As the world is rapidly advancing into the 4th industrial age, Oil & Gas continue to remain essential to the energy sector and a key enabler for the global economy despite the hit it has taken during the pandemic. Emerging and established technologies and IIoT are disrupting the industry and are the impetus for and critical to industry success.
Industry 4.0. is really a confluence of technologies including Data Analytics, 3D printing, Cloud Computing, Wireless technologies, Internet of Things (IoT), Augmented Reality, and Artificial Intelligence—Industry 4.0 ultimately hinges on the ability to integrate data with physical processes. The same holds true for Oil & Gas, where companies are beginning to rapidly adopt new technologies, digitize their enterprises, and streamline processes.
As organizations within O&G compete for space in new markets, digital tools help producers cut costs and expand capabilities. End to end software suites drive organizations to turn into integrated producers that can effectively harness technologies based around Industry 4.0. including digitization of oil fields, automating operations, and improved workforce connectivity.
Success factors for Oil & Gas 4.0
Leading with strategy:
It is imperative that organizations have a well defined digital strategy mapped to pain points and organizational goals before investing heavily in available technology.
Here is where solutions like the MODS software and services suite enable phase-wise digital transformation across diverse Oil & Gas clients right from strategy to execution. The Connect suite of modules and related services delivers tools to create a single source of truth to plan, schedule, execute, and optimize operations within budget and schedule.
Making sense of dark data:
Most traditional Oil & Gas organizations still struggle with siloed data stored in various formats and unprecedented quantities through various devices. Even though data is invaluable in the digital age, 90% of all data fail to influence critical decision-making processes. The key is to derive actionable insights that help with predictive maintenance and reduce manpower dependency, especially when it comes to offshore infrastructure repairs. Solutions like laser scanning and dimensional control create virtual versions of physical assets and help discover operational intelligence for organizational efficiency.
Harnessing the true power of technology:
IIoT and the plethora of technology solutions that comprise Industry 4.0 will become more sophisticated with new advancements. Organizations need to understand the true value of tech and use Machine learning and AI to prepare for the smart industrial era. Easily adaptable Cloud-based solutions such as MODS Connect lower total cost of ownership and improve the economic viability of projects and operations – in a sense, the future is truly about technology driving projects and optimizing operations. So again, selecting the best technology for prevalent conditions becomes critical to organizational success.
Digital Transformation to fuel progress in Oil & Gas
The asset-heavy Oil & Gas sector has always been a prime candidate for digital transformation through emerging technologies. With prices fluctuating more than ever before, organizations are left with little choice other than to rapidly embrace digital as a key part of reducing costs, improving decision-making, and improving productivity while reducing unplanned downtime.
To know more about how MODS can help organizations cope with the rapidly changing business landscape, visit the MODS Solution website.