The oil and gas industry has adopted digital transformation quite recently, and the emerging tech trends are helping the industry improve efficiency and profits.
Fremont, CA: While major industries such as finance and retail have experienced fast digital change, the energy sector, notably the oil and gas business, has lagged behind. Oil and gas received a 1.3 on Deloitte's 2019 digital maturity index, which examined technological innovation and adoption in various industries. It came in last place among all industries.
Emerging tech trends that are transforming the oil and gas industry are:
Finally, the Industrial Internet of Things (IIoT) is becoming more popular. IIoT devices such as GPS and RFID are examples of IIoT devices that improve operational efficiency, minimize costs and reduce risk. By improving supply chain routes and lowering delay times, GPS trackers can help with the downstream end of the sector. Asset management, on the other hand, uses sensors like RFID to track the movement and placement of products. These sensors can also assess oil pressure and composition, allowing for better oil flow and less expensive equipment. The oil and gas industry, as a key actor, cannot afford to fall behind in terms of digitalization.
Another concern for the industry's manual procedures is the developing labor scarcity. To compensate for the shortage of competent labor, one solution is to automate procedures. Risky jobs can be automated to reduce worker injuries and, as a result, liability for the organization. In the production phase, the oil and gas industry is also experimenting with robotics. Robots in the industry are designed to boost operational efficiency as well as reduce worker risk. Robots, for example, can be designed to fit into narrow locations that people cannot. This may enable a complete inspection, which is critical for avoiding damages and calamities such as oil spills. The cost of automation and robots is a fraction of the cost of the harm that disasters do to a company.
Data science for oil and gas is a highly important process that spans everything from collection to deployment, with experts hailing data as the new oil. The data gathered and evaluated can be utilized to improve several elements of the oil and gas industry. Because of the potential that AI holds in terms of improving profit, lowering operational costs, and decreasing risk, the energy sector is investing extensively in technology right now. Today's graduates are capable of employing novel technology to explore, analyze, monitor, manage, and visualize data, all of which can help the oil and gas industry move closer to the digitalization that the modern business landscape needs.
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