Automation of Monthly Statements Processing in the Oil and Gas Industry Using UiPath
Refining and Redefining Audits: A Case Study on the Impact of RPA in an Oil and Gas plant
A leading player in the oil and gas industry operates an upstream entity responsible for managing various aspects of production, including exploration, drilling, and extraction. As part of the production process, the company receives monthly statements from its midstream storage plants containing critical information about product volumes, prices, and other related data. The existing manual process of collecting, processing, and uploading this data for accounting and contract allocation was time-consuming, error-prone, and resource-intensive. To enhance efficiency and accuracy, the company implemented Robotic Process Automation (RPA) using UiPath.
The oil and gas company faced several challenges in the monthly statements processing:
Manual Data Entry: The process of collecting, verifying, and manually entering data from diverse monthly statements was prone to errors, potentially leading to financial discrepancies.
Data Complexity: The statements contained complex information such as product volumes, prices, contract allocations, and other related details that required careful validation and accurate processing.
Time Sensitivity: The monthly statements had to be processed within specific timeframes to ensure timely and accurate accounting.
Resource Allocation: The manual process consumed valuable human resources that could be redirected to more strategic tasks.
The company adopted UiPath's RPA technology to automate the entire monthly statements processing workflow. The RPA solution encompassed the following steps:
Data Extraction: The bot accessed the email inbox or designated location to retrieve the monthly statements. It extracted structured data including product types, volumes, prices, and contract details.
Data Validation: The bot validated the extracted data against predefined rules and criteria, checking for discrepancies or missing information.
Data Transformation: The bot transformed the data into a standardized format suitable for upload into the accounting system and contract allocation tools.
Upload and Allocation: The bot automated the data upload process into the accounting software and contract allocation tools, ensuring accurate distribution of volumes and contract details.
Exception Handling: The bot identified any exceptions or discrepancies and generated alerts for review by the production analyst, streamlining the resolution process.
The implementation of RPA for monthly statements processing brought substantial benefits to the oil and gas company:
Accuracy: Automation significantly reduced the risk of human errors associated with manual data entry and validation, enhancing financial accuracy.
Efficiency: The RPA solution accelerated the entire process, enabling timely and accurate processing of monthly statements within tight deadlines.
Resource Optimization: The finance and production teams could allocate their time to more strategic tasks instead of spending significant effort on manual data entry.
Process Consistency: The RPA bot followed consistent validation and processing rules, minimizing variations in data handling.
Cost Savings: The reduction in manual efforts translated into cost savings and improved operational efficiency.
By leveraging UiPath's RPA technology, the oil and gas company streamlined their monthly statements processing, enhancing accuracy and efficiency. This successful automation encompassed data extraction, validation, transformation, and upload, ensuring precise accounting and contract allocation. The achievement underscores RPA's potential in transforming complex workflows within the energy industry. Projections suggest a 25-35% reduction in back-office manpower, potentially saving 30,000 man hours yearly in supply chain tasks alone.