Robotic process automation in Oil & Gas Bookmark has been added
Robotic process automation in Oil & Gas
Explore use cases and perspectives
Robotic process automation (RPA) is a technology solution that has gained popularity for its ease of implementation, rapid deployment, and ability to deliver immediate, measurable results. RPA in the oil & gas industry uses computer software or “robots” to perform repetitive, rules-based tasks to boost capabilities and save time. RPA is similar to an Excel macro—without being limited to use with Excel files. Examples of RPA include opening an email, downloading a spreadsheet attachment, and copying the data from the spreadsheet into an ERP system.
- Joint venture (JV) Accounting
- Close process automation
- Robots battle fluctuating barrel prices
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Joint venture (JV) Accounting
RPA automates the JV production accounting change process for oil & gas companies
In addition to supporting routine data management, RPA automates oil & gas companies’ joint venture (JV) production accounting change process, which often may involve high volumes of adds/deletes/changes. RPA also provides the opportunity to automate the purchase order (PO)-generation process in support of JV arrangements. Operational 24 hours a day, seven days a week, RPA can accelerate cycle times by improving throughput and accuracy. In addition, once a process has been defined as a series of instructions that a bot can execute, it can scale rapidly. Finally, automating traditionally manual and repetitive JV-related accounting tasks frees-up finance department resources to focus on value-added activities.
Close process automation
Oil & gas companies that automate the close process expedite close time, improve transparency, and reduce risk
Oil & gas companies that use RPA to automate the close process and implement automated checks and alerts can expedite close time by 30-50 percent, improve accuracy and auditability, and reduce the risk of human error. In particular, automating checks and alerts processes allows functional leaders to manage the close process by exception, while reducing manual processes overall frees up company analysts to focus on generating data-driven insights.
Robots battle fluctuating barrel prices
Battling fluctuating oil barrel prices, a multi-national petroleum company sought to digitize its enterprise to increase competitiveness and contain costs. We estimated that robotics process automation (RPA) could reduce manpower in back-office processes by 25-35 percent, potentially reducing 30,000 man hours per year in supply chain tasks alone.
Find out how we leveraged RPA to automate manual processes as the first step in the enterprise digital journey.