OIL AND GAS
“By 2025, 70% of IT roles in oil and gas companies will provide or support new digital business services.” Gartner
The oil and gas industry is at the forefront of one of the greatest challenges of our time: meeting the world's energy needs sustainability and responsibility. From reducing greenhouse gas emissions and adapting to the rise of renewable energy sources to navigating an ever-changing regulatory landscape and finding new reserves of oil and gas, the industry must continually innovate and adapt to meet the demands of the 21st century. These challenges adversely present greater opportunities for the industry to drive positive change and shape our planet’s energy future.
BUSINESS CHALLENGES
Price Volatility and Complex Supply Chain
The oil and gas industry has significant price fluctuations, which can affect the profitability of companies in the sector. After the pandemic, the industry faced a massive demand and Supply, which Has led to a price drop in oil and gas. The oil and gas industry plays a major role in global energy consumption and the rapid price change led to the global energy crisis. A lot of investors started quitting the market in 2022 due to the price swings and instability of the market. The oil and gas industry has a complex global supply chain that involves the extraction, transportation, and refining of oil and gas. This can create supply chain management challenges.
Increasing Competition
The industry faces increasing competition from alternative energy sources, such as renewables and traditional oil and gas producers. As new technologies and energy sources are established, the competition in oil and gas companies rises. Companies should be highly attentive to the latest market trends and technologies to remain competitive. Extracting and selling oil and gas based on consumer demand becomes a major challenge and highly competitive for companies. The rise in competition within companies results in a price reduction for consumers and start-up companies find it difficult to compete with enterprises.
Stringent Regulations
Oil and gas companies must comply with various environmental and safety regulations, which can be costly to implement and enforce. Companies can successfully sustain themselves when they have a clear market plan to face future challenges. A significant reason for strict regulations in this industry is to safeguard the environment and public well-being. Regulations are brought to reduce the risks to the ecosystems like oil spills caused by oil and gas companies. Such regulations decrease the negative impacts the industry has on the environment. Consumers face higher prices due to the rise in production costs from the regulations.
Aging Infrastructure
Many oil and gas assets, such as pipelines and offshore platforms, are aging and require significant maintenance and upgrades to remain operational. Equipment used in oil and gas companies for production, extraction, storage, and transportation is susceptible to destruction such as fissures and corrosion. Such damages can lead to safety and environmental hazards. A major challenge in the aging infrastructure for oil and gas companies is the equipment failures that can lead to ecological disasters. Companies can resolve this challenge through constant maintenance and renovations that can elevate energy costs and interrupt operations.
Political and Economic Risks
The oil and gas industry is subject to various political and economic risks, including geopolitical tensions and economic sanctions, which can impact operations and investment decisions. The sudden demand for oil and gas increases production in a short period, paving the way for price changes that result in economic risk. The oil and gas companies resolve such risks by differentiating their operations based on geography and products. Adapting to new technologies and staying up to date with market trends can reduce both political and economic risks. Building an optimistic bond with consumers and offering various energy sources can resolve such risks.
OUR SOLUTION
We offer customized solutions with Process Mining and Hyperautomation to boost the operational excellence of the Oil and Gas (ONG) industry. With our solutions, we streamline processes and identify the process bottlenecks to increase business productivity, customer experience, and operational efficiency.
Process mining
Process mining is a technique that uses data from an organization's digital systems to automatically create process maps and identify bottlenecks, inefficiencies, and areas for improvement. In the oil and gas industry, process mining can provide several benefits such as cost reduction, improved process efficiency, etc., as mentioned below.
Improve Process Efficiency
By identifying bottlenecks and inefficiencies in processes, process mining can help oil and gas companies streamline their operations and improve efficiency.
Augment Data Analytics
Process mining allows companies to analyze large amounts of data and identify patterns and trends that can help improve decision-making and optimize processes.
Reduce Costs
By identifying areas for improvement, process mining can help oil and gas companies reduce costs and increase profitability.
Increase Compliance
Process mining can help companies identify areas where they are not compliant with regulations and standards, allowing them to take corrective action and improve compliance.
Enhance Customer Experience
By identifying and addressing bottlenecks and inefficiencies in processes, process mining can help oil and gas companies improve the speed and accuracy of their operations, leading to a better customer experience.
Hyperautomation
Hyperautomation with RPA and AI improves productivity, reduces costs, and enhances compliance in the oil and gas sector. Enterprise-wide adoption of automation improves and moves towards a maturity model uncovering new opportunities through citizen developers and realizing strategic competitive advantage. In the Oil and Gas industry, hyperautomation solutions can be used to improve efficiency and reduce costs by automating tasks and processes that are repetitive or time-consuming. Overall Hyperautomation solutions can help ONG companies improve operational efficiency, reduce manual errors, enhance data analytics, increase productivity, increase Cost savings, and Improve customer experience.
Field Operations
Automation assists in check and alert management in field operations. It allows stakeholders and leaders to eliminate repetitive tasks in field operations.
Compliance Regulations
Software Robots monitor all the aspects of gas pipeline-related regulations and Material Test Reports (MTR) Digitization tasks, from operations compliance to exception alerts.
Inventory Management
Hyperautomation can automate the tracking and managing of inventory levels, including reordering products when inventory reaches a certain level and generating reports on inventory levels and trends.
Lease Record Management
Organizations have leases worth billions of dollars, complex legal entities, governance, regulatory bodies, etc. It makes lease record management a difficult and time-sensitive task.
Order Processing
Hyper automation can automate capturing and processing of orders from various channels, including e-commerce websites, phone orders, and in-store orders.
Invoice Processing
Hyperautomation can automate capturing and processing of invoices, including matching invoices to purchase orders and verifying pricing and quantity information.
Business Process Transformation Suite
The Process Transformation Suite benefits organizations to understand, manage, and optimize business processes. Customized operational cockpits are built using business process transformation, bringing real-time data and process management together. With the process mining capability, monitoring the business processes to achieve operational excellence.
SAP Signavio is a Process Transformation Suite that helps organizations design, optimize, and automate their business processes. In the Oil and Gas (OG) companies, SAP Signavio can improve efficiency, reduce costs, and increase customer satisfaction by streamlining processes such as order processing, invoice processing, and customer service. There are a few ways in which SAP Signavio can help oil and gas customers like process designing, improving operational analytics, and enabling process automation.
SAP Signavio provides a visual interface for business process designing, allowing OG companies to model and optimize their processes for efficiency and effectiveness. SAP Signavio integrates with other SAP products, such as SAP Process Automation, to enable OG companies to automate their processes using robotic process automation (RPA) and other advanced technologies. SAP Signavio provides data and analytics tools that can help OG companies understand how their processes are performing and identify opportunities to improve their operational analytics. SAP Signavio includes tools for collaboration and communication, allowing OG companies to involve stakeholders in the process design and optimization process and ensure all relevant parties align on process improvements.
Benefits
Cost Reduction
Enhance Efficiency
Manage Compliance Risk
Optimize Processes
Business Cases
OPERATIONAL ANALYTICS
The oil production companies face challenges related to data collection which requires more time when manually accomplished. Employees in the operations center spent 25% of their time on data collection and analysis. Signavio offers solutions that help organizations to manage their task and maintain their data processing with less manual effort. This benefits the oil and gas companies to overcome the issues on the productivity side.
Benefits
Reduction in Working Capital
Process Visibility
Enhance Operational Efficiency
Improve Production Forecasting
with our expert and start your transformation journey today.
Execution Management System
Celonis Execution Management System (EMS) amplifies the performance level for the company to succeed with the available time and resources. Companies experience breakthroughs in execution capacity by involving process analytics, artificial intelligence, and automation. EMS comprises execution instruments, execution applications, a developer studio, and an EMS store to eliminate execution gaps and maximize execution capacity.
Celonis believes that every company can unlock its full execution capacity. Powered by its market-leading process mining core, the Celonis Execution Management System provides a set of instruments and applications, the Celonis Studio as well as platform capabilities for business executives and users. The Celonis EMS offerings help companies manage every facet of execution management from analytics to strategy and planning, management, actions, and automation.
By analyzing data from digital systems, Celonis can help oil and gas companies identify bottlenecks and inefficiencies in their processes, allowing them to streamline operations and improve efficiency. By identifying areas for improvement and reducing costs, Celonis' solutions can help oil and gas companies increase profitability. Celonis's solutions can help companies identify areas where they are not compliant with regulations and standards, allowing them to take corrective action and improve compliance. By analyzing large amounts of data, Celonis's solutions can provide valuable insights to help oil and gas companies enhance decision-making. By optimizing processes and improving efficiency, Celonis's solutions can help oil and gas companies improve the speed and accuracy of their operations, leading to a better customer experience.
Benefits
20% Increase in FTE Productivity
$1.2M Cost Savings
100% Transparency
360° Visibility
Business Cases
PRICE MISMATCH FINDER
Oil and gas companies have been encountering issues related to improving their process efficiency and maintaining their market value. The managing team involved in the procurement processes requires process visibility to enhance productivity. EMS aids with its analytics in providing process visualization and identifying the price mismatches in the invoice and purchase order. EMS helps in optimizing the compliance and procurement process.
Benefits
10% Reduction in Manual Efforts
15% Elimination of Reworks
50% Improvement in Invoice
360° Process Visualization
with our expert and start your transformation journey today.
Automation
Hyperautomation is a technology that helps to build, deploy, and manage software bots. RPA makes human activities easier by streamlining workflows that increase the business’ operational efficiency. While RPA does the basic automation, Intelligent Process Automation includes advanced technologies such as Artificial Intelligence and Machine Learning along with Core RPA and Intelligent Document Processing. This technology extracts and processes data from various sources such as PDFs, handwritten documents, etc. UiPath’s Document Understanding uses bots to extract data using AI. Conversational AI involves chatbots to instantly connect with the users/customers that improvise the customer experience.
UiPath is a robotic process automation (RPA) platform that helps organizations automate repetitive tasks and processes, improving efficiency and reducing the need for manual labor. In the oil and gas industry, UiPath could potentially be used to improve operational efficiency, reduce costs, and enhance reliability and safety. It is important to note that while UiPath can bring many benefits, it is not a panacea and should be implemented thoughtfully, considering factors such as the potential impacts on employment and the need for maintaining the aging infrastructure.
By automating monotonous operations and processes, oil and gas businesses may free up staff members to work on more useful, highly specialized professions. This could boost productivity and operational effectiveness. UiPath's solutions can assist oil and gas industries in cutting labor expenses and increasing operational efficiency, which will result in cost savings, by automating operations and processes. Companies can analyze and interpret massive amounts of data thanks to UiPath's solutions' ability to interact with different systems and apps. This can offer insightful information that can enhance decision-making and optimize operations. The use of UiPath technologies can help businesses more effectively comply with regulatory standards by automating compliance-related operations including data collection and reporting. UiPath's solutions can assist oil and gas companies in enhancing the speed and precision of their operations, which will result in a better client experience.
