In today’s world, the only constant is change. As the pace of technological innovation quickens, organizations must develop effective ways to adapt their core business models. This fact is especially true in the energy sector, where legacy infrastructure and strict regulations make it challenging to stay on the cutting edge of digitization.
After all, it’s hard to transform a well-established energy company into a Silicon Valley-style tech company overnight. While large corporations like Shell and BP are working tirelessly to make this transition, most firms don’t have the resources of an international conglomerate at their disposal.
Thankfully, there are a number of innovative solutions that can help any organization improve how they approach technology. One of the most promising trends for the energy sector is digital oilfield technology, which has the potential to revolutionize the industry. Let’s explore what a digital oilfield is and how it can benefit your company.
What Is A Digital Oilfield?
By definition, digital oilfield is a concept that enables organizations to maximize productivity, reduce cost, and minimize the risk associated with operations. When imagining a digital oilfield in action, it can be tempting to envision a high-tech operations center with hundreds of computer screens manned by dozens of experts. However, the inner workings of this new approach to oil and natural gas management are far more intricate.
How Does A Digital Oilfield Work?
In practice, a digital oilfield isn’t a physical location, but rather a collection of sophisticated hardware and software that helps to digitize the day-to-day operations. A typical technology stack includes sensors to monitor oil and natural gas extraction sites, servers to store incoming data streams, and software to analyze and interpret the information collected.
Through this technology, digital oilfields empower decision-makers with up-to-date business intelligence, which can pay dividends for any organization. In fact, there are several impressive benefits associated with implementing a digital oilfield, including improved compliance, increased productivity, and responsive maintenance for critical systems.
How Can Digitization Benefit Your Company?
In the world of business, there are numerous benefits associated with digitization. When it comes to oil and natural gas processes, key benefits include:
As we have seen, digital oilfield technology provides organizations with some great benefits. If your company is looking to adopt digitization technologies, please contact the Accupoint team to find out how to the first steps.
You have probably heard the term The Great Crew Change. It has been floating around the last few years as companies begin to recognize the generational change in the workforce. While this is a challenge (and opportunity) that every industry will face very soon, it will have a particularly profound impact on Oil and Gas. According to estimates the average age of employees in the petroleum industry is 60. The nearly 50% of workers over 55 will be retiring in the next 5-7 years. This is going to leave a huge gap in the knowledge and experience base of companies. With recent and ongoing downsizing due to lower oil prices, and the impending effects of The Great Crew Change, companies have to consider what it means for them and how they will prepare for the changes.
Several key steps should be taken to set your company up for success.
While The Great Crew Change does mean new challenges, it also presents opportunity. Companies need to find a balance between experience and embracing the inevitable changes. Investments must be made in both employee retention, and utilizing new technology. Companies need to focus on efficiency, accuracy and spending in areas that may not have been the main focus 10 years ago. Those companies that are able to operate at optimal performance will be in the best position for success no matter which direction the market turns. For more information on how Accupoint can help you navigate The Great Crew Change and optimizing business practices, contact us today.