RPA in Oil & Gas sector sets a huge impact, with the digital transformation the dependency of oil and gas sector on RPA has increased. They use RPA for faster processes and easy implementation. RPA or robotic process automation uses computer software or robots to perform the repetitive tasks and thus helps in saving a lot of human effort and time. As per a research it is found out that out approximately 40-45% work can be automated using RPA today and thus this increases the efficiency by 75%.
Now let’s move forward and understand what are the advantages of using RPA in the oil and gas industry:
Accuracy and availability:
RPA system is available 24*7 and thus with this type of availability the speed of task completion increases. Even if humans work for long hours accuracy will be a problem, but not in case of such automated process. It is capable of handling high amounts of data without any delay in the process. With this the various departments get free from the manual time-consuming work and they can contribute more towards the tasks which add value to the business.
Close process automation:
RPA helps in automating the close process and then implementing the automated checks. They can increase the working speed by 30-50 percent. This not only improves the accuracy by reducing the risk of human error but also increases the auditability.
Revenue calculation:
In the oil and gas industry the oil fields are usually owned by the government, but the exploration costs are usually borne either by a joint venture between domestic and foreign players or paid on agreement basis. But all this makes the revenue splitting process a but difficult. The process of managing this distribution of revenues is known as joint interest billion (JIB) which divides the revenues and expenses based on the agreements made with the partners. This is totally a standardized process and thus a lot of time can be saved if this is automated. The will help the executives to spend their time over other task for the overall operational betterment.
Lease record management:
RPA helps the oil and gas companies to automate the payment process required for the leases. It also helps in the generation of reports on different leases across geographies, metrics around profitability and project future trends. It has actually seen that RPA can make significant differences in the productivity of executives. As they are able to add more value to their daily work compared to the previous contribution.
Handling the fluctuating barrel prices:
There is a lot of struggle in handling the fluctuating oil barrel prices. The big multi national oil and gas companies prefer to digitize as it increases the competitiveness and reduces the cost. RPA is actually capable of reducing the manpower cost by 25-35 percent in the back-office work. Robotics process automation potentially reduces 30,000-man hours per year in the supply chain area alone.