TULSA, Okla., Nov. 25, 2019 – A top-tier Permian operator has selected Stonebridge Consulting to develop a robotic process automation (RPA) workflow for automating entry of trade confirmation data.
Stonebridge is collaborating with RPA solution leader UiPath to design, develop and test the automated process for entering trade confirmation data into the operator’s commodity trading and risk management system. The operator expects RPA implementations will significantly reduce operational expenditures and increase workforce productivity.
The RPA solution will completely automate the operator’s current process for maintaining trading records. Currently the operator’s trading staff receive trade confirmation data via paper documents and email and then reenter the data into their commodity trading system. The operator uses InstaNext software for trading and risk management purposes.
The new RPA workflow will utilize a bot that mimics a human user interfacing with the InstaNext software to input data quickly and accurately. Using artificial intelligence (AI) capabilities, the bot will read data and make decisions on how to input and share it based on rules created by the operator’s trading staff. The trading team will have the capability to review and approve trade data before it is input into other business processes.
By automating routine data entry tasks, the RPA solution also will free the trading staff to focus on solving more complex analytical matters.
“We are very excited about playing a part in our client’s digital transformation initiatives,” said Stonebridge Consulting Managing Director Mark Brannon, who oversees the company’s business relationship with UiPath. “RPA solutions, when carefully considered and implemented, are a proven digital success story because of their real impact on the bottom line.”
Oil and gas companies are looking to digital innovations such as RPA to streamline operations and reduce costs. Market research firms estimate that companies in all industries can see cost reductions from 50 to 75 percent by automating routine tasks in accounting, payroll and human resources. Employees who currently perform these repetitive tasks will use that extra time to focus on more strategic tasks that matter—and which require human knowledge and discretion.
Per Gartner, today less than 10 percent of large enterprises have implemented RPA. But the firm estimates RPA software adoption will ratchet up to 40 percent in 2020 because of its direct impact on the bottom line.
Processes unique to oil and gas are well suited for RPA, according to Stonebridge Managing Director Kate Stevenson, who oversees the company’s business and technology advisory services. “For upstream companies, RPA can be used to standardize field data reporting, D&C reporting and analytics, production reporting and estimations, EH&S reporting, supply chain and more,” Stevenson said. “There are similar RPA use cases for midstream and field services companies. The potential gains, both in terms of workforce effectiveness and reduced costs, are clear to see.”
In addition to project-based RPA delivery, Stonebridge offers RPA as a Service, enabling clients to realize the benefits of RPA without internal development, software licensing and infrastructure costs.
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About Stonebridge Consulting, LLC
Stonebridge Consulting provides business advisory and technology services for next-gen oil and gas. We serve the oil and gas industry exclusively. Our industry expertise, proven methodologies, and extensive project IP and solution accelerators enable us to deliver projects faster, generating measurable improvements in operational efficiency and saving project time and costs by as much as 50 percent. More information about Stonebridge is available at www.sbconsulting.com.
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