PIDX provides a global forum for delivering IT and process standards to facilitate a seamless and efficient electronic business within the community of the oil and gas industry. It focuses on business-oriented objectives and acts as an inclusive global standards forum. Through the PIDX, industry members are able to communicate broadly and frequently within the trade. It is also the organization’s responsibility to leverage the works of others.
PIDX, which stands for Petroleum Industry Data Exchange, was founded in 1987 to develop and maintain standards that will enable all forms of eCommerce in the oil and gas industry. It was initially developed to Electronic Data Interchange (EDI), but was moved to XML standards in the 1990s. With 14 business documents and business processes spanning the Order-to-Cash and Purchase-to-Pay interaction between partners, it spans the entire industry with a continuous effort to maintain an up-to-date product code list.
PIDX has the only open eBusiness standards made for the industry itself. With over 4,000 industry product and service templates and a Data Dictionary with eBusiness terms, it has very broad product classification, taxonomy and schemas. What are the benefits of using PIDX standards?
- There are more than 120 gas and oil companies all around the world. Most of the major gas and oil companies have committed to the PIDX standards in their eCommerce activities. A large number of independents and some NOCs are also dedicated to PIDX standards. This number grows every month, making it more necessary for other companies to support and comply with these standards.
- Many suppliers have already adjusted their internal systems to support PIDX business sets and processes to hasten onboarding from suppliers whenever a new buyer implements eCommerce to connect with them.
- Already 18 third party solution providers have committed to PIDX standards when they offer their eCommerce solutions to their customers in the Oil and Gas industry.
- PIDX standards are free to use. You can avoid being trapped to a proprietary solution, allowing you to save money from an expensive support system and maintenance. Also, proprietary solutions often involve regular updates which require reconstruction of your internal business systems.
- These standards have faster implementation times. You can increase your ROI in adopting B2B into the Purchase-to-Pay activity of your company and your other data movements among your trading partners.