TIBCO recently partnered with IDC Energy Insights to find out. Read on for analyst-validated insights and data on where the energy industry is headed and how to ensure your company is keeping up.
5 Essential Elements of a Digital Oil Field:
- Data-driven decision making with data integration
- Automated operations for reduced costs and increased efficiency
- Production efficiencies using digital twin and advanced simulation
- Operationalize machine learning and AI to create real business value
- Bring together and contextualize disparate data sources
Creating a platform to support a modern, digital oil field
Oil and gas companies can distinguish themselves by developing capabilities to be more connected, more predictive, and more real-time in their operations.
Oil and gas companies are inundated with data, but most don’t know what to do with it. To make sense of the data, companies need to connect disparate data sources and eliminate siloed data. Whether that’s through sensors and wireless connectivity, contextualized data collection, or automation of processes, there are a lot of opportunities in connecting your data.
With connected equipment, anomaly detection provides data for root-cause analysis and plant optimization. With connected people using mobile devices, productivity and safety of employees improves. With connected assets across the supply chain, operations become more efficient.
Being predictive in today’s digital age means enabling predictive insights to identify patterns across your portfolio and shifting from “risk avoidance” to “risk mitigation.”
Predictive maintenance can improve asset uptime and help avoid equipment failure. Predictive technology can also help improve employee safety by anticipating potential hazardous situations or suggesting mandatory breaks for employees. Furthermore, predictive models can inform extraction methods with actionable data and predictive analytics can simulate well production.
Everything today is moving to be in real time. The energy industry is no different. To attain real-time awareness of the business, oil and gas companies must perform big data analytics and anticipate changes on the spot.
Opportunities from Real-time Capabilities:
- Cost benefits from real-time decision making
- Dynamic asset management
- Agile pricing with real-time data
- Fast, automated workflows and logistics
- Optimal equipment usage with on-the-fly analysis
Join the trend of oil and gas companies digitally transforming their operations, reducting costs and asset downtime, increasing production output, and improving customer retention. Download this IDC InfoBrief to learn more about how leading oil and gas companies are becoming more personal, more predictive, and more real-time than ever before.