Infrastructure Services Invoice Management
Simplifying large-scale project management by providing intensive tracking and reporting of manual labor, equipment, and machinery with the STRATO blockchain platform.
Context & Challenges
Currently, infrastructure service providers face common invoicing challenges that come along with scaling while using antiquated technology and processes for projects such as shutdowns, turnarounds, and outages. These inadequate systems leave teams spending excessive amounts of time disputing information and claims, which hinders their ability to achieve maximum efficiency and possible profit margins.
- Workforce contracting and equipment leasing are tracked & shared using Excel and email.
- In-house scheduling teams and on-site administration teams have limited real-time connectivity.
- Customer disputes can take several weeks due to the lack of verifiable data for both parties.
- Difficulty sharing qualification, training, and equipment maintenance histories across all parties for specific project needs.
- Manual verification of performance criteria required.
- Limited ability to anticipate mistakes ahead of time.
An immutable infrastructure services ledger for project & invoice management provides the following features:
- Real-time alignment between service provider and customer for project scheduling, delivery, and payment
- Immutable, transparent performance and metrics reporting
- Direct connection between in-house finance to on-site workforce
- Simplified data integrations with key industry partners
- Improved reporting for customers / external parties and downstream ecosystem leveraging the service provider’s source data
As a result, users have better administration of project milestones and improved communication with necessary business groups. From a cost perspective, internal costs and fees are mitigated, disputes are eliminated, and payment cycles are sped up.