Big Oil is Still Investing in in Digital Technologies, Despite Price Downturn
However, to get the most value from digital technologies, oil and gas industry leaders say they need to overcome several barriers, with work flows and processes that create bottlenecks and physical and cyber security issues topping the list.
Analytic Capacities Expected to Bring Business Value for Big Oil
Approximately 89 percent noted that leveraging more analytics capabilities would add more business value, 90 percent felt more mobile technologies in the field would increase value, and 86 percent said that leveraging more IIoT and automation would boost value.
Collaboration technologies were highlighted as an area that could be increasingly used in upstream to create a more efficient workforce and to make faster decisions.
“Digital Technologies as a Way to Address Key Challenges”
“Oil and gas industry leaders continue to look to digital technologies as a way to address some of the key challenges the industry faces today in this lower crude oil price cycle,” said Rich Holsman, global head of digital in Accenture’s energy industry group.
“Making the most of big data, IIoT and automation are indeed the next big opportunities for energy and oil field services companies, and many are already starting work in these areas. They are increasing investments in enabling people and assets, with a growing emphasis on developing data supply chains to support analytics projects that can improve efficiencies, manage cost and provide a competitive edge. Our survey tells us that companies who do not continue to invest in digital technologies risk being left behind.”