In simple terms Key’s primary procurement objectives are 1) to deliver optimum value through the implementation of best in industry Supply Chain Management methodologies and processes and 2) to enable achievement of strategic objectives through the acquisition of quality goods and services.

We place as much emphasis on determining the most effective ways to transact with our supply base as we do selecting supplier partners that provide Key the greatest overall value from a product or service perspective. There are two primary components to this approach.

Buying Channels (process-related)

Key has developed a set of guidelines to assist our field buyers select the appropriate method, or buying channel (e.g., purchase order, credit card, etc.), for a particular type of good or service. Our efforts to align purchase type with a specific buying channel are intended to drive purchasing behavior that strikes the appropriate balance between operational control and visibility and back-office efficiency.

Systems Redesign (technology-related)

Key has partnered with JPMorgan Xign (pronounced “Zine”) to help enhance and automate our Purchase-to-Pay process.
This is an effort to drive greater efficiency throughout what is currently a highly manual, paper-based environment.
Xign is a web-based platform that will automate a large percentage of our transaction volume and significantly improve the order-to-pay experience for our suppliers. Key supplier-facing features include:

• Purchase order receipt
  
• Order acknowledgement and advance shipping notification
  
• Dispute resolution/tracking
  
• Electronic invoice submission (e.g., purchase order conversion, direct entry, file upload, etc.)
  
• Payment inquiry/tracking
  
• Cash flow acceleration through discounting programs (future enhancement)

For additional information on Xign please contact ap@keyenergy.com or call 866-324-6195