In recent years, digital technologies like the Internet of Things (IoT) and the cloud have further developed and become more affordable for industries to integrate. Despite the constraints of an ever-shrinking budget, these exceptional tools offer large and small businesses new ways to meet their goals by increasing the efficiency of their operations and spending less to upgrade their systems. The oil and gas sector 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 tech trends in order to help enterprises in the oil and gas sector to move forward.
Some of these tech trends include:
Organizations in the oil and gas sector nowadays rely on sensor automation and software for displaying real-time data analytics to manage upstream Exploration & Production (E&P) processes. New developments in IoT systems have enabled greater connection among smart devices, and many upstream oil and gas companies have begun enhancing their Enterprise Asset Management (EAM) systems by integrating big data analytics solutions in their workflows, allowing them to build smarter business models and improve their services.
Having a smaller workforce prevents oil and gas companies 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 enterprises in the oil and gas sector have begun using AR/VR technology via mobile or wearable devices to have engineers and specialists provide data analytics 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 companies may soon find themselves adopting these and other digital technologies, or developing their own custom software tools and implementing them into their workflows to help automate and optimize business processes.
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