Digitalization comes with many benefits and opportunities. Executives in this industry often prioritize traditional areas such as geology, well services, and turbomachinery. But he/she first needs to have an all-inclusive digitalization strategy. Digitalization covers a huge number of processes, interactions, transactions, technological evolutions, changes, internal and external factors, industries, and so forth. This business unit helps companies across the energy industry develop, produce, and operate safely, efficiently, and profitably. However, the next generation of engineers often prefer working in industries perceived as being greener and more digital. Digitalizing the supply chain was a first important step towards making its omnichannel strategy a success. As has happened in other industries, oil and gas companies may also need to change their business models. An intermediate goal should be to have collaborative operation centers and control rooms which pull the data from sensors and devices together for analytics reporting and approved monitoring. CNOOC starts up Penglai oil project offshore China. The information can be used to simulate the behavior of the physical object. Equinor has produced first oil ahead of schedule from the Snorre Expansion project in the Norwegian North Sea. In addition, it will be easier to optimize energy usage. Here are a number of costs that will be eliminated once your business decides to go digital. Realizing the value of digital transformation. If a digital twin has been used during commissioning, this should continue to be used. Furthermore, intelligent applications can reduce unnecessary costs and hazards by monitoring people and assets more effectively. It’s possible to make massive changes to both by integrating data-based insights into the company culture. Premier Oil and Chrysaor Holdings plan to rename themselves Harbour Energy, assuming their respective shareholders approve the proposed merger. Almost all companies use digitalization like a tool to achieve better performance and position on a market. Digitalization comes with many benefits and opportunities. How is Digitalization Transforming Maritime Shipping? Above all, this should include devising an integrated IIoT strategy that will help transform the business – avoiding focusing on any individual technology. Yes, there is a difference between digitalization and digitization. With a solution like Abraxa, full digitalization is no longer a difficult thing to achieve. They also make it easier for workers to prioritize issues. Digitalization and its Benefits in Cutting Costs A digital document management solution allows organizations to reduce or eliminate many of their current expenses. Digitalization brings increased productivity, a more positive customer experience and greater opportunity for growth. Equinor has received approval from Norway’s Petroleum Safety Authority for life extension measures at the Veslefrikk field in the northern Norwegian North Sea. The benefits of using technology to increase revenue or otherwise improve a business model are plenty. This reduces costs and improves environmental performance, while also making the plant more resilient to disruption, as the significance of any process disturbance is reduced in the event of the power supply being interrupted. Whether buying or renting, keeping track of all of your necessary paperwork is a task in itself. This format presents data that is represented as bits or bytes. To reap the full benefit of digitalization, anything at the plant that can be automated, should be. Environmentally friendly - Document Imaging and overall document digitizing process adds to your green credits and is an environment friendly initiative. It’s better to be the innovator than the laggard. An example of how a fully integrated approach to digitalization can improve performance can be found at Norske Shell. For example, a person learns to use the online system of applying for a domicile certificate instead of going to the government office, taking the application form, filling and submitting it back to the o… But he/she first needs to have an all-inclusive digitalization strategy. Companies need to develop digital strategies and focus on what are the key success factors of digital transformation. In this early stage of 5G planning and launches, the discussion has rightly focused on the ultimate benefits of the technology – increased bandwidth and reduced latency – and the applications it will enable. Digitalization of business helps to improve the … One can radicalize his/her business through it. Many of the new oil and gas fields now in line for development are in areas that are difficult to access and will require high oil prices just to break even. Digitization is a process of converting information from the normal form into a digital (computerized) format. Alongside business innovation, digitalization – the development of digital innovations – is one of the most important business trends for the future of the economy. By having a digital document management solution in place, your employees become more productive with their time. With the help of digitalization, you can now reduce these costs. The increase of digital presence is one of the most visible (and most important) benefits of digitalization. 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