Enhancing the Oil Industry and Protecting its ValueBy CIOApplications Europe
Since the time there has been a drop in the oil prices, companies have been forced to adapt to a more disciplined approach. The approach adopted must ensure that the returns are continuously generated in order to stay profitable. Companies that deliver shareholder value will be able to approach the situation with ease in a cost-effective manner. Now, companies are trying to preserve value by avoiding complex megaprojects and taking advantage of lower service sector costs. Restructuring processes and organizational approaches to capital-intensive projects and introducing cultural changes can help preserve value.
Suggested Read: The Data is our new oil!
By Abed Ajraou, Data & Insights Director, Lead Data Scientist & AI, First Utility
The entry of digital technology in the oil industry has brought about major enhancement in the field as well as the office. Digital enhancement can help progress smaller processes in a large enterprise. The oil industry is now investing in agile development to fasten their pace while delivering programs.
Organizations can boost their digital strategy with the help of technical analysts. With rapidly changing technology, it’s imperative that enterprises make investments required to stay current. Investment in analytics and exploration of the field can help the oil industry manage their assets and operations. Companies in the oil sector are looking forward to inventing solutions from analytics to machine learning.
They can apply analytical strategies to enhance efficiency and protect value even if oil prices continue to drop. Machine learning has a major role to play in the growth of the oil industry and the investments made in this area can bring significant changes.
You may like: Blockchain Applications in the Energy Industry
By James W. Vick, SVP Business Information Services, Southwestern Energy