| | AUGUST 20168E ERGYTech ReviewTRe-shaping the Oil & Gas SectorBy Jennifer Hartstock, CIO, GE Oil & GasTrends Shaping the Oil and Gas IndustryOver the past few years we've seen a drastic drop in oil prices, and an equally drastic shift in oil and gas companies' business models as a result. This has driven a completely different approach to how the production of oil and gas happens throughout the world. In order for producers to remain profitable at the current price per barrel rates, companies are looking for ways to increase their productivity and efficiency by employing innovative new technologies and digital solutions across their operation.Standardization and simplification is also another key market trend that has emerged from this new economic reality, both as something that can increase efficiencies in our customers' operations as well decrease the complexity of the supply chain.Challenges Oil and Gas Sector is Experiencing There are some big business challenges facing the oil and gas industry. In today's price environment, companies are focused on efficiency and being able to get the most out of the ground for the least amount of money. At GE O&G, we're creating and marketing competitive position regardless of the price of oil and looking at new and efficient ways to accelerate the adoption of technology within the industry. This includes using big data and analytics to identify how producers can better optimize their assets and increase productivity and efficiencies.At GE we emphasize the "digital thread," looking at how we link people, processes and data across functions to improve our productivity internally with the right information and the right people so they can do their work in new different and more effective ways. I think the time is right for oil and gas companies, through the use of technology, to really transform how they operate. Oil and Gas Sector Tackling Productivity Concerns Technologies including Big Data, Cloud, RFIDs, and IoT are revolutionizing industrial industries around the world. The oil and gas industry however has often lagged behind other industrial sectors in adopting these technologies. There is a huge advantage in looking at other industrial industries and how they have applied these technologies within their industry and what oil and gas companies can do to apply and incorporate these technologies into their operations even more rapidly to improve productivity. We are driving transformation change and utilizing technology, but ultimately the underpinning technology is changing as well>Jennifer HartstockIN MY OPINION
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