Data Gumbo Provides Real-Time OPEX Visibility; Supports Continuous Financial Management Across European Energy Sector
Summary
“Energy operators and service providers are in need of information that can assist them in making difficult economic choices,” said Ove Sandve, Norway Country Manager at Data Gumbo. “GumboNet’s real-time OPEX capabilities unlock sustained digital visibility into financial health and management that can set up a company to tie field measurements to payments driving transactional certainty, improving cash flow, increasing value, and ultimately, attracting better investors.” Managing production dynamics including labor, supervision and maintenance; chemicals and supplies; fuel, power and water; equipment rental and usage; among other services, requires considerable time and manpower. Smart contracts provide visibility into real-time OPEX that opens the door for European energy companies to match contractual terms without human interface. Taking a typical 16+ step process down to three while ensuring transparency, accuracy and trust, GumboNet eradicates the need to rely on field estimates to book accruals and empowers operators and service providers with the financial visibility required to comprehensively digest variable production costs, as often as daily. Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain.