CIMdata PLM Industry Summary Online Archive
13 January 2005
Implementation Investments
Vintage Petroleum Improves Financial Processes, Advances Sarbanes-Oxley Compliance with Open Text's Livelink
Open TextT Corporation announced that Vintage Petroleum, Inc., a rapidly growing independent oil and gas company with operations in the United States, South America and Yemen, is using Open Text's Livelink as a platform for business process improvements to increase productivity, control information, and meet compliance requirements associated with the Sarbanes-Oxley Act of 2002.
A large organization with facilities across the globe, Vintage operates its satellite offices as independent smaller businesses under the larger Vintage umbrella, while processes such as invoicing remain centralized at the corporate headquarters. Vintage's U.S. accounting office processes approximately 10,000 invoices per month. The company selected Livelink to manage the invoicing process, to maintain corporate content and to allow for a central repository for employees to access information.
With Livelink, the company has shortened invoicing cycle times with a more controlled process because district offices no longer need to ship or fax paperwork between offices. All invoices are stored in a central location and can be reviewed and processed from various locations. Additionally, with Livelink's reporting capabilities, Vintage has improved its forecasting process and its audit and revision controls to ensure compliance with regulations such as Sarbanes-Oxley.
"With such a distributed organization, a central system is vital to our business operations," said Steve Phelps, Director of IT for Vintage Petroleum. "With Livelink and the correct tool sets in place, Livelink will 'plug in' and provide repository information immediately. Maintaining one set of data is more practical than our previous practice of leaving information within the individual groups. In fact, because of our quick successes with our initial implementation, we are planning to implement Livelink across other accounting disciplines."
"Vintage is a rapidly growing organization and the management of its key content is a must to ensure success," said Bill Forquer, Executive Vice President of Marketing at Open Text. "By implementing a central repository for this content and leveraging Livelink's document management and workflow features, the company can remain confident that information is being managed to help ensure regulatory compliance."
Vintage Petroleum, Inc. is an independent energy company engaged in the acquisition, exploitation and exploration of oil and gas properties and the marketing of natural gas and crude oil. For additional information, visit http://www.vintagepetroleum.com .
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