"Benefits from digitalisation flow quickly. This is has become increasingly relevant to the Oil and Gas industry because low oil prices coupled with aging assets means profitability can only be achieved by making operations more productive."
Industry 4.0 in oil and gas is very relevant to the manufacturing industry. Machine monitoring can improve efficiency and safety for anyone using machines.
The positive impacts are being seen across the manufacturing industry and many, many others. Have you made the switch yet?
Recommended ReadDigitalisation in oil & gas – The upstream response to Industry 4.0Source: http://www.itproportal.comSince the turn of this century, productivity growth has become an increasingly prominent government priority. The past decade has seen several Oil & Gas operator technologies advancing quickly in performance and declining rapidly in price, and they are believed to hold the key to enhancing industrial productivity in the sector. These include IoT, remote sensing, data combination and dissemination, cloud computing, autonomous vehicles, industrial internet, additive manufacture, block-chain, analytics and artificial intelligence. Together they form the foundations of what is commonly referred to as the 4th Industrial Revolution.
In line with this revolution, 2017 has seen huge investments into digitalisation in the industry. Statoil unveiled its 1Bln Kroner digitalisation initiative, BP invested $20m in an AI company called Beyond Limits and GE forecast that their digitalisation platform will be part of a $6Bln revenue stream by 2020.
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