This is the time to switch on digital technologies in the operations of oil and gas industries.
Everybody would agree how a huge amount of money must be prepared in the oil and gas industry. All throughout its operation is really costly and plentiful capital to invest in. So, Return of Investment (ROI) at some point is also expected as that huge. However, news on how oil price market and its production had slid throughout the last five years is something to really watch out.
Thus, bringing in various interventions to boost oil and gas industries’ cost effectiveness are something to watch today. Maybe, this is really the time for oil and gas industries’ executives to get open for something new. Something new but not be something irrelevant to their target market.
One thing to take into consideration is the digital technologies. A lot of research have proved how digital technologies can actually help to propagate the industry. As a matter of fact, effective use of digital technologies in the oil and gas sector could reduce capital expenditures by up to 20 percent. More than that, it could cut operating costs in by half it downstream and about 3-5 percent in the upstream.
But you might be asking? How?
In the integration of digital technologies, it will result to a decrease of up to 20 percent in upstream and downstream capital expenditures without even adding up other ancillary benefits.
In the maintenance of the every oil and gas industry, the use of advanced analytics will definitely make a revolution. Specific to the said advanced analytics are drones and equipment sensors that will help to decrease maintenance cost by more than 15 percent. More than this, this digital technologies will at the same time observe accuracy and efficiency.
What is something good about digital is that, it is measurable. Everything you want to know to your target market, we are able to know and measure them. Thus, retailers today have switch to digital marketing to know their clients preference and gain more knowledge and understanding to their costumers’ habits.
If you are one who wants a systematic distribution of the supplies and logistics then you will understand this better. Through digital technologies, oil and gas industries will be able to manage supply chains and route optimization. Thus, there will be total innovation of the location planning and network as digital technologies come in.
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