Opportunity for Change
The CFO of a rapidly expanding oil & gas production company performed an audit and discovered a 5% revenue shortfall, raising concerns about production discrepancies and potential inefficiencies in operations.
Challenge
Before implementing Quatra, the company faced challenges with inconsistent production and delivery data. Manual processes for verifying fill slips and monitoring crude oil collection led to inaccuracies and operational uncertainties.
Solution
Quatra AI was deployed to monitor every aspect of oil collection. It enabled real-time analytics to detect anomalies such as theft, inaccurate reporting, and operational irregularities.
Benefits
- Fast ROI: Implemented within 4 weeks from project kickoff, Quatra quickly delivered actionable insights.
- Low Total Cost of Ownership: Minimal setup and maintenance costs as Quatra operates autonomously, continuously learning from data inputs.
- Enhanced Operational Oversight: Ensured accurate reporting and minimized revenue discrepancies, restoring confidence in production metrics.
- Increased Security: Identified and addressed potential fraud by detecting discrepancies in tank levels entered by drivers, leading to the replacement of a suspicious trucking contractor and a 5% revenue increase.
Results
Following the implementation of Quatra AI, the production company achieved a 5% increase in revenue through improved monitoring and enhanced operational transparency. Quatra AI has empowered this oil & gas production company to streamline operations, enhance security, and boost revenue. By automating critical processes and providing real-time insights, Quatra continues to be a cornerstone in this production company’s journey towards operational excellence.
What’s Next
With Quatra’s success in monitoring and analytics, the company plans to leverage object character recognition (OCR) and natual language processing (NLP) capabilities for automated verification of fill slips and proof of delivery. This will further streamline operations and reduce administrative overhead. Read more about how Quatra has used OCR and NLP to deliver benefits in healthcare.