The importance of adopting digital technologies in the oil and gas industry cannot be over-emphasized. As new technologies emerge every day, oil and gas companies will not be left out in the benefits these technologies offer.
Oil firms can utilize digital technologies to drive value, reduce costs in downturn and execution speed, as well as combat cyber security.
There are different ways digital technology (Digi-tech) which is an umbrella term for computer-based products and solutions can be utilized in the oil and gas industries for efficiency and productivity. Below are some of the ways they can be utilized.
Managing, measuring and tracking all the data coming from all departments and all operations all over the oilfields is key in the oil and gas industry. Oil companies can simplify processes by adopting digital technologies. This is very transformative for the companies as it will help them reduce operational costs, optimize documentation, break voluminous data into simpler forms and increase productivity.
Cross industry collaboration
As in any other industry, oil and gas companies need to stay on top of current technology in order to stay competitive. It is costly to stay on top of current technologies; hence, oil and gas companies can collaborate with other ICT companies.
Partnerships will allow companies to focus on their core competencies, while outsourcing things like cloud-based solutions and cyber-security to companies with technological expertise like Microsoft, CISCO technologies, IBM etc. in order to save time, money, and avoid risk.
For instance, through collaboration with Chevron, Microsoft has been able to gain valuable insight into the oil and gas industry and tailor its infrastructure and solutions to suit the needs of oil companies.
Hiring of qualified I.T officers
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Furthermore, Digi-tech is affordable these days. Oil and gas companies can capitalize on the affordability of innovative technologies. With access to Digi-tech such as real-time data streams, mobile technology and embedded sensors, they will constantly be updated on their operations to keep the company productive and efficient.
Hope you enjoyed this article on how oil and gas firms can utilize digital technologies to improve their business. The Oil Bloc is dedicated to having more interesting articles on ways to understand and succeed in the Oil and gas industry.