The analysis shows benefits in the following areas: Digitization can benefit exploration by using machine learning to reduce the time and cost of data interpretation by 50-60%. The advent of the industrial internet, smart machines and big data are also helping transform once separate entities IT (Information Technology) and OT (Operational Technology). Digital transformation was an effective strategy for staying ahead of the competition just a few years ago, but it’s rapidly becoming necessary just to stay even. While the benefits of digitization are clear, many oil & gas firms have yet to adopt fully digital processes. Download our ebook today to learn more about how digitization can help your oil & gas business. 1882 0 obj <> endobj xref 1882 39 0000000016 00000 n 0000069340 00000 n Outdated technology was a barrier for 24% of oil & gas executives, with 29% citing this factor in other sectors. assessed the oil & gas sector’s potential benefits from digital transformation in a 2017 white paper that covers the decade from 2016 to 2025. Reducing the current heavy reliance on paper is one of the most significant benefits of digitization in oil & gas, both in economic and environmental terms. Per the DTI for Oil & Gas white paper, there are four digital themes central to the digital transformation of the Oil & Gas industry. The Digital Transformation of the Oil and Gas Industry in Canada The Digital Transformation of the Oil and Gas Industry in Canada. 0000004134 00000 n Field development will see savings in engineering of up to 70%, with the addition of field concepts with a higher value. This requires an investment in the right technologies as it’s essential for unifying the new processes for managing data and documents with existing procedures. This process should begin with the processes with the greatest impact on the organization, although it will eventually need to become a key part of all processes. Welcome to the Digital Transformation Initiative (DTI). A lack of properly skilled teams was a barrier for 42% of oil & gas executives, whereas the average figure for other sectors was 37%. These factors are combining with the increasing need for digitization … Outdated technology was a barrier for 24% of oil & gas executives, with 29% citing this factor in other sectors. The oil and gas sector is no exception. We’ve continued this trend... How to Create Superior As-Builts and Wow Clients Most of us can barely remember what we had for breakfast on Tuesday, let alone what we did on a work project back in 2014. Oil & gas firms will receive about $1 trillion in value, with wider society receiving benefits worth another $640 billion. Enhancing brand and reputation was comparatively less important to oil & gas executives at 37%, whereas 43% of executives outside this industry cited this benefit of digitization as being important to them. Launched in 2015, the initiative offers unique insights into the impact of digital technologies on business and wider society over the next decade. Since this level of change must come from the top, leaders must establish their budget, set a clear vision and create the goals needed for individual departments to adopt digitization. The analysis shows benefits in the following areas: Barriers to Successful Digital Initiatives, While the benefits of digitization are clear, many oil & gas firms have yet to adopt fully digital processes. Retention of these workers also created a challenge to digital transformation for 33% of oil & gas respondents, with only 24% of those in other sectors citing retention as a barrier to digital transformation. Digital transformation can allow a business to combine these technologies in ways that provide much greater benefits than using them separately. 0000015502 00000 n 0000057661 00000 n 0000059268 00000 n 0000101068 00000 n The oil and gas industry is not a stranger to this and is progressing towards digital maturity. These factors are combining with the increasing need for digitization to create the potential for disruption in the oil & gas industry. Signs of digital change for oil and gas According to Deloitte, the oil and gas industry has a digital maturity rating of just under five out of ten. Now, digital transformation initiatives across industrial manufacturing environments are driving the emergence of the fourth industrial revolution or Industry 4.0. 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