To quickly respond to market changes, oil and gas companies need to reinvent themselves. Digital technology is allowing businesses of all sizes to disrupt their industries. The oil and gas industry is no exception as it continues to undergo unprecedented change and this is an industry ripe for digital transformation.
With digital transformation, you can collect data from anything/everything; you can collect data more frequently; and you can store data cheaply. More real-time data can drive process improvement. To further this point, with the introduction of industrial IOT production will significantly change. Participation won’t happen with conventional thinking and an incremental approach. IOT is about thinking differently:
- New service models
- New products
- New production techniques
- New business processes
- New competitors
- New partners
- New workers
There are several business drivers for IOT. The top three are: reduced asset downtime; more rapid service response; and improved process performance. All three of these help to increase an organization’s competitive advantage. Oil and gas companies who anticipate the changing needs of the changing market-place and successfully implement new technology put themselves in a good position to gain the edge over their competitors.
To learn more about Digital Transformation with IOT, check out a recent session, presented by Peter Reynolds, Contributing Analyst with ARC Advisory Group, from the 2015 Best Practices for Oil and Gas conference: How the Internet of Things is Changing Oil and Gas Operations – An Analyst’s Perspective. In addition, you can also view all approved content from the 2015 Best Practices for Oil and Gas conference in this Resource Center.