The Value Proposition for the use of PIDX Standards
- The PIDX Standards are technologically agnostic and are free to use, avoiding the potential for being trapped into a proprietary solution which would be more expensive to support and maintain and restrictive to use. Often proprietary solutions have regular updates which demand reworking of internal business systems, at timing based on a non-industry third party.
- Used globally by the Oil & Gas industry, with no known alternative designed by and for the industry. PIDX standards have broad adoption in every continent, with Operators, ( large, small, independents and NOCs ) suppliers and third party technology solution providers. This gives any new user a far faster implementation time than other locally developed standards, or a solution specific to one ERP or implementation company.
- PIDX standards address specific Oil & Gas data needs that are not covered by generic B2B xml standards, such as well name, well location, field name, lease name. Most if not all generic standards demand entry of a zip / postal code and physical street address which are not present for many Oil & Gas industry needs, hence the need for PIDX to create an industry specific standards.
- This faster implementation time can increase the return on investment ( ROI ) in adopting B2B in the Procure to Pay activity of a company, and other business data movements between trading partners.
- At least 120 Oil & Gas companies around the world, most of the majors and including a large number of independents and some NOCs ( representing more than 80% of global E&P spend annually ) have committed to the PIDX standard in their eCommerce activities. This number continues to grow each month.
- 18 Third Party Solution Providers (networks, marketplaces ) that offer services to the Oil & Gas industry have committed to the PIDX standard in their eCommerce solutions for their customers.
- Many suppliers will already have adjusted their internal systems to work within the PIDX business processes and document sets, any new buyer implementing eCommerce will realize faster onboarding from the suppliers to connect.
- Some major Operators ( buyers ) who have used the PIDX standard for eInvoicing have seen a huge reduction in the cycle time, process efficiency and management of paper in their Accounts Payable departments.
- The Members determine priorities, only developing standards seen as needed within the industry; compare and update requirements, and promote adoption of the standards.
- PIDX standards are developed following rigorous, clear, and transparent processes. The structure of the development processes were designed by PIDX based on globally accepted standards development methodologies. All standards documentation is available on the PIDX website. Final voting on the approval and publication of new or updated standards is made by the full Membership of the PIDX organisation.
- PIDX’s unique organisational structure allows volunteer participants to work together in an environment fostering collaborative sharing relative to their own solution and company needs, yielding benefits from exposure to different perspectives, lessons learned by others, and shared expertise.
