Digital Energy Journal- IFS software tools to improve efficiency of upstream operations with AI

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IFS software tools to improve efficiency of upstream operations with AI

Wednesday, October 16, 2024

IFS Releases Next-Gen, AI-Driven Product Enhancements to Help Oil & Gas Organisations Unlock New Efficiency and Sustainability Gains

Staines, UK, 16th October 2024 - IFS, the leading provider of enterprise cloud and Industrial AI software, today announced three product enhancements set to reimagine the way upstream operators do business in North America and beyond.?The new updates leverage the power of IFS.ai to drive new back-office efficiencies and new leasing capabilities help streamline operations and processes for clean energy projects.

First, IFS Energy & Resources, the oil and gas arm and business unit within IFS, today unveiled IFS BOLO 15, the latest iteration of IFS BOLO and the next-generation oil and gas accounting solution that possesses the most processing power in the industry to handle any business scenario.

IFS BOLO 15 creates a step change in back-office efficiency through streamlined workflows, a substantial reduction in rework, and the simplification of audits. Powered by IFS.ai and layered with artificial intelligence, this software delivers significant benefits:

Modern Usability:A completely refreshed user interface (UI) that's both familiar and intuitive, minimising learning time
Enhanced Security: Multi-layered security that includes features at the code, networking, and data levels for unmatched protection
Open Data Access: Integration with Microsoft Power BI to unlock unlimited data analysis

Second, IFS Energy & Resources customers can add new AP invoicing capabilities included with the BOLO 15 release to expand their IFS Excalibur, IFS Qbyte, IFS IDEAS, and IFS Enterprise Upstream investments. The AP invoicing module powered by IFS.ai provides open, cutting-edge automation to improve cash flow by increasing productivity through reduced processing time, improved accuracy, and optimised payment cycles. Additionally, vendor relationships are enhanced with a convenient self-service portal.

Third, IFS is committed to fostering sustainable practices. IFS Energy & Resources' new brine leasing capability, delivered through the combination of IFS iLandMan enriched with IFS Tobin data, streamlines the leasing process and improves operational efficiency for Lithium projects, a critical component in the clean energy transition. This allows existing IFS customers to seamlessly extend their trusted industry solution to their new energies portfolios.

As a business, IFS Energy & Resources continues to bridge the gap from the oil field through the back office to reduce Scope 1 & 2 emissions. With IFS, oil and gas customers can comfortably supplement and extend their existing enterprise with IFS Cloud, IFS Ultimo, and now IFS Copperleaf for Asset Investment Planning (AIP) to unlock unique capabilities to optimise costs, manage risk, and achieve revenue assurance.

Dale McMullin, Chief Technology Officer at IFS Energy & Resources, said, 'These advancements and achievements are a testament to our product teams' innovation and steadfast development toward stronger and more efficient technology. The investment IFS continues to make in the energy and new energy industries is substantial. We're enabling customers with the tools they need to make an impact in their respective businesses, while also ensuring sustainability is woven into our development practices and the final products we deliver to customers.'

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