The Future of Procurement for Oil & Gas

Set yourself apart from the rest. Discover how to modernize procurement practices, adapt to new trends, and become an industry-leading business.

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Ultimately, procurement and sourcing are about cost, people, and planet—and being mindful of those three measures of value as we go about what we do... Given our position within the market, the relationships and partnerships that Procurement can establish on behalf of bp matter. Curbing and automating tail spend makes us infinitely smarter, and helps bring the procurement function and bp’s wider goals together cohesively.

Nicholas Wright
Director, Digital and Innovation at bp

Top KPIs for Oil & Gas companies

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Total time duration from requisition to purchase order (PO) dispatch

a gear turning

Total employee effort from requisition to PO dispatch

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Percentage of tail spend via preferred suppliers and catalogs

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Percentage of supplier consolidation year-over-year

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Percentage or total achievement of cost savings targets, by quarter and/or year.

The results with Fairmarkit really have been wonderful. We have been able to optimize and even reduce our buying team and repurpose some of those individuals in areas that were needed. Without a doubt, partnering with Fairmarkit was the right decision. We view it not just as an excellent tool, but also as an expansion of our own team.

Brian Jackson
Commercial and Supply Chain Manager at Atlantic Methanol