HOW can AI and BIG DATA improve BUSINESS PROFITABILITY?
Is your Oil and Gas business Digital ready?
Everyone talks about Digital solutions such as Internet of Things, Artificial Intelligence are being applied to O&G industry in solving plethora of problems in wide range of areas but in reality only a very few see the day of the light from the conception stage to commissioning and operations.
Frankly, there are plenty of O&G experts who could enhance revenue, deliver growth and improve Business profitability across the domain viz. Upstream, Midstream and Downstream.
Similarly there are plenty of Digital IT experts who could deliver on Cloud technology, Internet of Things, Big data analytics, Machine learning, Deep learning, Full stack development etc.
Still the Digital nirvana evades .... Initially, the idea looks great on the paper with an identified problem (pain point) or opportunity to deliver profitable value to which quickly a team of experts (O&G, IT etc) are assembled with a proposed budget and other necessary resources to deliver within the timeframe. As one proceed in the journey, it either takes longer and longer than the estimate timeline with less hopes of delivery or the provided solution is not the intended solutions. Only a few succeed!
Sounds familiar?
There could be plenty of reasons right from office dynamics, skills to capabilities but one more thing adds to this complexity. Digital Technologies such as IOT, Big data, Artificial Intelligence are relatively new in terms of practical applications with early adopters being Banks, Insurance, retail industry, e-commerce etc. O&G experts were busy solving the problems with traditional engineering added to it with Softwares providing simulation based solutions, Advanced Process Controls, Optimisation etc. Both have their own areas of expertise hoping to embrace the change at some point in time to deliver a much richer solution adding to the business bottomline.
Due to a variety of reasons right from Lower Crude price to targeting lower Operating Cost to reduction in Green house gas emissions to technological break through on the IT and telecom side has thrust the opportunity right now on our hands. Here is the "Now" period!
To manage the change and deliver value to the shareholders, one has to embrace this change fully to lead this journey. This is the secret sauce for success!
When you look at the possibility of identifying profitable O&G opportunities and delivering it with cutting edge digital solutions there are not many who could lead the journey across both the spectrum.
Its like a Venn diagram where the common area ( O&G expertise --- Intersection --- Digital Cloud ML) is very thin at the moment. But this a field which is wide open and that is potentially shaping and transforming the future)
Let’s cross the chasm!