When you think of digital transformation, you don’t think of an old-line industry like oil and gas. In fact, though, according to the report from Upstream Intelligence, “Production Optimization: What’s Next for Digital in Drilling & Production,” digital technologies have the potential to deliver an astonishing $1.6 trillion in value to the industry.
What’s the current state of digital transformation in the industry, and what comes next? In this blog, I’ll outline what the report has to say, and then offer advice on what oil and gas companies can do to get the most out of digital.
Digital Transformation Initiatives in the Oil and Gas Industries
It’s clear that digital is starting to take hold in the industry. The report says that seventy five percent of oil and gas companies already have “at least one digital transformation initiative in full operation.” And the pace seems to be accelerating. The report cites an Accenture survey that found in the next five years, “Over 70% of the companies are planning increases for digital investments with 22.7% indicating ‘significantly more’ investment.”
According to Upstream Intelligence, 75% percent of oil and gas companies already have “at least one digital transformation initiative in full operation.
Those digital investments include big data/analytics, internet of things (IoT), cybersecurity, machine learning or artificial intelligence, wearables, robotics, blockchain, and mixed reality. The number one investment is big data analytics.
One potential problem on the horizon is that the industry will need a flood of data scientists — 12,000 of them according to the Accenture report.
What is the Best Tool to Aid Oil and Gas Industry’s Digital Transformation?
To take advantage of digital technologies, the oil and gas industry needs to choose the right tools. Alpha TransForm is ideally suited for spurring the digital transformation of the oil and gas industry. It has the unique ability to rapidly create mobile-optimized forms and field apps that can easily access and integrate with existing databases and web services. It can also exploit built-in role-based security. It builds offline apps, vital for the oil and gas industry, and has frequently been used to write mobile apps for field workers.
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