Riverbend’s Partnership with W Energy Aids Business Expansion
Riverbend, facing operational slowdowns due to a growing portfolio, partnered with W Energy to implement a centralized, easily navigable financial accounting system that integrates seamlessly with their data hub, enabling business expansion into new energy verticals and improved efficiency across underwriting, engineering, and commercial operations.
Riverbend, founded in 2003, encountered issues with portfolio size and slowing down, leading them to turn to W Energy as a key part of all processes. They desired software to push and pull data from other solutions into their centralized data hub. Riverbend preferred the financial accounting module in W Energy over their legacy system due to its ease of navigation and the ability to filter and search for data. This partnership allows Riverbend to expand their business into new verticals and they are quick to recommend W Energy in the energy sector.
Video Transcript
Riverbend was founded in 2003 and is focused on all aspects of the traditional energy business, as well as energy transition enterprises, seeking opportunities in the power generation grid. Currently, they are very focused on the unconventional plays that are driving US production growth and supplying the world with energy resources to magnify GDP and improve human lives.
A couple of years ago, Riverbend's accounting system reached a point where the portfolio was so sizable that operations were slowing down. The organization was not as effective on a week-to-week and month-to-month basis, and many capabilities around underwriting, engineering, and commercial aspects were being slowed. This led them to seek a new process, which brought them to W Energy. Their experience with W Energy began with exploration, followed by adaptation and collaboration, leading to W Energy becoming a key part of all their processes. W Energy now serves as the hub of the accounting system, making Riverbend a high-performance vehicle.
When considering new solutions and software, Riverbend wanted software that allowed them to open the back end, push data in, and pull data out to other solutions. They have a centralized data hub called Rforce, and their old systems did not allow for cross-pollination from accounting. They sought a solution that would provide these capabilities and allow their system to grow, which led them to W Energy.
The financial accounting module in W Energy is favored by the reviewer of the accounting group because it provides visibility into AP items, AR items, journal entries, and the trial balance. The module is easy to navigate, unlike their legacy system, which was difficult to use for entering and searching for transactions. W Energy's Excel-based look and feel makes it easy to filter and search for data.
Other benefits from utilizing W Energy include the ability to expand the business into new verticals within the energy sector. Riverbend is recognized as a leader in the data-driven approach to the energy sector and often receives questions about their proprietary systems and solutions, including their accounting system. They are quick to recommend W Energy and encourage other upstream or energy transition companies to consider it.
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