decreasing cycle time through effective delivery of all customer service communications.

Ø  Improve service quality and customer satisfaction through automated delivery of service information.

Ø  Increase revenue by increasing percentage complete and accurate, through consistent service billing and continuous visibility into customer payments

Ø  Increase percentage efficiency and effectiveness by eliminating manual processes and in-process time through automated workflows

Ø  Reduce waste and increase value adds by enhancing collaboration between professional services project managers, field service operations and trading partners.

Ø  Decrease lead time with consistent delivery of service information for all services

Ø  Leverage FIDX automated information delivery and management benefits to turn 'current cost centers' into 'profit centers' across all service offering business units 

Ø  Increase first pass yield dispute and exception resolution percentage by providing representatives with the information they need 

Capitalize on a Low-Cost Solution

Itechnocrat FIDX is one of the lowest-priced, end-to-end oil and gas professional services company’s Enterprise Application Integration (EAI) and Business-to-business (B2B) integration solutions on the market that offers a complete set of features and tools at significantly less cost than competing solutions. In fact, the upfront consulting, setup, per transaction fee and annual license cost for Itechnocrat FIDX is often less than the annual maintenance cost of our competition and even the manual fax, email or snail mail solutions.

Manual Faxing, Emailing Cost Comparison

One of the key benefits of Itechnocrat FIDX is the significant cost savings it provides. A typical Oil and Gas professional services companies fax/email and receive more than 1000 pages of purchase orders, service orders, service schedules, invoices etc per month. Each time any of these documents is sent or received, it cost the company an average of 18$ each compared to 5$ for FIDX.

Conclusion from Our Research:

Ø  AR Clerks can only process and send 20 invoices manually day taking 415 minutes and the same invoices sent using FIDX takes only 18.6 minutes

Ø  The impact lost to business is 2231% productivity minutes lost by using manual labor

Ø  An account receivable being paid 20$/hr can only send 20 invoices per day meanwhile using FIDX costing 2$/per invoice can process and send 480 invoices per day.

Ø  This means that in a day of 8 hours the AR Clerk waste excess 396.4 minutes, hence

Ø  FIDX will free up 396.4 minutes a day and process in excess 140 more invoices

Ø  FIDX offer 800% productivity gain per day over manual labor offered by AR Clerk for a fraction of the cost

Ø  Talk to us today and schedule a free demo