IFS Releases Next-Gen, AI-Driven Product Enhancements to Help Oil & Gas Organizations Unlock New Efficiency and Sustainability Gains

• New release of IFS BOLO 15 will deliver unmatched back-office efficiency powered by IFS.ai
• IFS BOLO 15 also brings AI automation for AP invoicing capabilities to improve cash flow
• Further product updates for IFS Tobin and IFS iLandMan streamline brine leasing process to aid transition to clean energy portfolios 

ORLANDO, Fla., Oct. 16, 2024 /PRNewswire/ -- IFS Unleashed IFS, the leading provider of enterprise cloud and Industrial AI software, today announced three product enhancements set to reimagine the way upstream operators do business in North America and beyond. The new updates leverage the power of IFS.ai to drive new back-office efficiencies and new leasing capabilities help streamline operations and processes for clean energy projects.

First, IFS Energy & Resources, the oil and gas arm and business unit within IFS, today 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 artificial intelligence, this software delivers significant 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, cutting-edge 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 convenient self-service portal.  

Third, IFS is committed to fostering sustainable practices. 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. 

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

Dale McMullin, Chief Technology Officer at IFS Energy & Resources, said, "These advancements and achievements are a testament to our product teams' innovation and steadfast development toward stronger and more efficient technology. The investment IFS continues to make in the energy and new energy industries is substantial. We're enabling customers with the tools they need to make an impact in their respective businesses, while also ensuring sustainability is woven into our development practices and the final products we deliver to customers."  

About IFS Energy & Resources

IFS Energy & Resources (formerly P2 Energy Solutions) is the industry's most trusted partner in providing software and data solutions for the upstream oil and gas industry. Our market-leading solutions across production, accounting, land, and geospatial information are ubiquitous in the industry, and professionals from nearly 2,000 companies around the world rely on them to streamline workflows, automate business processes, lower operating expenses, and maximize asset value. We continuously leverage technology and innovation to build a competitive advantage so our customers can optimize productivity, performance, and profitability. Visit: ifs.com/energy-and-resources to learn more. 

About IFS

IFS is the world's leading provider of Industrial AI and enterprise software for hardcore businesses that make, service, and power our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.

IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers' specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), Information Technology Service Management (ITSM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.

IFS was founded in 1983 by five university friends who pitched a tent outside our first customer's site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 6,500 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.

Contact information:

EUROPE / MEA / APJ:

Adam Gillbe

Email: adam.gillbe@ifs.com 

NORTH AMERICA / LATAM:

Mairi Morgan

Email: mairi.morgan@ifs.com 

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SOURCE IFS