With full-scale digital transformation of oil and gas an inevitability, the industry can benefit by examining the strategies of industries such as automotive, manufacturing, marine, and aerospace that have been early adopters. This paper discusses how digital technologies are being applied in other verticals and how they can be leveraged to optimize life-cycle performance, drive down costs, and decouple market volatility from profitability for offshore oil and gas facilities.
Barriers to Digital Adoption
Despite the recent dramatic growth in use of digital tools to harness the power of data, the industry as a whole has remained conservative in its pace of digital adoption. Most organizations continue to leverage technology in disaggregated fashion. This has resulted in an operating environment in which companies can capture incremental inefficiencies and cost savings on a local level but have been largely unable to cause any discernible effect on operating or business models.
Although the recent market downturn constrained capital budgets significantly, an ingrained risk-averse culture is also to blame.
