| | AUGUST 20169E ERGYTech ReviewRe-shaping the Oil & Gas SectorAt GE we have our "GE Store," which gives us the unique ability to tap into our global network of knowledge, technology and tools across the company and the industrial sectors we serve--aviation, energy, transportation, and more. Through the use of this network, we're able to accelerate technology development and adoption for the oil and gas industry providing us with a really great opportunity to bring value to our customers and drive transformative change.At the moment, technologies deployed within the oil and gas industry can drive value in so many ways, and we're at this unique time where our focus must be prioritizing where we can achieve the best outcomes with our technology adoption and focusing on those initiatives. Mitigating Cost and Investment ChallengesAutomation and digitization is another area where companies can improve efficiencies. By automating and digitizing systems and functions companies can ensure optimal levels of efficiency and productivity. Implementation of these improvements requires a new level of thinking and a certain amount of openness on information transfers up and down between suppliers and from our customers and our overall value-chain. We are seeing mobility drive that a lot, people want to use these tools and access the information they need anywhere they are. We see technology as a way was going to solve these problems. Virtualization is Unfolding its Features in O&GAt GE we're focused on creating enterprise modeling for all our products, from the point of concept all the way through the end use and in production. This process creates a "Digital Twin" which is basically a virtual model of a 3-D product or asset that can be used to understand how it will behave or function under different scenarios. Through this process customers can create a virtual enterprise and in essence build it digitally before they build it physically. We use the data gathered from the sensors to virtualize the asset or product's performance and do predictive and preventive maintenance­minimizing costly downtime. Lower Carbon Technology--The Next TransitionThe oil and gas industry has been actively adopting the transition to lower carbon technology. They recognize that there is going to continue to be increased demand for carbon-based fuels and products but we also have an obligation to future generations to ensure that these resources are developed in the most efficient and environmentally safe way possible by driving the advancement of lower carbon technology and development of more efficient technologies. If you look at the GE portfolio of technologies, you can clearly see that we understand there will be non-traditional lower carbon and renewable technologies in the future of energy production. The world's population is growing and every economic forecast shows, while we will continue to see increased investment in these lower carbon based energy sources, you're going to see an increase in carbon-based energy as well. Improving Cyber Risk Management in O&GCyber risk management is a huge play between technology and human risk management. The first commitment should be basic protection, protecting people from the most obvious threats within our workplace environments. Companies should also look to train their people how to protect data with protective behavior. The behavior base is often more challenging in companies than the technology side because you can assess the risks associated with that technology. At GE we have thousands of employees, not including our contractors and customers, which can expose us to risk. That is far more alarming and potential aggregate impact than the physical technology. We have to build awareness and give them the right tools and train them how to use them to protect themselves and help educate people to remain vigilant and help their neighbors and co-workers protect themselves. Unmet Needs One of the major challenges that CIOs are facing is the breaking down of organizational silos. This silo thinking can have a deep impact on a company's bottom line. Insular thinking and decision-making can lead to underperformance, wasted time and increased operational cost. CIOs should look within their organizations to reduce those silos, and apply a systemic and cross-functional approach that prioritizes the end customer. Going back to this "digital thread" concept we have at GE, which allows us to link our people, digital processes and data across functions to improve our productivity internally and develop the products and solutions are customers need to be successful.Advice as Budding O&G TechnologistsWe are driving transformation change and utilizing technology, but ultimately the underpinning technology is changing as well. My advice to anyone looking to enter the technology field and those already established moving through their careers, is to get excited about what technology can do for the business, always look to see to drive the adoption of those technologies to drive business value and outcomes.
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