As a core business within Cosmo Energy Group, Cosmo Oil functions as the Group’s supply division, procuring crude oil and managing the production, import, export and logistics for petroleum products and petrochemical products.
Cosmo Oil aims to reinforce its competitiveness by elevating its expertise and technological prowess in petroleum refining and R&D, and by creating alliances with other companies. The company is also exploring digital technologies and the transformation of its indirect materials procurement to help it meet its efficiency goals.
Cosmo Oil decided to adopt SAP Ariba solutions for better insight into its spend data in order to realize more strategic procurement and purchasing, reinforce supplier and sourcing management functions, facilitate expansions with other sites of operation, and standardize procurement processes across the company — all while driving to an intuitive, convenient user experience.
Following the successful rollout of SAP Ariba solutions in December 2019, Cosmo Oil has now eliminated the formerly individualized and customized workflows of its procurement function by standardizing these processes end-to-end across the business. The ability to approve procurement and purchasing workflows from outside the office equips Cosmo Oil with the tools to promote remote work globally.
Looking ahead, Cosmo Oil hopes to further optimize costs and its selection process for suppliers by using the data and intelligence from SAP Ariba solutions.