Key fact: Between 2016 and 2017, the average percentage increase in audit fees reported was 6.9%
The constant improvement of artificial intelligence (AI) is spearheading the optimisation of audits in the energy sector. Through advanced analytics and machine learning (ML) algorithms, this technology can run root cause analyses, identify systematic errors, predict industry challenges, provide diagnostic insights, and delineate prescriptive measures on how to optimise operational efficiency.
Other data-driven technologies that are innovating audits in the oil and gas industry include robotic process automation (RPA), which automates manual tasks.
For example, reconciling and cross-referencing data is crucial in the auditing process. When done manually, these tasks are prone to human error. RPA provides the due diligence needed to streamline complex audits and ensure information is accurate and reliable. In turn, operators are empowered with better decision making tools.
Benefits
Reduces costs related to auditing
Improves reliability of data
Streamlines the auditing process
Learn more insights by browsing our resource centre and learn more about digital trends shaping operator responses to the coming hydrocarbon boom and energy transition in the Innovation Forecast in Energy.
