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
Digital Transformation | Robotic Process Automation | Process Intelligence

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.

Digital Transformation | Robotic Process Automation | Process Intelligence
Stringent Regulations
Digital Transformation | Robotic Process Automation | Process Intelligence

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.

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.