Expert Advice on how Oil and Gas Companies can Increase Efficiency
IFS has recently conducted a global survey on digital change with interesting results regarding the adoption of digital transformation.
How oil and gas companies are changing digitally
Results show the main driving factor behind digital change is internal process efficiencies (48%), followed by increased competitive pressure (31%) and accelerating innovation (29%). While the internal process efficiencies response is not a surprise, the competitive pressure and innovation are.
Regarding the investments being made, the biggest one is in big data and analytics. Another is the ability to use different techniques both from an operational real-time optimisation of production and staff through to decision support for the Board. One example of this is how machines and intelligent data can be utilised to improve the quality of predictive asset maintenance to ensure that the equipment is being used as efficiently as possible.
Expert-to-expert advice for increasing efficiency by embracing digital technology
When the price of oil was high, inefficiencies were hidden, but now they have been exposed and digital technologies exist to support their transformation. So, now is the moment to spend time checking out which technologies will be of most benefit and enable stronger competition.
No one knows how long the oil price will remain at its current level, but one thing is certain, more focus on greater efficiency is needed – but with a careful eye on risk and compliance. Those companies that do this will survive; the others will be living dangerously.
To create greater efficiency and to cut costs without raising risk or compromising uptime or compliance, it takes the right enterprise software but also the knowledge and expertise from industry experts. Come and meet the IFS experts at booth 8113 at Europort.
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