Houston, TX – December 3, 2019 – The Petroleum Industry Data Exchange, Inc. (PIDX International) announced that it has published the Field Ticket Business Process Guideline standard which will significantly reduce delays and backlog for field ticket transactions.
This new standard provides a guideline for Field Ticket Process Flow between suppliers and operators. Traditionally, field tickets have been recorded on paper and require a signature of approval. The ticket is then processed through the supplier's back office and sent via email or traditional mail to the operator. Historically paper field ticketing has experienced a significant rejection rate when invoices are received by the operator because there isn't a step in the process to validate if the service recorded on the field ticket matches the actual service performed.
PIDX's new Field Ticket Business Process Guideline streamlines this process. When the work requested is completed, the supplier generates a field ticket and sends it electronically to the operator. The operator reviews the ticket and either approves it, or rejects it if the services performed do not match the contractual agreement. Once confirmed the operator returns the ticket to the supplier electronically. Ultimately, the process will replace paper tickets with electronic field tickets, simplifying the approval process, reducing invoice rejections and improving payment times for suppliers. Additionally, it will remove a significant amount of rework by both operators and suppliers in the billing process and save the industry millions of dollars each year.
“This enhancement will streamline the management of complex services by allowing service companies and operators the ability to exchange the status of services performed. It creates new business value that could drastically reduce delays and backlogs for service and invoice approvals,” said James Thompson of ConocoPhillips, and the PIDX Project Team Chair.
The Field Ticket Project Team began work on this project in December of 2018, and completed their efforts in the fourth quarter of this year. The team consisted of 20 participating companies, creating a diverse group to ensure the standard would benefit the Energy Industry as a whole.
“Not only will this new standard improve invoice accuracy and approval, but it will also decrease days sales outstanding with the reduction in the number of errors in invoice workflows,” Chris Welsh, Chairman of the PIDX Board said. “The new PIDX standard helps to solve a very large commercial problem we have in the Energy Industry.”
PIDX is committed to developing and publishing royalty-free standards that support the efficient exchange of electronic data within the Energy Industry. These standards are the product of digital collaboration, spearheaded by PIDX's Work Groups and Project Teams, within a strict anti-trust framework.
Over 150 industry-specific standards, including the new Filed Ticket Business Process Guideline, are available for download at www.pidx.org.
About PIDX International
Based in Houston, Texas, PIDX International is comprised of Energy industry standards leaders who work together to facilitate eBusiness since 1987, and is committed to continuing the development of technology, information and business process standards that allow the effective and efficient implementation of eBusiness on a global scale. PIDX standards serves the upstream, midstream, and downstream segments of the Energy industry. To learn more, visit: www.pidx.org.