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How oil and gas firms can utilize digital technologies in their business

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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.

Big Data

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.

Measuring of big data gets easier

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.

Digi-tech enhances cyber-security

Hiring of qualified I.T officers

Oil and gas operations involve projects with different personnel. Among these personnel are the I.T officers. They perform technical functions such as fixing computer systems when they crash, install new programs, train other employees on I.T related roles etc. The I.T staff are expected to have strong I.T skills to enhance productivity and efficiency. Therefore, oil companies should ensure only the right candidates are employed for this position.

Oil and gas companies are embracing Digi-tech

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. 



Source Microsoft Neosystems
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