Its novel online procurement platform that balances traditional workflows with new innovations has helped it become the fastest-growing technology company in the oil & gas industry
Based on its recent analysis of the North American upstream oil & gas supply chain market, Frost & Sullivan recognizes GoExpedi, an innovative e-commerce, supply chain and analytics company that is reinventing procurement for industrial and energy MRO (maintenance, repair and operations), with 2020 North American Competitive Strategy Innovation and Leadership Award. By leveraging industry 4.0 technologies, GoExpedi has created an online procurement platform that provides access to a wide network of suppliers. It reduces ordering time by more than 500 percent and decreases downtime cost by more than 25 percent, all while retaining existing workflows for easier user adoption and shorter learning curves.
"GoExpedi prioritizes its internal innovation program using a unique and highly successful operating model that allows it to collaborate closely with clients and test some of its BETA solutions on them. This helps them identify the components that need improvement and innovate technologies based on the feedback," said Anand Gnanamoorthy, Frost & Sullivan Principal. "A case in point is its partnership with Ensign Energy Inc, a leader in the oilfield services market, which is rolling out GoExpedi's solution to its entire fleet of rigs. Insights from this partnership will help GoExpedi improve the technology platform to reduce operational costs and improve site productivity."
GoExpedi has reimagined the oil & gas procurement process by leveraging new tools such as advanced analytics and Web 4.0 technologies. Balancing its vision of modernizing the industry's logistics management with customers' short-term performance needs, it has designed an advanced digital procurement platform. Its product navigation includes interactive schematics of over 200,000 products, from pumps, valves, sensors, and gauges to their recently expanded electrical equipment category of fuses, breakers, relays and more, and employs artificial intelligence (AI) for advanced product suggestions. Quick-access product experts are available to help users navigate the digital platform or place orders, thereby easing the transition for many first-time users to modern, eCommerce-like systems.
"Sensing the need for greater efficiency and innovation in the upstream sector, we designed an advanced digital procurement platform, transforming a decades-old procurement practice," said Tim Neal, CEO of GoExpedi. "Our intuitive, customer-focused, and interactive intelligence platform is modernizing the oil and gas supply chain market. We are proud to receive this award, as it reinforces the need for a technology that will help reduce capital expenditures and mitigate financial risk in today's demanding energy market."
Meanwhile, with supply chains being disrupted by the current COVID-19 pandemic, GoExpedi has presented the industry with a new trust-based partnership model that helps companies and suppliers respond quickly. Through GoExpedi's secure online platform, end users can securely share their process needs, product requirements, and safety certification requirements with suppliers. Another significant differentiator is the company's capability to provide comprehensive management of every upstream operator's supply need, including key assets such as pumps and compressors, operational necessities such as pipes and fittings, and consumables such as welding rods.
"GoExpedi's revolutionary procurement platform has reduced the ordering time to as little as 5 to 30 minutes and provides clear visibility that helps end users avoid costly mistakes," noted Gnanamoorthy. "Its intuitive, customer-focused, and interactive intelligence platform has placed it ahead of competitors by offering an improved purchase experience. No competitor offers a platform that addresses customer needs as well as GoExpedi, which ensures its future continued growth."
Each year, Frost & Sullivan presents this award to the company that has leveraged competitive intelligence to successfully execute a strategy that results in stronger market share, competitive brand positioning, and customer satisfaction.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.