OKEA Streamlines AP Processes with eye-share Workflow

Industry: 
Energy

No. of employees: 
500

Head office: 
Trondheim

About

Founded in 2015 as an E&P start-up, OKEA has rapidly grown into a key oil producer on the Norwegian shelf. The company focuses on extending and optimizing production from declining fields and specializes in developing assets with reserves under 100 million barrels of oil equivalent (BOE). With its head office in Trondheim and field operations based in Kristiansund, OKEA aims to be the most efficient and profitable developer and operator on the Norwegian shelf, managing resources for the benefit of society.

Solution

OKEA implemented eye-share Workflow with the following modules: Invoice, General Ledger, and Reminder. The solution is fully integrated with their ERP system, Visma Business, and their purchasing system, Star.

Finding Flexibility for Growth

When OKEA needed a modern, adaptable solution to support their rapid expansion, they found the perfect fit with eye-share Workflow.

Supporting Business Transformation

As OKEA transitioned from an E&P start-up to an established oil producer, the ability to scale their accounts payable (AP) processes was critical. They needed a solution that could seamlessly integrate with their existing finance and purchasing systems, ensuring timely invoice payments. “It was essential to implement a solution quickly, so we could maintain control over our invoicing as we scaled up,” Hovdal adds.

90% Automation and Seamless Integration

OKEA chose eye-share Workflow for its smooth integration with both their finance and purchasing systems. The company processes over 60,000 invoices annually, starting from purchase orders (POs) in the purchasing system. Once goods are delivered, a service receipt is generated. eye-share Workflow pre-matches incoming invoices to the corresponding order numbers, automatically updating the system. If there’s a match, the invoice is approved without manual intervention, leaving OKEA’s team to handle only the invoices with deviations. The company also benefits from the system’s ability to process EHF format invoices automatically.

Ensuring Control with Authorization Matrix

A key feature of eye-share Workflow for OKEA is the built-in control provided by the authorization matrix. This ensures that invoices are sent to the correct approvers based on defined financial thresholds, safeguarding compliance and quality assurance during busy periods.

Fast Implementation, Lasting Efficiency

“The eye-share Workflow team delivered quickly, getting us up and running in just two months,” says Hovdal. This swift implementation allowed OKEA to continue focusing on their strategic growth without disruption.

A Comprehensive ERP System

With eye-share Workflow fully integrated, OKEA now enjoys a streamlined ERP system that digitizes and automates their internal processes. This efficiency gain has allowed them to focus on their core business strategies, setting the stage for further growth.