- High Cost of Regulatory Compliance – Various environmental protection regulations are causing companies to incur substantial capital, operating and maintenance, and remediation expenditures.
- Legacy Systems – Legacy IT systems aren’t always able to integrate with newer technologies, leaving IT teams constantly patching and updating to allow availability.
- Operational Risks – Operational hazards such as fires, severe weather, and geological events are a constant threat to oil and gas companies; delays in response can easily result in the disruption of operations.
Additionally, due to global market volatility, the industry has undergone drastic changes shifts in supply and demand. And because the processes in this industry vary in complexity, there is a greater need for flexible and scalable solutions. Given these factors, license-free RPA is an ideal solution to help organizations tackle these challenges.
As with numerous other industries,RPA can be deployed in horizontal functions such as finance, accounting, human resources, and IT. But it also plays a major role in specific oil and gas functions: Companies can use it to streamline appraisal reporting, material and services procurement, well production analysis, regulatory reporting, exploration analytics and reporting, and optimized drilling performance. RPA can also be applied to the oil and gas supply chain in functions including sales forecasting, sourcing, purchase order management, batch validation, and service contract management.