top oil & gas industry technology trends

Despite surveys indicating poor scores for overall digital adoption and maturity, the oil and gas industry is on the verge of a technological cliff. Enterprise software packages are being bought by more and more businesses in an effort to improve real-time data processing and streamline operations. Business executives, however, need to be aware of how the services might affect their own organisation. They must also determine whether implementing particular trends is the best course of action for their company.

Seven current trends in the oil and gas sector have been identified, and we offer our analysis on what they represent for your company both now and in the future.

The Top Digital Developments Affecting the Oil and Gas Sector Include:

1.    1.   Cloud Computing

The majority of businesses lack the resources to maintain the physical infrastructure needed for their data needs. Consequently, migrating to the cloud for cost savings, data security, and outsourcing has grown in favour, whether it is called a cloud-first or cloud-smart strategy. But, your company should weigh its possibilities and identify a solution that meets your particular requirements.

2. Managing and limiting costs

Finding strategies to cut spending and make better use of the budget is necessary given the oil and gas industry's shrinking margins in the technology sector. Your business should think about whether the following strategies are appropriate in your case:

assessing software contract terms

Getting rid of outmoded software

rationalisation of the data and application architecture

You should assess the apps, integrations, and procedures of your Enterprise Resource Planning (ERP) software in particular.

3. Online safety

Security hazards to businesses have become a top issue for company leaders since the internet was created. As the majority of organisations today operate online, it's critical that you take preventative actions to safeguard your enterprise against cybersecurity risks.

Start by examining and assessing the risk of breaches to your internal security. From there, especially when it comes time to pursue encryption services, you should research whether on-premises or cloud computing is the best option.

4. Purchases and Sale of Assets

No of the size or structure of your business, when it comes to organisational transformation, you will always require a clear playbook for data and IT information transfers. A seamless transition depends on your ability to recognise your capacity and talents.

Mid-market and smaller businesses, on the other hand, do not have the luxury of creating full-scale mergers and acquisition departments like huge corporations do. Instead, they should look for outside help to understand the subtleties of the transition. By doing this, they will be better positioned for success and little business disruption.

5. Real-Time Data for Smarter Choices

Particularly in the oil and gas sector, big data analytics are king. But just because you're producing and gathering more data than ever before doesn't mean you're making the most use of it.

So many workers squander time assembling data rather than actually analysing it. Prior to selecting a system that facilitates data collection, make an investment in one that improves analytical prowess and minimises assembly turnover to empower decision-makers.

6. A Different View of Outsourcing 

Several businesses are still uneasy about the idea of outsourcing. Working with offshore organisations that specialise in a certain activity is often where that reputation originates from.

Yet, the tide is gradually shifting in favour of multi-discipline onshore businesses that can handle numerous jobs in a thorough manner. Working with a single vendor, as opposed to only low-cost possibilities, allows you to take advantage of high-value outsourcing, which reduces your expenses and boosts productivity.

7. Expanding the Usage of Automation and AI

Using workplace software to improve data collection and processing is one thing. Using artificial intelligence to increase the automation of tedious back-office tasks is a very different thing.

Along the energy chain, more and more oil and gas businesses are adopting AI to help with acquisition, machine learning, optical character recognition for natural language processing, due diligence, and other tasks.

Make sure you would profit from the technology before investing heavily in AI because "everyone else is doing it," though. 

How Can Oil and Gas Businesses Benefit from the Current Trends?

At EAG Inc., we are aware of the power of technology's ability to save money and improve corporate operations. Many of the trends we've discussed can undoubtedly provide you a more comprehensive perspective of your operations and help you operate your company more effectively overall. Improved technology makes it easier for you to handle both your daily operations and high-profile, difficult initiatives.