With continuous technological advancements in this fast-paced competitive industrial market, the oil and gas industry has been following the suit as well. Coping up with the advancements and embracing the change is important to stay ahead of the competition. For that, the oil and gas industry has been efficiently adopting transformative strategies and operations from time to time.
The emerging technological trends have largely reshaped how business value is driven and delivered in this modern market. To successfully operate and keep customers satisfied in these times of the digital economy, trends in the oil and gas industry have become highly innovative and advanced now.
Our team has deeply analyzed the oil and gas industry and from time to time is preparing some useful materials dedicated to to it. This time we’ve prepared an article answering on a question: “Overcoming Digitization Challenges In The Oil And Gas Industry”, you can read the full article in Forbes.
“When we talk about digital transformation in the oil and gas industry, I find most researchers are identifying it with the solutions that are provided by Industry 4.0. What is Industry 4.0? It’s referred to as the Fourth Industrial Revolution, where we can see transformative technologies that changed the industry. This includes cloud computing, the internet of things (IoT), big data, simulation, additive manufacturing, system integration, augmented reality and cybersecurity”.
“Talking about the data silo in the energy market, I can admit that energy trading and risk management are the triggers of Industry 4.0 in the gas and oil market. New technologies are providing more accurate forecasting, and utilities are offering better pricing for the market players. Utilities are using AI techniques to develop methodologies for market and credit risk aggregation. My company has developed several ML and AI projects that are helping people save billions of dollars in the gas market. According to research, the three biggest digitalization priorities for the oil and gas sector in 2020 are cloud-based applications (47%), data platforms (44%) and AI (27%)”.
The Bottom Line
You can read our article about technological trends that have driven profitable results in the oil and gas industry. If the oil and gas industry keeps on adhering to the same technological trends and continually focuses on adopting newer technological advancements, the industry has better prospects in the coming decade. FortySeven Software Professionals has deep industry knowledge of implementing the various technological solutions in the Gas and Oil industry. You can know more about it here. If you have more questions, you are welcome to contact us via email firstname.lastname@example.org or via phone +44 2 071 013 530.