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DIGITAL TRENDS SHAPING THE OIL & ENERGY BUSINESS

DECLUTTERING OIL & ENERGY SECTOR WITH D365

Today, with disruptive changes sprouting at every little fissure in the crust of global economy, industries across the world are battling hefty challenges along their digital transformation journeys. Digital transformation is no longer a progressive choice, but an inevitable survival strategy for businesses to remain afloat. Complex and multifaceted labor-intensive sectors like oil and energy are among the later proponents of automation and digitization. However, with the shifting market patterns, frequent supply chain disruptions, and growing customer expectations, this transition has become inexorable, and is happening at a shockingly rapid pace.

Decluttering the complexity of oil and energy business requires the aid of flexible, agile, and cost-effective business solution platforms like Microsoft Dynamics 365 capable of driving improved productivity and optimized operations across all nodes. The oil and energy business, though introduced late into the digital world, is quickly catching up on the trends driving transformation.

AI DRIVEN OPERATIONAL EFFICIENCY

Artificial Intelligence is now the new horizon of infinite growth and development attracting huge investments across all industries. The oil and energy sectors too are seen increasingly investing in AI, machine learning, cloud technology, and cybersecurity, primarily prioritizing field safety. High-risk environments like offshore rigs and production plants stand substantial chances of accidents and health hazards, given which the installation of AI-driven automated surveillance and monitoring systems could effectively reduce human presence. Furthermore, automated inspections and predictive maintenance sends out instant alerts by flagging any potential threats or abnormalities in equipment functioning. AI could be intelligently utilized to optimize construction and operations of an energy site.

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DIGITAL TWINS ADDRESSING CHALLENGES

Digital twin is a virtual replica of a physical object, machine, equipment, or even a process. Today, digital twins are becoming a part of every industry’s modern digital plan. Massive business sectors like manufacturing and production reap the greatest benefits from generating digital twins, as they provide a real-time view of operational parameters, identify simple inefficiencies, enable modifications in response, improves production performance, and unlocks new doors for improvement. They make monitoring and managing equipment and machinery extremely feasible and cost-effective.

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LEVERAGING THE POWER OF IOT AND CLOUD

Cloud-based digital management in an Oil and Energy field ensures unified real-time entering and modification of data across all touchpoints by automated synchronization with the active database. It allows to easily process sizeable amounts of data from various servers in real-time cost-effectively and helps connect processes and equipment through IoT.

The Internet of Things in the Oil and Energy industry is a hyper-connected network of physical objects connected to the internet including machinery, equipment, wearable technologies, vehicles, sensors, software, etc. IoT technology seamlessly streamlines the flow of data across the network, improves field communication, schedules low-cost predictive maintenance, and amplifies efficiency, productivity, and profitability. It enhances safety and security of assets through sensor-based real-time monitoring of pipelines and equipment. Sensors closely monitor and evaluate equipment functioning and inventory levels, directing scheduled automatic replenishments during necessities. They also survey the working of above-ground pumps and alert any leakages or foreseeable danger on the sites.

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MIXED REALITY POWERING INNOVATIONS

Mixed Reality is yet another innovative technological trend gaining impetus in the growing complex industries. The oil and gas industry are increasingly harnessing the power of mixed reality in streamlining maintenance and training sessions across different settings of the energy plants. They go ahead with projecting hands-free instructions and visual demonstrations for technicians at work, simplifying and accelerating the speed and quality of maintenance. Similarly, the virtual guidance provided during the training programs effectually eliminates the need for manuals and the physical presence of experts.

Microsoft presents their customers with the power of Dynamics 365 Remote Assist application that unveils an extraordinary virtual experience with the help of HoloLens 2.

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Digital Transformation is fueling the growth of business empires beyond comprehension. For this journey to yield visible outcomes in multiplex industries like oil and energy, their vision and ideologies need to be combined with robust and resilient technological solutions like Microsoft Dynamics 365 to deliver incomparable result and value. For an industry actively progressing towards digital maturity, the support of the best ERP solution is of paramount importance.

Author

Sobichan Joseph

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