IOCL is Using Technology to Stay Ahead of the Curve
Indian Oil Corporation Ltd (IOCL), the leading refiner in India, has started a substantial data-driven digitalisation initiative to optimise its crude procurement, refinery operations, and financial management. This transformation has not only enhanced the company”s operational efficiency but also positively impacted its financial performance, according to a senior executive.
One of the primary goals of this digitalization drive is to enhance yields and reduce interruptions. Each day of refinery interruption could result in potential losses of Rs 200-300 crore in sales. To address this, IOCL has implemented a new digital architecture that aids in predicting potential issues and taking proactive measures to prevent them.
Digital twins of refinery units have been created to optimise operations, leading to substantial annual gains. Unlike physical units, digital twins offer flexibility to adjust input parameters dynamically, resulting in various outputs. A system for predicting heat exchanger fouling has been implemented to maintain optimal refinery output and plan shutdowns effectively.
Robotic process automation (RPA) is another crucial aspect of IOC”s digitalisation strategy. Automated software bots now handle repetitive tasks such as payroll reconciliations, daily operations reporting, travel expense processing, and GST filings. This has not only freed up employees from routine tasks but also improved accuracy and speed.
Further, digital tools have streamlined the tendering process, making it smoother and eventually paperless. Data analysis is helping IOC detect issues like pilferage and pipeline decay, while customer sentiment analysis enables swift responses to potential sales impacts.
Despite the significant scope of the organisation, integrating new data-driven processes across the company requires effort. Grover mentioned that internal hackathons have been conducted to explore ideas for utilising artificial intelligence and machine learning in their operations.
The company”s IT department has implemented various data visualisation tools and dashboards for executives, facilitating easy access and action. The objective is to swiftly collect data from its sources. These new data tools are expected to enhance project monitoring as IOCL plans a capital expenditure of Rs 120,000 crore over the next five years, enabling the prediction and prevention of project delays.
Indian Oil Corporation”s digitalisation drive aims to utilise data-driven insights to optimise operations, improve efficiency, and prevent potential losses, contributing to both operational excellence and financial growth.
