E-commerce firm overcomes oil downturn with diversification
An Aberdeen based e-commerce firm has overcome the oil and gas downturn by diversifying its client base. Purchase-to Pay (P2P) and e-invoicing specialists, nSYS were previously heavily committed to servicing the industry, which built up its home in the Granite City. But with the downturn affecting the market, the Waterloo Quay based firm turned to other avenues for revenue. And in the last 12 months the firm has secured £500,000 of new business contracts.
Managing director Julian Keating said: “Our business is not focused on a single sector; a problem some companies in the north-east are facing. Being based in Aberdeen, it was natural for us to focus on financial software in the oil and gas sector, which has been successful for us over the years in gaining incredibly valuable clients. Refocusing on P2P Automation and e-transaction services was the first step. However, interesting the oil industry in investing in new technology for P2P has been an uphill struggle in this climate. By diversifying our market nation-wide, we have refilled our pipeline.
In the last four months, we have secured the first two of a series of major P2P automation and commerce network contracts. Response across manufacturing, suppliers to business and service companies has been amazing. The company has also secured a three year £240,000 deal with global engineering group Sandvik UK. The deal will see them implement software services for seven of Sandvik’s UK business units and one in Austria, with the opportunity to deploy globally in the near future.”