Overview of BX PortalConnect
BX PortalConnect is a fully managed Web-based data exchange service that enables Oil & Gas Portal providers to more rapidly connect with Operators and Supplier Systems to facilitate transfer of P2P business documents such as orders, invoices, and remittance documents. It takes P2P trading documents from both Oil & Gas Operators and their Suppliers, and then translates them to the Portal Provider’s desired format, which can generate huge savings and efficiencies for all three parties.
BX PortalConnect utilizes the BX Onboarding feature to significantly reduce supplier onboarding times. In certain cases we have reduced the onboarding process by as much as 80 percent, representing a significant win to Portal providers both in terms of staff savings and increased revenues. BX Onboarding is a combination of technology, process, and people with over a decade of experience specific to the Oil & Gas industry.
B2B Portals and their Role within the Oil & Gas Industry
The last decade has seen a considerable growth in the number of third-party B2B and P2P Portals. Getting document exchange right the first time for purchase orders, invoices, credit notes and statements is perhaps the most important part of your business. Without these documents you would not get paid, and without money your business would not exist. All these documents could be so much more than simply a means of collecting and processing cash.
Third-party portals allow Oil & Gas Operators and their Suppliers to eliminate paper by taking their invoicing process online. Users can exchange and manage finance documents such as e-invoices and e-statements and make secure payments online. In the case of accounts receivable, the online process is simple: a sender dispatches e-documents from the existing accounting package which are then generated by the third-party portal and made available for viewing securely online.
Recipients are prompted by email to login (log in?) to a secure website (Portal) where they can then view, approve and process the document, as well as make an electronic payment. It’s a quick, efficient, and cost-effective method of completing the invoicing process that encourages expedient communication between document senders and recipients.
Since all e-documents must be viewed online via the password- protected Portal, the Portal itself becomes an excellent interactive platform for companies to both exchange business documents as well as communicate effectively with their trading partners on the status of B2B or P2P documents. This has the potential to generate huge cost savings, while at the same time it can increase the strength of the overall Operator and Supplier relationship.
Challenges for Oil & Gas Third-Party B2B Portal Providers
Third-party Oil & Gas e-business portals are continually striving to have the biggest footprint within an ever-increasing marketplace. In order to become the biggest and best, the key challenge is to reduce the time it takes to onboard Suppliers and Operators.
Each Supplier onboarding takes time and effort. Some of these are more complex, as the portal provider does not always have the necessary integration experience for such tasks. BX PortalConnect enables providers of portals an opportunity to significantly reduce the time (up to 80 percent) and effort involved in these onboarding and integration projects.
The time and effort savings that the Portal provider gains from using BX PortalConnect can then be used to focus on other resource-hungry initiatives, such as new features development, customer relationship marketing, and new business generation.
To view more issues and challenges faced by stakeholders, click on the relevant link below.
Benefits of BX PortalConnect
Oil & Gas Operators, Suppliers and third-party Portal providers prefer using Pervasive BX PortalConnect for a number of reasons:
- BX PortalConnect offers quicker automation of data transfer between the AP/AR teams and the third-party Portal provider
- BX PortalConnect helps speed up invoice-to-cash cycle
- BX PortalConnect helps reduce unnecessary costs within the AP/AR process, including rework, validation and error processing
- BX PortalConnect helps facilitate better cash flow management with no late or rejected invoice surprises
- BX PortalConnect improves staff efficiencies by freeing up AR/AP and IT resources
- BX PortalConnect results in significant reductions in Days Invoices Outstanding (DSO)
- BX PortalConnect offers a faster and more accurate document transfer medium, resulting in lower errors, reduced rework, and potential cost savings over traditional EDI
- BX PortalConnect decreases IT costs because resources are no longer consumed with maintaining and supporting the document transfer infrastructure
- BX PortalConnect offers the Supplier direct integration to all Operator Customers, even the ones that are hard to integrate with or that do not match the Portal’s qualification criteria for direct integration, such as low invoice volume
- BX PortalConnect integration significantly reduces connection timelines for third-party Portals
- Operator and Supplier on-boarding can be completed up to 80 percent faster
To view role-specific benefits from BX PortalConnect by stakeholders click on the relevant link below:
Features of BX PortalConnect
The main features of BX PortalConnect have been carefully planned and developed over 25 years in close cooperation with our Operator & Supplier clients.
The main features of BX PortalConnect include:
- Automatic document transfer – Ability to receive and deliver your documents in your trading partners’ preferred file format (PIDX, EDI, SAP iDoc, XML, CSV, etc.)
- Batch File Processing – Ability to either transmit documents in batches or by upload facility
- Efficient and proven methodology for fast onboarding of trading partners
For a full overview of BX PortalConnect modules:
PIDX Standards- Benefits for Third-Party Portal Providers
Third-party Portals continue to explore and adopt new technologies to speed up onboarding and improve the Portal user experience. Many Portal providers within the Oil & Gas industry are adopting the PIDX standard. When used in combination with BX PortalConnect and Pervasive’s onboarding methodologies, the PIDX standard offers Portal providers a staggering reduction in Supplier and Operator onboarding. In some cases this reduction can be up to 80 percent, which has significant and positive impact on Portal provider margins.
In addition to helping reduce the onboarding time, the PIDX standard offers further savings for the internal IT team responsible for implementing, automating and supporting the AP Systems.
Portal providers that use Pervasive BX PortalConnect continue to achieve far faster enablement of their Oil & Gas Operators and Suppliers as a result of the unique methodologies and best practices Pervasive adopts when implementing BX PortalConnect for Portals using the PIDX standard.
BX PortalConnect use a wide Range of PIDX Standards. For a full list of Supported PIDX Standards click below.