The global energy industry is challenged today by shortfall in workforce talent, geopolitical uncertainty around supply and demand, and the pressures to bring new products and services to market. Energy companies are facing increasing pressure to meet optimal production targets while reducing the cost of productions to a minimum.

Energy companies have made significant investments in ERP, eProcurement and Maintenance Management applications with the goal of increasing asset utilization and effectiveness. One of the key areas of challenge for the Energy companies is enhancing their materials management operations. Lack of standards, multiple material coding structures, departmental databases and lack of collaboration between plants, operating units and suppliers has led to uncontrollable growth of their materials.

The Riversand PIM solution enables Energy companies' jumpstart their material master rationalization process through advanced data cleansing tools and services. The solution will also enable streamlining the new material introduction, catalog and contract updates on an ongoing basis through collaboration and workflow between the stakeholders. In addition the solution has built-in capabilities to support industry standards such as PIDX and TROCS.