Industry: Oil and Gas
Nayara Energy utilizes MDO Live Auctions to generate Savings
About Nayara Energy
Nayara Energy is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to refining and oil retail. In order to realize better savings and compliance and effective cost analysis, the procurement team understood the need of a cost effective sourcing solution. ConnektBizOnline application was introduced to as the platform through which Nayara fulfils its sourcing requirements through the Live Auction module.
The business required a solution to manage their Supplier management and sourcing strategies. The key challenges included:
- Ineffective Vendor Management.
- Unable to fetch reports on savings and spend across various categories.
- Difficulty in tracking quotes and bid values from offline and manual sourcing process.
- No definite approval and pre-qualification process of vendors.
- Unable to track vendor orders against product categories.
MDO helps Nayara to streamline their sourcing process with a structured, transparent and accountable process flow to reap enhanced ROI and business benefits. MDO also:
- Enables vendor evaluation through its portal.
- Generates savings through quick and effective live auction events.
- Maintains product catalog.
- Easily rolls out events of categories across multiple departments.
- Provide reports to analyze spend patterns.