Petrobras Saves Millions Using Ground-Breaking AI Technology
The largest energy company in Brazil and the continent of South America, Petrobras, is harnessing the power of AI and automation which has resulted in millions of dollars worth of savings.
With a workforce of more than 45,000 employees and 70 years of experience in ultra-deepwater oil and gas exploration, the company set out to increase the accuracy of its tax filings and close the gap between its heavy use of AI in deepwater oil and gas exploration and production and its limited use in administrative processes for corporate departments like procurement, finances, taxes and HR.
Harnessing the power of AI and automation
Organisations worldwide both in the energy industry and elsewhere are implementing generative AI and automation, to empower business procedures, elevate productivity and efficiency and minimise expenses. This is where Automation Anywhere, a spearhead in intelligent automation solutions, comes in. The company recently revealed its partnership with energy titan Petrobras which is accumulating a whopping US$120m in savings within three weeks. The collaboration underscores the transformative potential of emergent technologies across a variety of sectors, including energy.
Automation Co-Pilot for optimal efficiency
Petrobras used Automation Anywhere's Automation Co-Pilot for Business Users within its tax department to address potential inconsistencies while abiding by intricate tax code rules. The AI-driven model was fed complex Brazilian tax code and copious company tax data. In just three weeks, the department identified and automated its tax filing system, increasing efficiency by processing taxes within three days, and mitigating the need for weekend work during tax season.
Carlos Barreto, CIO at Petrobras, expressed satisfaction with the initial results of Gen AI-powered automation, anticipating a similar positive impact throughout their business.
“We're actively working with Automation Anywhere's intelligent automation platform to help us identify new opportunities to improve workflows across our business to improve productivity, achieve significant cost savings and improve our business results,” he said.
AI making waves across business departments
Impressed by its initial victory with AI in administration, the conglomerate plans to leverage Automation Anywhere's intelligent automation solutions to extend Gen AI usage across other business departments this year. Petrobras anticipates over US$1bn in yearly savings and intends to utilise these funds to facilitate a transition to sustainable energy forms in coming years, including wind and solar sources.
Adi Kuruganti, CPO at Automation Anywhere, lauded Petrobras's successful venture in AI-enhanced automation.
“Many companies are just beginning to see how fast massive savings can be realised with generative AI-powered automation,” he shared. “We are excited to continue collaborating with Petrobras to scale automation throughout their company, to achieve greater cost savings with improved speed and accuracy and empower their employees to focus on higher-value work because of AI."
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