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A new wave of technological change is transforming the oil and gas industry. Utilizing many of the same digital technologies increasingly used in other industries, including remote sensors powering the Internet of Things (IoT), artificial intelligence (AI), virtual reality and big data analytics, the impact of digital transformation on oil and gas is profound. Through digital transformation, companies strive to lower costs, deepen customer relationships, drive greater efficiency and create new business models in competitive global markets.
There are significant opportunities for energy companies in all industry sectors to leverage digital transformation. For example, upstream, midstream and downstream industry players can all optimize the use of critical equipment. Utilizing remote sensors connected by the cloud, analytics and IoT, equipment maintenance can be monitored and tracked from the well rig down to the gas pumps at the retail level. For executives and managers focused on business strategy, business analytics tied to big data and artificial intelligence (AI) can be used to better understand which features and products deliver the best customer value.
Other use cases for digital transformation include enhancing the customer experience, performance forecasting, improved oil recovery, decrease loss of hydrocarbons through theft and leakage, and better asset security.