Digital Transformation in Oil and Gas

Digital Transformation Oil and Gas

A recent article on the InfoQ web site summarised the current state-of-play in relation to digital transformation in the oil and gas industry.

A new wave of disruptive technologies are transforming the industry including the cloud, social media, sensors, mobility, artificial intelligence, virtual reality, big data and analytics.

Core business processes are being re-platformed, bringing together transactions and analytics in real time to be smarter, faster, and simpler; supplier collaboration is accelerating growth and innovation, harnessing assets and the Internet of Things (IoT) to drive real-time insights and new business models leading to lower costs, greater efficiency and deeper customer relationships.

The report lists four main takeaways:

  • To remain profitable, oil and gas companies must consider how to gain operational efficiencies through improved use of technology, such as cloud platforms, and process improvements including the adoption of agile methodologies. 
  • Deployment of IoT based smart energy solutions results in better field communication, reduced cost of maintenance, real-time monitoring, automation, greater safety and security of assets.
  • A growing number of companies are leveraging Augmented Reality (AR) and 3D virtual planning, simulation and visualisation technologies to plan and schedule operational procedures, train workers, meet health and safety requirements.
  • Organisational change management is a very critical aspect when adopting digital transformation. A clear vision and good communication is required to articulate the compelling need for embarking on a new way of working.

You can read the full article here.