SourceDay has many partnerships that are critical to our success and also to the value we can deliver for our clients. As we share in this post, we recently partnered with BridgePoint Consulting to help Vault Pressure Control, a leading manufacturer of surface pressure control equipment, rebuild and modernize their business systems after being spun out from their parent company.
In late 2020, Vault was purchased by Pelican Energy Partners and spun off from Baker Hughes. While part of Baker Hughes, they had been running on Oracle ERP and Oracle’s iSupplier vendor portal. As part of this transition, they were left with costly transition service agreements. So the longer they used Baker Hughes’ systems, the more it was going to cost them. So a fast transition from Oracle to NetSuite and SourceDay was top priority for Vault.
And yet, Vault was going through a tremendous amount of change all at once. There was change in systems, there was change in facilities, there was change in people, and there were changes in roles within the organization. Outside of the organization, their partners, their customers, and their suppliers were going through the changes with them.
Bridgepoint Sets Up Vault for Success
Vault contracted with Bridgepoint Consulting, an Austin-based management consulting firm focused on technology transformation, financial operation services, and risk and compliance, to help them transition from the Baker Hughes systems and to NetSuite ERP. The implementation plan was tight, with just about three and a half months from requirements gathering to go-live. Vault considered – and then wisely rejected – the possibility of temporarily replacing their ERP with spreadsheets. Their team recognized the risk associated with this plan and chose to commit fully to the NetSuite implementation instead.
Bridgepoint brought in SourceDay as a partner on Vault’s NetSuite implementation in order to maximize the value of their investment. Vault knew they needed a way to extend NetSuite’s purchasing capabilities to their supplier network. As purchase orders are issued from NetSuite, buyers and suppliers need to collaborate on changes to pricing, quantities, and due dates. SourceDay’s supplier portal gives them a way to manage these changes in real-time, and keep NetSuite up to date.
One of the primary benefits of working with SourceDay was just how quickly they engaged. From the time that we identified the gap in NetSuite to our initial call was within a day.
Not only did SourceDay meet all of Vault’s direct spend procurement requirements, the implementation was also fast and smooth. SourceDay’s team engaged quickly and proactively, managing the integration, enablement, and training of all users–buyers AND suppliers. Speed was crucial but Vault has a small implementation team, so SourceDay’s managed services and supplier onboarding expertise was and is particularly valuable to them.
“The beautiful thing about the SourceDay team…was that it was like they always had been part of our team. We didn’t have any issues of communicating, and we had clear agendas. Everybody just gelled,” said Lee Biles, Senior Salesforce Technical Consultant and Developer at Bridgepoint.
SourceDay Boosts Vault’s Supplier Performance
Adding SourceDay to NetSuite gave Bridgepoint another way to enhance the value of Vault’s NetSuite implementation. Automating supplier collaboration improved data integrity in NetSuite, ensuring the rest of the business runs as efficiently as possible. For example, Vault is currently rolling out an inbound shipments integration so they can write advanced shipping notice information via SourceDay directly into the inbound shipment record. They are also implementing AP automation, which will allow >90% of Vault’s invoices to be processed touch-free, thanks to SourceDay’s ability to automate the three-way match of supplier invoices, purchase orders and receipts.
Vault has a rigorous approvals process, which SourceDay supports with simple mapping and configuration of the integration into NetSuite. SourceDay and Bridgepoint worked closely together to figure out the requirements (push v. pull, process triggers, etc.) and how best to address them. Shipping dates, promised dates, and expected receive dates had to be updated in real-time. Phase two will bring in a vendor scorecard where suppliers are evaluated based on the dates that need to be met and automatically scored accordingly.
Today, over three-quarters of Vault’s suppliers are up and running on SourceDay, with more coming. They onboarded their indirect suppliers first, within the first month, and then they onboarded the direct suppliers later. Not only did this segmentation allow Vault to prioritize their indirect suppliers, who were losing access to legacy platforms sooner, but they also had increased confidence in the process and SourceDay platform by the time they approached their direct suppliers.
By working side by side, Bridgepoint Consulting and SourceDay were able to swiftly help Vault transition from Baker Hughes’ Oracle ERP to their own NetSuite ERP with minimal disruption to their current clients.
Watch the full conversation.