Quorum launches new wave of software technology for oil and gas sector
Quorum Software has launched its next technology evolution with myQuorum AI. myQuorum AI drives smarter insights and reimagines oil and gas operational excellence by exploiting the deep industry experience embedded in myQuorum software applications with cutting-edge cognitive technologies. Augmented Intelligence (AI) is the latest innovation that stems from Quorum's commitment to driving the industry forward through the proven and visionary myQuorum platform. Cognitive technologies such as machine learning, robotic process automation, computer vision, and natural language processing, will enable energy companies to work smarter, more efficiently, and be more operationally and financially compliant. Quorum's land management software, myQuorum Land, is the first application to take advantage of the platform's new AI capabilities.
"At Quorum, we continue to push the boundaries of what is possible and draw strength from our long-standing reputation as the industry standard for software innovation in oil and gas," said Perry Turbes, president and CEO. "Our mission is to make sure we empower our customers and their users alike with the technologies and solutions that help them realize the benefits of the modern energy workplace."
myQuorum AI adds a cognitive services layer leveraged by myQuorum business applications, which allows for faster, assured benefits that surface real and continuous value for users. With myQuorum AI customers are not faced with the traditional challenges of how to apply AI technologies to a deep understanding of their business operations.
Building on 20 years of oil and gas operational and transactional knowledge, myQuorum AI far surpasses the static rules engines, hard-coded algorithms, and bolt-on tools available in the market today. myQuorum AI enables myQuorum applications to become highly-flexible and dynamic, learning and adapting to business changes to help energy companies optimize their risk posture and compliance programs while also increasing productivity and efficiency. As part of an open technology ecosystem, myQuorum AI is developed for enterprise-wide interoperability, fitting seamlessly into customers' existing myQuorum initiatives, and to enable collaboration with partners and industry participants.
"AI is changing how we develop software and unlocking new approaches to solving problems. We are driving a paradigm shift in user enablement by embedding these technologies deeply into our leading software platform to ensure cognitive technologies are pervasive, immersive and transparent," said Tyson Greer, executive vice president and chief product and technology officer. "We are excited about what the future of myQuorum holds and working with customers to realize the benefits and untapped potential."
myQuorum AI will help reimagine the automation and workflows that underpin business processes across today's energy landscape with the following capabilities infused directly into myQuorum business applications:
Intelligent Ingest: Reduce manual data entry and improve data quality with cognitive capabilities that interpret, understand, and operationalize source data.
Cognitive Compliance: Improve operational and financial compliance with AI that ensures data is clean, complete, and up to date.
Adaptive Learning: Dynamically train software applications and users through learned responses to contextually relevant prompts and guides.
Operational Insights: Increase confidence in decision making through AI-generated KPIs, feedback, and anomaly detection.