9% of cross-border global oil shipments gets disputed
50% of back-office costs are spent on documentation and information exchange
$1 bn annual potential savings in G&A expenses
Information exchange in the oil industry today is largely manual, with redundancies in regulatory reporting. Analysis of origins and traceability of flows is susceptible to errors, miscommunication and misrepresentation. The standard today is for each participant in the value chain independently maintaining status information siloed in multiple systems, exchanging information through point to point communications, resulting in a complete lack of an end to end view.
Neoflow is a platform accessible by industry, border control agencies and relevant government entities. Neoflow tracks key value chain events, while digitizing relevant documentation such as Bills of Lading and Certificates of Origin.
End-to-end visibility of the products’ lifecycle, from wellhead production, to upgrading, inspection, transportation import and refinement.
Import and regulatory reporting processes are automated, by providing a common and standard framework for data exchange.
Standardized production record, updated in real-time that establishes a trusted digital history of ownership, records and lifecycle of events