The Oil and Gas Industry: Witnessing a New Era with Digital Technologies
The oil and gas industry has played an important role in the economic transformation of the world since the industrial revolution. Advanced technologies and data analytics techniques can help the oil and gas industry to tackle a series of challenges such as frequent budget and schedule overruns, difficulties in attracting talent and demands of climate [...]
The oil and gas industry has played an important role in the economic transformation of the world since the industrial revolution. Advanced technologies and data analytics techniques can help the oil and gas industry to tackle a series of challenges such as frequent budget and schedule overruns, difficulties in attracting talent and demands of climate change accountability. Digitalization can act as a key to tackle these challenges and provide value to all the stakeholders of companies.
“With digital transformations paving the way into the oil and gas industry, companies can harness a plethora of data to reduce operational expenses, down well times, and lessen risk.”
However, the oil and gas industry has fallen behind in terms of digitalization and is unable to utilize the real-time data and insight gathered by connected technologies. Oil and gas companies can gather data from a variety of sources, such as sensors embedded in wells or machine-to-machine data. With multiple sources of data, digitally mature companies can gain the potential to glean key insights and analytics to stay ahead of the curve. By realizing the potential of digital technology oil and gas companies can achieve desired results such as increased revenues, improved safety, reduced costs and reliability of business operations.
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How digital transformation is revamping the oil and gas industry?
Indicator #1: Digitization is enabling companies to gain a competitive advantage
Today companies in the oil and gas industry are looking to integrate solutions and technologies that will give them a competitive edge, provide critical insight into core business practices and operations, and above all, reduce costs. Fortunately, with digitization, innovative technology is becoming easily affordable and companies in the oil and gas industry can leverage digital technologies such as real-time data streams, mobile technology, and embedded sensors. This can, further, keep them constantly stay updated on day-to-day business operations
Indicator #2: Digitalization contributing to lower production costs
One of the major challenges that companies in the oil and gas industry are facing is rising production costs. This is the reason why companies in the oil and gas industry are increasingly relying on big data and analytics solutions to optimize business functions. By adopting digital technologies, companies in the oil and gas industry can easily manage, measure, and track all the data coming from different sources. Furthermore, this can help them to gain actionable insight and maximize their quality and output and minimize the waste throughout the process. As a result, companies can become more productive and efficient in the long run.
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Indicator #3: Improving agility with real-time data
Companies in the oil and gas industry are now realizing the increasing role that digital transformation play in becoming agile, faster, and better equipped to adapt to challenges and market conditions. Despite the current economic downturn, oil and gas companies are funneling a huge amount of money into funding innovative technology that can help them optimize production and minimize costs. Also, with the effective use of digital technologies, companies in the oil and gas industry can become more productive, efficient and agile. The real-time data and insight can help companies in the oil and gas industry to determine the root cause of malfunctions, machinery failures and defects in near real-time and make precise and smart business decisions.
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Indicator #4: Cross-industry collaboration creating new opportunities
With the economic downturn, companies in the oil and gas industry are forced to look for cheaper and more efficient ways of producing oil and gas. This has developed the need to build partnerships and collaboration across industries. Consequently, big players in the oil and gas industry are shifting towards favoring smaller companies which are specialists in specific areas of the oil and gas environment. Such partnerships can help companies to focus on their core competencies while outsourcing cloud-based solutions and cyber-security systems.
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