Technologies such as AI (Artificial Intelligence) and IoT (Internet of Things), machine learning and big data have seeped through all the industry verticals and today even energy companies are leveraging through savings and greater efficiency.
Some of the benefits of digital transformation in the energy sector are faster and better decision making, reduced risk due to real-time enabled support and the greatest risk for companies that do not adopt digital investments is to become uncompetitive.
Digital transformation could mean heavy savings for energy companies. Here’s how:
- Digital capabilities boost operational excellence and help improve profitability to bring about more productive operations.
- Advanced analytics together with empowered operational data delivers actionable insights using the data generated by IoT and structured as well as unstructured data that is accumulated over decades.
- With cognitive intelligence, productivity is improved by leveraging digital assistants and BOTS.
- Safety can be greatly improved as computer vision can be used to track risks and identify hazardous locations.
- IoT and machine learning also help in driving unparalleled asset performance. Predictive decisions help maintain assets in a timely manner. Maintenance ahead of failure brings dramatic value in sustaining production and reducing downtime. It helps allocate resources efficiently and hence cut costs too.
- Intelligent cloud helps streamline experiences and improve productivity due to a more connected and empowered workforce.
- It provides the workforce tools and insights needed to work more productively as there is more integration across different processes and optimize the tasks carried out.
- With proper insights, critical processes can be re-engineered to drive more accountability.
- Process risks can be mitigated and safety can be induced. Intelligent cloud here again plays a major role in improving and empowering threat detection, containment and response.
With digital transformation proliferating into every major industrial sector, Energy companies are taking advantage of the same to improve productivity, predictability, and efficiency.