Fueled by Innovation: How Technology is Boosting Efficiency in Oil & Gas

How Technology is Boosting Efficiency in Oil & Gas

In the oil and gas industry, there’s no shortage of opportunities for innovation.

One recent report by IBM found that, while 82% of oil and gas executives believe innovation is important to fueling the success of their company, only 40% are currently executing on an innovation strategy.

Why is there a disconnect between the intent to innovate and putting those plans into action? The IBM report cites a lack of internal digital skills as one of the main barriers to entry—which is why finding the right partner to assist with technical management can make a world of a difference.

Today’s graphic by mCloud gives an overview of how its asset management solution, AssetCare™, uses innovative technology such as AI and IoT to increase efficiency, manage assets, and ultimately cut costs.

AI in Oil and Gas

Before diving in to explain the ins and outs of AssetCare, it’s important to highlight the growth of AI in oil and gas, and how it ties into innovation.

Digital technologies and analytics tools allow companies to monitor and track their assets in ways that boost productivity, which ultimately drives profitability. Oil and gas companies have started to take note of this—the market for AI in oil and gas is projected to reach $3.8 billion by 2025, with a CAGR of 10.96% from 2020-2025.

Because of the increased use of AI and analytics technology in oil and gas, organizations should consider adopting these tools in order to remain competitive with industry peers. However, it’s important to note that adoption is just one piece of the puzzle—having the knowledge, resources and technical experience to properly manage these tools is equally as important.

That’s where solutions like AssetCare come in.

How AssetCare Helps

AssetCare is a cutting-edge solution that ensures assets operate at peak performance. Using modern technologies like AI, IoT, and the cloud, it covers everything from operations and optimization to asset maintenance.

Here’s how it works:

• Step 1: Connect
  Assets are connected to AssetCare and a digital twin is created that establishes the ideal operating parameters for the asset.
• Step 2: Monitor
  AssetCare’s LiveOps team remotely monitors assets 24/7, and provides alerts on any issues, or identifies where attention is needed, so problems don’t escalate.
• Step 3: Optimize
  Industry experts provide guidance to users to help resolve issues, optimize asset performance, and mitigate system breakdowns.

The Smallest Gains Add Up

Effective asset management can have measurable impacts on a company’s bottom line, with even the smallest gains adding up over time.

Because of the increased use of analytics tools and AI in oil and gas, it’s key that companies get on board sooner rather than later. Solutions like AssetCare make this process simpler by taking care of the technical management side of things, so organizations can focus on the core competencies of their business.