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Success Factors in eProcurement and eTrading in the Petroleum Industry – OSU02-02

Sponsor:

ConocoPhillips

Research Team:

Rick Ingalls, Hitesh Govind, Loay Sehwail

Universities Involved:

Oklahoma State University

Start Date:

NA

End Date:

08/01/03

Summary:

In this project, researchers from the School of Industrial Engineering and Management at Oklahoma State University will partner with a sponsor to investigate and determine the success factors for electronic procurement and electronic trading.
Online marketplaces have changed the way companies buy and sell. They are Internet-based and facilitate sharing of business information, maintaining business relationships, and conducting business transactions. The online marketplaces have gained attention because of their promise to create price and transactional efficiencies. We have seen many “big” industry players aggressively pursue some form of electronic commerce, mostly Internet-based online marketplaces. Company buyers are embracing the notion of e-procurement since it promotes sharing of real-time information with partners, the reduction of paper, reduced errors in data entry, etc. The commercial use of the Internet has replaced what EDI did for companies that share information with their partners. The fast growing popularity of the Internet as a median of transacting business between partners has made companies to revisit their supply chain strategy. In this accelerated pace of change, businesses are finding it difficult to identify marketplaces that will ensure maximum benefits.