Robotic process automation (RPA) is used across industries to automate high-volume, mechanical tasks. Robotic process automation in oil and gas industry uses computer software or robots to perform repetitive ruled-based tasks to improve capabilities and save time. Predominantly, RPA can be used for inventory management in the oil and gas industry.

Let’s discuss the possibilities.

Automation in the oil and gas industry is a vital component encompassing all the major domains within an oil and gas business.  Oil and gas companies have used RPA in areas such as:

  • inventory management,
  • financial accounting,
  • drilling and well data management,
  • production engineering,
  • back-office accounting, and
  • data cleanup and data integration.

Also Read: RPA in Manufacturing

RPA Can be Used for Inventory Management in the Oil and Gas Industry

Inventory management is about the procurement, storage, and utilization of a company’s inventory. These include raw materials, components, and finished products. It makes sure that the flow of products from manufacturers to warehouses and from these facilities to the point of sale is properly supervised.

It also ensures that the company always has the needed materials and products on hand, and at the same time, the costs are kept as low as possible.

Similar are the inventory management aspects in the oil and gas industry.

The challenges in managing inventory are wide-ranging which ultimately showcases the importance of automating inventory management. High storage costs, stock-outs, dead stocks, higher lead times, inefficient tracking, visibility in the supply chain lacking, and waning loyalty of customers are some of the major challenges encountered in inventory management.

Robotic Process Automation – Inventory Management and Order Management

RPA is very important because the software bots can keep track of inventory, make notifications when levels go low, and reorder quantities when they reach below the threshold. Providers will be able to retrieve inventory levels at any time and assess current needs.

RPA in order management is where automated systems are put in place to process orders faster by eliminating manual work. With order processing, human errors are reduced, operational efficiency is improved, and the fulfillment and shipping processes are accelerated.

RPA in order management offers so many benefits by automating order processing and fixing the numerous difficulties faced by industries. The two main problems of industries now are the manual processing of purchase orders and nonstandard data in order information. The solution to this is RPA in order management. The benefits offered by RPA will transform the future of order processing in so many ways such as round-the-clock operation, flexibility, time saved, complex workflows easily worked out, increased income, and more.

Process Automation in the Oil and Gas Industry

Process automation in the oil and gas industry involves many crucial processes that can help the producers of energy compete successfully in the global markets. Automation in oil and gas includes production and process control, drilling, safety, logistics, supply chain, and retail operations.

How does automation in oil and gas work?

This utilizes sensors based on the Internet of things (IoT), the use of Artificial Intelligence (AI) to fill in the gaps because of skilled labor shortage, and projecting and self-learning systems to increase productivity.

However, at the core of all of this is a strong Robotic Process Automation (RPA) system that brings together all of these. You can check out how we at Vraimatic provide RPA solutions for the oil and gas industry.

Benefits of Automation in Oil and Gas

Benefits of RPA in Oil and Gas Automation

Improved efficiency

Automation in oil and gas helps all energy operations simplify production, increase outputs, and increase potential revenue.

Reduced cost:

Costs are reduced by replacing some human labor and enhancing the accuracy of existing labor-driven tasks.

Reduce the risk of human error:

When the processes are automated and are working rule-based, safety measures will also improve.

Automated systems:

Allow for easy distribution of data and thus, greater efficiency all around the business.

Reduced carbon footprints:

Improvement in process efficiency brings about energy efficiency hence reducing the carbon footprint

You need RPA in the Oil and Gas Industry

The oil and gas industry has been greatly impacted by digital transformation. Companies are now rapidly adopting a variety of emerging technologies such as RPA, AI, and others not only to improve their business but also to survive in a very competitive industry.

Given the drastic reductions in investments, workforce numbers, and stalled projects, the only way to survive in today’s digitally transforming world is to shift toward automation. RPA has emerged as a critical component encompassing all three major sectors of the oil and gas industry, namely, the upstream, downstream, and midstream.

Another advantage is that it can be used in a variety of operations. Although robotic process automation in the oil and gas industry is being widely adopted, it still has a long way to go when compared to other industries. This may be due to their highly capital-intensive environment and legacy equipment. Automate inventory management and RPA in order management are already being utilized in the oil and gas industry now.

There is still some lack of awareness around robotic process automation (RPA) in the oil and gas industry which is surprising in today’s fast-changing technology environment. The technology itself is simple to grasp.

In fact, if you require specific help in understanding how RPA becomes a crucial aspect of your Oil and gas process, then get in touch with us at Vraimatic.

RPA mimics the actions of your most consistent and detail-obsessed employees for repetitive tasks at a fraction of the cost. The technology offers so many advantages that every oil and gas company should be aware of it.

Additional Application Areas of Process Automation in the Oil and Gas Industry

  • Supply chain processes require a large amount of structured data, these characteristics make it ideal for automation in the oil and gas industry.
  • A data set is compared to another. Therefore, RPA can be used for inventory management.
  • It is needed in procurement. Vendor rationalization, spending compliance, and warranty cost reduction. RPA in order management is needed.
  • It is used in planning, inventory, and order management. RPA can easily automate high-volume, critical metrics like inventory and can also forecast accuracy.
  • Transportation costs can be reduced by tracking, comparing, auditing, and analyzing data. Robotic process automation in the oil and gas industry can perform all these tasks easily 24/7.

Conclusion – Let’s Face It

Computers are faster and more accurate than humans at carrying out repetitive administrative tasks. Lower costs, more accurate results, and an engaged workforce focused on higher-value tasks to improve business performance will benefit energy companies that employ RPA. Robotic process automation in the oil and gas industry is the answer.

Connect with us at Vraimatic to start off your RPA journey and solve your process challenges.