Fortune Global 10 Refinery Saves over $600k in only Six Weeks
A FORTUNE Global 10 refinery with sites all over North America engaged the TRACK Platform for a "parallel pilot" for their upcoming turnaround. For the purposes of the pilot, TRACK operated in parallel with existing cost tracking and contractor management processes. The objectives were as follows:
The TRACK Platform was installed as a SaaS solution ('software-as-a-service') – requiring only a web client at the customer site. Management Controls consultants were on-site during the 30-day turnaround to perform daily operations, resolve data exceptions, and allocate hours and costs to validated work orders.
Work Process Comparison
The plant's existing cost tracking and reporting process is separate from the vendor's invoice and payment stream; a parallel operation. Therefore, cost tracking and reporting is an overhead process dependent upon the discipline of the vendor for accurate inputs. Because the reporting stream is separate from the invoice process, the two systems are subject to discrepancies that will not be apparent until the vendor submits an invoice for payment.
The TRACK Platform integrates daily cost collection and reporting with the vendor's invoicing process. This is done by providing an interface of authorized charges to the owner's Accounts Payable system and to the contractor. The contractor is paid through the reconciling of hours and costs in TRACK. The daily acceptance of charges by the contractor, and the authorization of charges by the owner results in a single, accurate and real-time source of cost information.
In just 30 days, the parallel pilot demonstrated that the TRACK Platform would have saved the plant nearly $650,000 during their 30-day turnaround.
For a detailed breakdown, please view the PDF.