CIOREVIEW >> Oil & Gas >>

PBF Energy Selects SelectHub for Better Procurement Services

By CIOReview | Wednesday, September 2, 2015

DENVER, CO: In a move to meet the rapid demands of IT sourcing and procurement services, PBF Energy, refiners and suppliers of petroleum products, has selected SelectHub’s, a cloud-based software platform for technology selection management and sourcing, Technology Selection Management (TSM) platform.

TSM platform allows company stakeholders to work together internally and interact with vendors across all phases of IT requirements gathering, vendor selection and acquisition. By enabling the adoption of a standardized evaluation process, the latest deployment of the TSM platform in PBF Energy helps in accelerating its technology evaluation and IT sourcing processes for quick time-to-value, improved collaboration and better decision-making.

“New technologies are moving the world of business forward at rates that are faster than ever. For IT departments, it’s even more important to deliver new products and services that are as dependable as they are innovative,” says Richard Loew, CIO, PBF Energy.

Loew believes that with SelectHub their team can secure higher business stakeholders participation faster and provide a more transparent and disciplined process for investing in the right technology. “It makes IT a better business partner for the rest of the company,” he adds.

In addition, SelectHub’s TSM platform saves billions of dollars to get wasted each year due to unproductive technology selection and outmoded purchasing practices.

Commenting on the selection, Venkat Devraj, CEO of SelectHub, says, “Companies often end up purchasing technology that they later find isn’t good fit because of functional limitations, prohibitive customization, maintenance or performance and scalability issues- however most of these are symptoms with the root cause being lack of effective stakeholder participation and alignment. SelectHub is proud to be helping our customers remove the guess work and make the IT procurement process collaborative.”