The oil and gas industry is going through a major transformation to maximize financial discipline and performance. At the core of this is revitalizing the Authorization for Expenditure (AFE) business process to improve how projects are funded and capital is allocated.
Without an automated and integrated AFE process, companies cannot accurately predict cost estimates, leading to millions in project overruns and lost man hours every year. In fact, 40 of the largest independent oil and gas producers collectively spent roughly $200 billion more than they took in from operations.
This white paper explores insights from Appian partner, Sia Partners, on how to effectively transform AFE, including:
- Recognizing the significant challenges with how AFEs are managed today
- How key technologies, including BPM, RPA, and low-code, are helping to transform processes
- Strategies to achieve a best-in-class +/-5% cost estimate accuracy, leading to hundreds of millions in savings