Vendor management is the process that empowers an organization to take appropriate measures for controlling cost, reducing potential risks related to vendors, ensuring excellent service deliverability, and deriving value from vendors in the long-run. This includes researching the best suitable vendors, sourcing and obtaining pricing information, gauging the quality of work, managing relationships in case of multiple vendors, evaluating performance by setting organizational standards, and ensuring that the payments are always made on time. A vendor management system is an online web-based tool that acts as a single node to manage all vendor related activities in any organization or business while ensuring improved efficiency and long-term growth in a cost-effective manner.
RigUp is a digital vendor management platform that brings modern workforce and vendor management to underserved industries and is one of the fastest-growing companies in Austin. RigUp initially focused on the energy industry empowering contract workers in oil and gas, solar, and wind to take home more pay for the same work, with better insurance and benefit options. The RigUp solution has expanded into equipment and vendor management and on-demand, app-based service fulfillment, bringing cost savings and operational efficiencies to energy companies across the United States. The recent expansion will bring the platform to additional energy-adjacent industries that rely on contract labor. As a world-class employer, the firm is committed to providing an environment where any people feel welcome, respected, and free to be their authentic selves.
Market leading solutions furnished by RigUp
Traditional consulting firms burden operators with fragmented resources and mountains of paperwork to operate with a contingent workforce. Simultaneously, contractors are getting charged massive split rates without receiving access to the benefits, training, or support they need. RigUp is building the largest network of professionals in the energy industry, offering better terms and options for contractors, and digital tools for operators that scale with your business. Their network of over 25k contractors can be accessed to find the quality professionals you need. Easily onboard existing contractors to streamline your workforce and upgrade your contractor experience.
Across the energy industry, companies are wasting a lot of time trying to onboard, work with, and pay the vendors they need to get the job done. The firm created the Vendor Marketplace to make it easier for operators and vendors to work together. Vendor Marketplace includes the largest network of vendors ready to hire in the energy industry. Also, tools like Global MSA™ and invoicing portal make it easier to work with any vendor without the operational overhead. Get full spend transparency and drive operational improvements when you have access to analytics and data insights from RigUp. Reduce downtime and get visibility into spend with live location tracking, reporting, and analytics. See volume and production details, get driver GPS info all in one place for greater operational transparency and efficiency, better forecasting, and reduce risk.
Managed Field Services
The energy industry relies heavily on the completion of field tasks. Fulfilling these tasks is a frustratingly manual process of moving down call lists and going over task details, only to find out a provider is unavailable, before moving on to the next name on the list. On top of that, add in on-site verification, task completion confirmation, and 30+ day invoicing, and one task can turn into months of phone calls and paperwork. It's time for a change. Managed Field Services from RigUp reduces your operational burden empowering you and your team to handle more job sites and drive revenue. The firm monitors monitor systems and manages dispatch requests 24/7 while the digital field ticketing system reduces paperwork and processing times. Save money by trusting RigUp Managed Field Services to utilize real-time market pricing and incentive-driven performance to deliver quality, vetted service providers at less cost to you.
The mastermind behind the success of RigUp
Xuan Yong is the Co-Founder and also serves as the Chief Executive Officer of RigUp. Before co-founding RigUp, Mr. Xuan was an energy investor at Citadel and D.E. Shaw. He began his career as an energy analyst at Goldman Sachs. He graduated from Texas A&M University.