If you’re reading this, you probably know that digitisation is one of the single most important ways your company can prepare for the future.
But you also might be wondering exactly why digital is so important.
Sound familiar? No worries. Here’s a few reasons digitisation can’t wait - and why you might want to invest in digital tech more seriously.
Keep engineers safe (and keep your data accurate)
It’s dangerous to send engineers out into an oil field for regular checkups. And the danger only increases as the oil fields become increasingly remote.
Digital technology makes the oilfield safer by letting your engineers gather more accurate and reliable data in real time. Without ever leaving the safety of shore or boats. It also replaces old analog systems that may provide unreliable metrics.
Eliminate operational risks and liabilities.
Oil and gas companies waste millions of dollars each year in operational inefficiency. And face threats to supply chain disruptions on local levels. So while the ROI of digitisation may not be immediately clear, the reality is you could save millions, and protect your supply chains, if you invest in digitisation.
For example, take a problem that many independent oil and gas companies have: paying external contractors to monitor their wells in remote areas without infrastructure.
Digital satellite technology can make external contractors much, much more efficient. If you use a sensor to check wellhead pressure and temperature monitoring, your contractors know exactly which wells they need to check.
Protect your business from the environment
Oil and gas companies need to consider the environment in two ways. First, and perhaps most obviously, you must protect the environment from your operations. But you also have to protect your wells from the environment. When bad weather hits and your teams can’t get out to the oilfield, you need to have a backup system that allows for remote monitoring.
Stay nimble (even when the world changes overnight)
As the world changes, so do your oil fields. And 2020 demonstrated how quickly things can change. Pre-pandemic, there had never been an imminent need to digitise. So many companies simply put off digitisation efforts. But when the price of oil plummeted, we saw that future survival for energy companies means going digital as fast as possible.
Digital tech lets you quickly reorganise your business if there’s a viral outbreak in China, an explosion in Beirut, or political unrest in Egypt. And the tech can also help you future-proof your existing infrastructure, even if you have wells around the world.
If you want to survive what the World Economic Forum calls “the next chapter of human development,” you need to invest in digital technologies. But digitisation can do so much more than just keep your company afloat. Investments in digital technologies make your company faster, leaner, and ready for the future.