IFS Unveils Next-Gen AI-Powered Enhancements to Boost Efficiency and Sustainability for Oil & Gas Organizations

The new release of IFS BOLO 15 delivers unparalleled back-office efficiency, powered by IFS.ai. It also introduces AI-driven automation for AP invoicing, enhancing cash flow management. Additionally, updates to IFS Tobin and IFS iLandMan streamline the brine leasing process, supporting the transition to clean energy portfolios.

IFS, a leading provider of enterprise cloud and Industrial AI software, has announced three key product enhancements aimed at transforming the way upstream operators conduct business. These updates harness the power of IFS.ai to deliver improved back-office efficiencies and advanced leasing capabilities, streamlining operations for clean energy projects.

First, IFS Energy & Resources, the oil and gas division within IFS, introduced IFS BOLO 15, the latest version of its next-generation oil and gas accounting solution. IFS BOLO 15 offers the industry’s most powerful processing capabilities, designed to handle any business scenario with ease.

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.”