IFS, a provider of enterprise cloud and industrial artificial intelligence (AI) software, has announced three product enhancements set to reimagine the way upstream operators do business.

According to the company, the new updates leverage the power of IFS.ai to drive new back-office efficiencies and new leasing capabilities, thus helping streamline operations and processes for clean energy projects.

Source: IFSSource: IFS

First, IFS Energy & Resources, the oil and gas arm and business unit within IFS, unveiled IFS BOLO 15, the latest iteration of IFS BOLO and the next-generation oil and gas accounting solution that possesses the most processing power in the industry to handle any business scenario.

IFS BOLO 15 creates a step change in back-office efficiency through streamlined workflows, a substantial reduction in rework and the simplification of audits. Powered by IFS.ai and layered with AI, this software delivers the following benefits:

  • Modern usability: A completely refreshed user interface (UI) that's both familiar and intuitive, minimizing learning time
  • Enhanced security: Multi-layered security that includes features at the code, networking and data levels for unmatched protection
  • Open data access: Integration with Microsoft Power BI to unlock unlimited data analysis

Second, IFS Energy & Resources customers can add new AP invoicing capabilities included with the BOLO 15 release to expand their IFS Excalibur, IFS Qbyte, IFS IDEAS and IFS Enterprise Upstream investments. The AP invoicing module powered by IFS.ai provides open automation to improve cash flow by increasing productivity through reduced processing time, improved accuracy and optimized payment cycles. Additionally, vendor relationships are enhanced with a self-service portal.

Third, IFS Energy & Resources' new brine leasing capability, delivered through the combination of IFS iLandMan enriched with IFS Tobin data, streamlines the leasing process and improves operational efficiency for Lithium projects, a critical component in the clean energy transition. This allows existing IFS customers to seamlessly extend their trusted industry solution to their new energies portfolios.

IFS Energy & Resources explained that it continues to bridge the gap from the oil field through the back office to reduce Scope 1 and 2 emissions. With IFS, oil and gas customers can supplement and extend their existing enterprise with IFS Cloud, IFS Ultimo and IFS Copperleaf for Asset Investment Planning (AIP) to unlock capabilities to optimize costs, manage risk and achieve revenue assurance.

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