The Finance, Accounting and Procurement processes are some of the key focus areas in this industry that are keeping the CFOs & CPOs concerned because they are significantly contributing to margin pressures, irrespective of its scale, i.e. smaller independent, or oil & gas supermajor. The sector needs to closely investigate the associated workstreams like Accounts Payable (AP), Accounts Receivable (AR), General Ledger (GL), Procure-To-Pay (P2P), shipment-To-Cash (S2C), Record-To-Report (R2R), Order-To-Cash (O2C) et al.

All processes and workstreams are continually getting complex, due to the huge scale of operations and magnitude of transactions involving different IT-based activities that create massive amounts of data. Tech Mahindra BPS can apply Remote Process Mining techniques that can help Oil and Gas firms in achieving highest efficiency and complete transparency within workflows. Our tech works on the collected event logs, learning about the processes that need automation, which leads to efficient BOT deployment along with waste elimination- reducing cost-to-serve, and thus improving processes across the Upstream, the Midstream & the Downstream Service Value Chain.

With TechM’s Digital Process Mining methods powered by the leading ‘Celonis platform’, Digital transformation in oil and gas companies can be accelerated for:

• A faster & better decision making through ‘process transparency’
• ‘Finance & Procurement Insights’ that generate business value
• Optimized expense structure with controlled costs
• Monitoring real time performance with target comparison
• Provide intelligent recommendations to reduce costs
• Identify sources for additional revenue
• Meet regulatory and security requirements
• Auditing, Compliance, and Fraud prevention

Key Challenges In Oil And Gas Vertical

1) Time and Cost: Energy transactions are complex and involve an extensive range of orders and documentation such as purchase invoices, funds for bank release, shipping documents, etc. adding complexity to the processes.
2) Transparency: Businesses devote time and energy in ensuring placement of documents and their accessibility for stakeholders. It comprises of, audits, compliance documents, and paperwork.
3) Supply Chain: O&G Supply chains are structured in a complex fashion involving suppliers, shippers and customers. They demand large administrative overheads, creating potential for errors.
4) Payments: Oil and Gas contracts have a complex fee structure, involving cross border businesses requiring intermediaries and additional charges.
5) Efficiency: Paper contracts and Outdated trading platforms impacting efficiency and transparency while managing large capex led projects

Key Disruptors In Oil And Gas Vertical

1) The typical business model now stands irrelevant with oil prices under $50 per barrel. Resource abundance means lower oil prices and focus shifts to cost, efficacy, and speed. Talent is not scarce, exploration capability is no more a differentiator, and growth is not limited to megaprojects, etc.
2) Thoughtful technological developments are disrupting timeworn ways of operations, enabling step fluctuations in efficiency. Jobs, comprising knowledge work are getting substituted by automation on a great scale. The remainder requires increased machine-human interface, with an exponential growth in data generation, more so with all equipment wanting to connect to cloud.
3) Growing demographic shifts lift demand of work environment change. Digital natives of the era, and millennials come with their own expectations of collaboration, accountability, pace and technology.
4) Organization agility, Digital organization, Millennial managed organization, Decentralized decision making and redefining what is the core business are some of the imperatives for the future.

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