Giving the digital tools of the 4th Industrial Revolution a cold shoulder would be an expensive mistake. Why add to the guesswork in an industry characterised by its unknowns?
Predictive analytics gets the oil and gas industry closer to having a crystal ball than ever before.
Amid the oft-expensive unpredictability of the industry, this advanced form of analytics expands on the digital journey established by artificial intelligence (AI), big data and others. Predictive analytics promote visibility – the bedrock of reliability and efficiency in global energy security.
An emotive roundtable discussion between over 30 leading Oil and Gas executives from the Middle East, focusing on the output of Lloyd’s Registers award winning ‘Technology Radar special report: Predictive analytics in oil and gas’, captured the fears, challenges, visionary passion and a commitment to fully utilising a digital tool box.
Digging for data diamonds
In alignment with Moore's Law, computer power has doubled every year since the 1970s and more data has been generated in the last two years than in all of previous recorded history. What does this mean? There is a wealth of underutilised data that predictive analytics can leverage to give unparalleled insights for oil and gas companies: an industry beset by uncertainty can now glimpse into the future. It is still early days in the Middle East's digital journey to reduce risk and bolster efficiency in order to achieve a holy grail: robust and affordable energy security. What's next?
Which lane are you in?
Energy stakeholders are all at different stages in their digital journey; harmony remains scarce. Some stakeholders are accelerating around the sharp bend of digital evolution, while others have not yet started turning the steering wheel. Roundtable participants' anecdotes gathered from industry leaders worldwide highlighted this diversity. One spoke of how a CEO of a refinery is already concerned that his newly-built facility will fail to keep pace with the rapid-moving world of digitalisation. Loaded questions keep him awake at night, such as: 'Have we thought enough how to manage the digital risk on this massive investment?' A port operator said he is beginning to think about how to use the 'amazing data' generated by his assets to sharpen his competitive edge, while a fuel storage operator plans to only address and embrace digitalisation in the early 2020s. Which lane are you in and should you shift up a gear?