PIDX standards play an important role in the Oil and Gas Industry. Nearly 100% of the US oil and gas companies use them. In fact, over 2 million truck loads monthly are supported by PIDX electronic data. These global standards were also adopted in 2013 by major oil companies in Australia and Europe. They are primarily used to exchange electronic documentation about movement and transfer of petroleum products.
Where do these standards fit in the supply chain? Through the PIDX standards, buyers and suppliers connect via an ERP system and middleware. The middleware should be simple, cost effective and quick to install. The transaction documents in the XML define the content and transaction standards for secure ecommerce in the oil and gas industry. They connect the master vendor and customer data and provide secure transmission protocol of purchase order to sales order, service entry sheet to field ticket, and invoices.
- PIDX standards support real-time data transfer. Immediately after a transfer is completed, data is transferred in real time for the involved parties. When petroleum products are transferred via truck, barge or pipeline, the buyer and supplier receive information of the transmission instantaneously.
- PIDX standards support data clearinghouse functionality. PIDX serves as a single hub for all communications. It helps maintain their brand name, plan for upcoming events and reduce the escalation of problems.
- PIDX standardize data sets. Global synchronization of company IDs, carriers/haulers, terminals/depots, and products removes friction from business transactions. Sharing the same data among manufacturers and retailers allows them to save a lot of time and money.
PIDX provides templates to strengthen data quality in the industry. These standards are developed by the industry for the industry in order to describe and classify products and services. As a real standard, PIDX is used with a major IOC today. In fact, the number of operators who commit to the use of these standards is increasing.