At IFS Unleashed, the leading technology provider of enterprise cloud and Industrial AI software made several product announcements. The news follows on from a partnership announcement with Sovos.
With the second major release of the year, IFS Cloud 24R2 added 60 new Industrial AI capabilities for all six of its target industries. It also unveiled IFS BOLO 15, next-generation oil and gas accounting solution. This solution possesses the most processing power in the industry to handle any business scenario.
The conference also saw the launch of the Copperleaf Accelerate Program. Acquired in August, IFS has quickly created an integration that will allow customers to transfer operational and tactical asset management data in IFS into Copperleaf’s world-leading Asset Investment Planning (AIP) solution.
It also announced the launch of a new Sustainability Management Module. Which was created with PwC and is part of the 2024R2 release.
IFS Cloud 24R2
The second major release of the year from IFS doesn’t disappoint. The update has several new features:
- A new dynamic Home page that combines the visibility of project status and anomalies alongside IFS Copilot. IFS Copilot can help users plan, manage, build, and service assets faster, smarter and safer.
- IFS Copilot is now context-aware and works across IFS Cloud, delivering deeper insights. An example is the new IFS.ai Copilot for FMECA (Failure Modes, Effects, Criticality Analysis). This new Copilot helps organisations drive asset availability while reducing maintenance costs and mitigating risks.
- New Prompt Libraries help users accelerate the adoption of Copilots. It includes some agentic AI capability such as a new new manufacturing customer PO and order creation capability.
- The new Manufacturing Scheduling Optimization (MSO) Simulation capability enables asset managers to predict the impact of varied maintenance schedules to optimise operational efficiency.
Christian Pedersen, Chief Product Officer at IFS, commented, “All new features and enhancements within IFS Cloud 24R2 are guided by IFS’s strategic themes. They are tailored to help customers unleash their full potential – both in terms of operational effectiveness and profitability – by leveraging IFS.ai to unlock and use the secret weapon from across the supply chain and operations: their data.
“IFS is at the forefront and leading the charge with Industrial AI, which is turbocharging the asset and service-intensive industries that power our world. No one else is thinking this way for these hardcore industries.”
IFS Bolo 15
IFS Bolo 15 is built on the IFS Cloud, and the latest release delivers several key improvements, including:
- Modern Usability: A completely refreshed user interface (UI) that’s both familiar and intuitive, minimizing learning time
- Enhanced Security: Multi-layered security that includes features at the code, networking, and data levels for unmatched protection
- Open Data Access: Integration with Microsoft Power BI to unlock unlimited data analysis
It has also added a new AP invoicing module powered by IFS.ai that helps automate the procure-to-pay cycle. In addition, the update includes a self-service portal for vendors. There is also a new brine leasing capability, delivered through the combination of IFS iLandMan enriched with IFS Tobin data. The feature streamlines the leasing process and improves operational efficiency for Lithium projects.
Dale McMullin, Chief Technology Officer at IFS Energy & Resources, commented, “These advancements and achievements are a testament to our product teams’ innovation and steadfast development toward stronger and more efficient technology. The investment IFS continues to make in the energy and new energy industries is substantial. We’re enabling customers with the tools they need to make an impact in their respective businesses while also ensuring sustainability is woven into our development practices and the final products we deliver to customers.”
Copperleaf Accelerate
The new Copperleaf Accelerate program is an annual subscription that aims to help and then support organisations to implement Copperleaf AIP with IFS Cloud. IFS listed seven key benefits the new program offers.
- Value Framework Engineering Support: Receive expert support to optimize your value framework
- SDK Access for System Integration: Integrate your software systems seamlessly with Software Development Kit access
- Full Access to Copperleaf Value Model Library: The library leverages knowledge Copperleaf has gained from working with clients from different industries across the globe. It is a constantly evolving collection of best practice models that helps new clients get up and running quickly with AIP
- Quarterly Business Reviews: Participate in quarterly reviews to ensure continuous improvement and alignment
- Advanced Scoping Support: Get advanced support for scoping your projects effectively
- Change Management Program: Benefit from a structured change management program to facilitate smooth transitions
- Private Copperleaf User Group Access: Gain exclusive insights networking opportunities, and share best practices with fellow industry experts
While IFS has said it will waive the implementation fee for the first 25 subscribers, there are no further details on pricing.
Lance Olmsted, IFS’s President for Copperleaf, commented, “We’re committed to innovation, customer success, and delivering value-creating solutions. Joining the Copperleaf Accelerate Program allows customers to significantly enhance their asset management strategies, resulting in improved decision-making and financial performance. By leveraging existing data within IFS Cloud, we can swiftly develop asset risk models, simplifying the implementation of AIP and maximizing the value of their current IFS solutions.”
Sustainability Management Module
IFS has long championed sustainability management. With the implementation of CSRD in 2025 in the EU, it is becoming increasingly important for organisations to measure and improve sustainability metrics.
The new module was developed with the assistance of the PwC ESG experts. It is scalable and should support future legislation and directives. Alongside the new module, IFS customers can opt to engage with PwC ESG advisory services. These services include entity scoping, double materiality assessments, gap assessments, and implementation planning. All to support compliance with the CSRD together with the implementation of their sustainability reporting strategy.
IFS lists several key features of the new module:
- One central location for sustainability-related data across organizational entities
- An extensive KPI catalog with “out of the box” CSRD metrics to easily select those most relevant to the business and operations. “Create your own” is also available
- Ability to set long-term organizational goals and track performance
- Allow customers to create sustainability plans with targets linked to customers’ agreed KPIs
- Transparently disclose progress and outcomes for each reporting period
Iain Anderson, ESG Technology & Data Leader, PwC UK, said, “Accurate and comprehensive ESG data is essential for organisations to monitor progress, identify improvement opportunities, and comply with regulations. Reliable data also enables businesses to make informed decisions, be transparent with stakeholders, and build trust.
“Through our collaboration with IFS and their Sustainability Management Module in IFS Cloud, we leverage our PwC ESG expertise and regulatory knowledge to provide valuable guidance, insights and support. This enables organisations to effectively deliver their corporate sustainability objectives and navigate the evolving regulatory landscape.”
Enterprise Times: What does this mean
IFS has been quick to build a service around Copperleaf. It should be able to leverage the synergy between the two platforms quickly. The new Bolo solution will help to further target the traditional SAP customers with a sophisticated finance and integrated platform to support there businesses. It will be interesting to see over the next few months whether it announces larger enterprises as customers in this sector.
The firm also continues to build out its AI platform and the AI features that IFS Cloud is now able to deliver. With two major updates a year, one expects a significant update. With IFS Cloud 24R2 , IFS has not disappointed and has again moved the needle significantly on several fronts for asset-centric organisations.
