Energy & Mining International - Winter 2016 - 8

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INCREASED EFFICIENCY | COLUMNS

Behind the Scenes
Efficiency is the goal for back office automation.
BY RICHARD SLACK

Automated back office processes can save time and money for energy companies.

8 emi-magazine.com

Winter 2016

E

fficient field operations
improve profits and reduce
waste. But what about efficient back office operations?
Are you doing all you can to
streamline your back office financial
processes? Have you optimized your
invoicing, accounting and supply management systems to maximize profits?
Too often, companies are so focused on
using new techniques and technologies
to improve field operations that they
neglect back office automation strategies that can translate into real savings.
Let's consider some common back
office processes by way of example.
Paper processes cost money. Consider how much time and labor is required
to manually enter invoices, gas plant
statements, run tickets, joint interest
billing and other financial paperwork
essential to operations. Not only does
manual data entry slow down operations and impede cash flow, it also is
prone to errors, which lead to additional cost and delays for auditing and
corrections.
Automating something as simple as
invoicing can generate tremendous
savings. Consider that if you are relying
on manual data entry and an employee
earning $55,000 annually can input
400 invoices over three days. That
would mean the cost of creating those
invoices would average $228 per day,
$684 total for 400 invoices, or $1.71
added to the cost of each invoice. Then
you have to factor in additional time
and costs for error correction.
Procure-to-pay solutions can
eliminate overhead costs and delays.
Consider that paper invoices cost, on
average, $7.99 each to process. By automating processing using imaging and
workflow technology, the cost to process an invoice drops to $5.41. When
you add optical character recognition


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Table of Contents for the Digital Edition of Energy & Mining International - Winter 2016

Contents
Energy & Mining International - Winter 2016 - Cover1
Energy & Mining International - Winter 2016 - Cover2
Energy & Mining International - Winter 2016 - 1
Energy & Mining International - Winter 2016 - 2
Energy & Mining International - Winter 2016 - Contents
Energy & Mining International - Winter 2016 - 4
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Energy & Mining International - Winter 2016 - Cover3
Energy & Mining International - Winter 2016 - Cover4
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