In recent years, technologies like the Internet of Things (IoT) and the cloud have further developed and become more affordable for industries to integrate. These exceptional tools offer large and small businesses new ways to meet their goals, despite the constraints of an ever-shrinking budget, by increasing the efficiency of their operations while spending less to upgrade their systems. The oil and gas industry is one example of an industry that suffers from large budget cuts and sees fewer able-bodied workers each year. As a result, they have become an early adopter of numerous technology trends in order to help the enterprises in the oil and gas industry move forward.
Some of these technologies include:
Organizations in the oil and gas industry nowadays rely on sensor technology and software for displaying real-time analytics to manage upstream Exploration & Production (E&P) processes. New developments in IoT technology have enabled greater connection among smart devices, and many upstream companies have begun enhancing their Enterprise Asset Management (EAM) systems by integrating big data-driven solutions in their workflows, allowing them to build smarter business models and improve their services.
Having a smaller workforce prevents oil and gas organizations from doing large-scale maintenance and catching up with a long backlog of things to do. To make the most out of their limited labor, some oil and gas enterprises have begun using AR/VR technology via mobile or wearable devices to have engineers and specialists provide feedback remotely during difficult situations, as well as offer aid to those in distant locations. The adoption of this technology means enterprises can share their workforces and thus maximize their efficiency when doing maintenance on aging infrastructure.
Similar to AR/VR, the use of drones and other Unmanned Aerial Vehicles (UAVs) offers a safe solution when investigating hazardous areas. Should hard-to-reach equipment need inspecting, an engineer can assess the situation in real-time from the safety of his/her office by simply guiding a remote-controlled craft, or analyze the information later by integrating UAV technologies with a cloud-based infrastructure so that the data is stored in a secure central repository.
As the industry continues to face new challenges and additional budget cuts, more and more oil and gas enterprises may soon find themselves adopting these and other technology trends, or developing their own custom software tools and implementing them into their workflows to help automate and optimize business processes.
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