IFS Launches AI-Driven Product Enhancements to Boost Efficiency and Sustainability in Oil & Gas
- IFS BOLO 15: A new AI-powered accounting solution driving back-office efficiency.
- AI Automation for AP Invoicing: Streamlining cash flow and enhancing productivity.
- IFS Tobin & IFS iLandMan Updates: Simplifying brine leasing for clean energy projects.
IFS, a leading provider of enterprise cloud and industrial AI software, has unveiled next-generation product enhancements designed to transform efficiency and sustainability for upstream oil and gas organizations. These new releases leverage IFS.ai to deliver unprecedented back-office automation, improved operational workflows, and enhanced capabilities for clean energy operations. With these innovations, IFS aims to empower the oil and gas industry to meet evolving challenges, reduce costs, and support the global transition towards more sustainable energy practices.
IFS BOLO 15: Next-Level AI-Driven Oil & Gas Accounting
IFS Energy & Resources introduces IFS BOLO 15, a next-gen oil and gas accounting solution delivering unmatched processing power to handle any business scenario. Powered by IFS.ai, IFS BOLO 15 revolutionizes back-office efficiency through:
- Streamlined Workflows: Reducing rework, automating repetitive tasks, and simplifying audit processes. By minimizing manual interventions, companies can achieve significant time savings and reduce human error, leading to more consistent and reliable outcomes.
- Modern Usability: An intuitive, modern user interface that minimizes learning time and enhances user satisfaction. The new UI is designed to be both visually appealing and functionally robust, allowing users to quickly adapt and utilize all features with minimal training.
- Enhanced Security: Multi-layered protection at the code, networking, and data levels, ensuring that sensitive business information remains secure. This includes advanced encryption methods, secure access protocols, and continuous monitoring to detect and mitigate potential threats.
- Open Data Access: Seamless integration with Microsoft Power BI for in-depth data analysis. Users can generate powerful visual reports, gain valuable insights into financial and operational data, and make more informed business decisions based on real-time information.
AI Automation for AP Invoicing: Optimize Cash Flow
The new release of IFS BOLO 15 also introduces AI-powered AP invoicing capabilities, enhancing existing IFS investments like IFS Excalibur, IFS Qbyte, IFS IDEAS, and IFS Enterprise Upstream. Key benefits include:
- Automated Invoicing: Reduces processing time and increases accuracy by automating the entire invoicing workflow. This includes data extraction, validation, and reconciliation, ensuring that invoices are processed quickly and with minimal errors, leading to faster payments and improved financial management.
- Optimized Payment Cycles: Improves cash flow and productivity by ensuring that invoices are processed and approved efficiently. The automated system can also identify opportunities for early payment discounts, further contributing to cost savings.
- Vendor Self-Service Portal: Enhances vendor relationships with an easy-to-use platform that allows vendors to submit invoices, check payment status, and communicate directly with the accounts payable team. This transparency helps build trust and ensures that vendors are kept informed throughout the invoicing process.
Clean Energy Focus: IFS Tobin & IFS iLandMan Enhancements
In its commitment to sustainability, IFS has integrated new brine leasing capabilities through IFS iLandMan and IFS Tobin data. This integration streamlines leasing processes for lithium projects, a critical component in the clean energy transition. By simplifying the leasing workflow, IFS enables customers to reduce administrative overhead and focus on project development, accelerating the shift towards renewable energy sources. The new enhancements also provide better visibility into lease data, helping operators make more informed decisions and effectively manage their clean energy portfolios.
Bridging Oil Fields and Back Offices to Reduce Emissions
IFS Energy & Resources continues to bridge the gap between oil field operations and back-office functions, helping companies reduce Scope 1 and Scope 2 emissions. By integrating with IFS Cloud, IFS Ultimo, and IFS Copperleaf, oil and gas operators can optimize costs, manage risks, and ensure revenue assurance while promoting sustainable practices. The seamless connectivity between field data and back-office systems allows for real-time monitoring of emissions, enabling operators to take proactive steps to minimize their environmental impact and meet regulatory requirements. These tools also provide insights into asset performance, helping companies to make data-driven decisions that balance profitability with sustainability goals.
Dale McMullin, Chief Technology Officer at IFS Energy & Resources, commented, “Our latest innovations reflect our commitment to providing stronger, more efficient technology to our customers, ensuring sustainability is at the core of every product we develop. By focusing on cutting-edge AI and automation, we are giving our customers the tools they need to transform their operations, reduce costs, and achieve their sustainability targets. We believe that by embedding sustainability into our solutions, we are not only helping our customers succeed but also contributing to a cleaner and more sustainable future for the industry.”
About IFS Energy & Resources
IFS Energy & Resources (formerly P2 Energy Solutions) is a trusted leader in software and data solutions for the upstream oil and gas sector. Our solutions in production, accounting, land, and geospatial information are industry standards, relied upon by nearly 2,000 companies worldwide to automate business processes, reduce costs, and maximize asset value. With a focus on innovation and customer success, we continuously leverage technology and industry expertise to build a competitive advantage for our customers. Our integrated solutions help businesses streamline workflows, automate complex processes, and drive productivity across all areas of their operations, ultimately maximizing profitability and ensuring long-term success. Visit ifs.com/energy-and-resources for more information.
