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OFS Portal announces upgrade to Catalog Management service

Tuesday, January 3, 2017

In direct response to the continued growth in eCommerce and the accelerated deployment of procurement solutions by oilfield operators, OFS Portal has announced a significant upgrade to its Catalog Management service.

OFS Portal is collaborating with OpusCapita to provide Catalog Management services to further increase the standardization and cost-effectiveness of catalog-related business processes in Oil & Gas. Catalog Management is one of many service offerings available to OFS Portal Members.

The Catalog Management service, an OpusCapita product managed by both OpusCapita and OFS Portal, provides OFS Portal Members the ability to create and manage their catalogs of contracted products and services with more than 270 operators in a standardized format. OFS Portal's Catalog update and migration ensures capacity is available to handle the wave of new eCommerce deployments happening in Oil & Gas. The migration was managed by OpusCapita and was completed in only 3 months.

'eCommerce is becoming a primary method of cost reduction in today's market because it strengthens a company's bottom line in a way that can actually be measured,' said Chris Welsh, OFS Portal CEO. 'While technology has changed over the years, the need for continued and improved standardization, scalability and cost-efficiencies remains a constant; our Catalog Management service is a great example of increasing business efficiency when dealing with hundreds of Operators simultaneously.'

Technology-driven cost-cutting is, and has been for the last few years, trending within the oil & gas industry. eCommerce is now seen as a necessity in cost reduction efforts during industry lows and in providing scalability to long-term growth and success.

'OFS Portal is a long-term partner and this upgrade represents our commitment to providing solutions tailored to the specific needs of the oilfield services industry,' said Paul Lane, OpusCapita Head of Operations. 'The new platform greatly enhances OFS Portal's capabilities to offer new and enhanced services and solutions to both its supplier Members and Operators in their Community.'

Since January 2016, OFS Portal's Community of Operators has grown to more than 270, and accelerated growth is anticipated in 2017.

'Those already part of the OFS Portal Community have seen the value of eCommerce, standardization, and other cost-efficient service offered by OFS Portal,' said Welsh. 'Suppliers and operators not yet a part of the Community are starting to take real interest in learning more about eCommerce and other service offerings OFS Portal Members and Operators already benefit from.'

OFS Portal was founded 16 years ago because its Members saw the need for a common ground in which all participants in the oil and gas industry can navigate the emergence of eCommerce in a standardized, scalable, cost-efficient way.

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