Key Strategies and Technologies for Oil and Gas to Move Forward

The Oil and Gas industry has come a long way, from revolutionizing techniques for extraction, refining, and utilizing fossil fuels, to improving these same processes based on the increasing technology-driven demands for resources. Oil and Gas business leaders can now take advantage of digital transformation and digital modernization, move forward, and explore key innovation strategies. With the right technology, companies can now easily empower industry leaders and consumers to continuously generate and capture the value of the Oil and Gas industry.

Digital transformation doesn’t mean you have to replace and upend all the structures and systems that your company currently uses. Change and modernization tell you which tool (or technology) best serves the function you need.

The perfect technology may not exist, but you are more likely to find the superior technology that fits your organization’s needs with proper software integration. However, as is true to all improvement initiatives, change needs to start somewhere. According to Quorum, the Oil and Gas industry companies that have succeeded in their digital transformations have a couple of things in common. Survey results have revealed how several areas that emerged as critical priorities are also where the industry leaders are trailing their peers in terms of adoption: cloud, mobile, Internet of Things (IoT), and analytics.

Utilizing the correct Cloud software implementation in today’s volatile energy industry can help lower Information Technology (IT) infrastructure costs, scale the company’s operations as needed, and future-proof software investments. With mobile integration, real-time access to information and business processes have helped improve decisions and workforce collaboration. IoT has now redefined the boundaries of connectivity, where optimization and cost controls are now increasing and driving new revenue opportunities by lowering maintenance costs, pushing data in real-time, optimizing assets, and reducing the risks in the industry. Analytics have repeatedly shown how data can be a powerful and valuable asset. It has helped optimize operations and allowed business industry leaders to make quicker and better-informed decisions that impact Oil and Gas industry companies.

The journey to digital transformation ultimately starts with analytics. Your Oil and Gas company needs to start with the right strategies for collecting and utilizing data before you can proceed with technology integration. By taking control of your data, you visualize and manage the essential processes in your business organization that are critically important to move towards digital modernization.

Rakhee Das, Chief Strategy Officer – Sirius Solutions

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