5 Ways IT Drives The Oil And Gas Industry
Today, the oil and gas industry has become more reliant on the Internet of Things (IoT), data analytics and other digital technologies to make processes more efficient and effective. Besides, the trend is at an increasing pace to streamline operations while making new resources more economical. Nonetheless, Information Technology (IT) continues to impact oil and gas companies in Canada and around the globe.
Like any other business, oil and gas companies focus on becoming more profitable and cut down operational expenses. This is one reason that motivates the industry to embrace fast processing systems and computational methods to manage their data. That said, here are ways IT drives the digital oil and gas field.
DATA HANDLING CAPABILITIES
The oil and gas industry generates enormous amounts of data from both upstream and downstream processes. Managing, organizing, storing, and retrieving this data can be problematic; hence, IT solutions come in handy. Therefore, IT becomes the key driver to handle large data besides helping engineers, geologists, and geophysicists access any information effortlessly.
TIMELY DECISION-MAKING SOLUTIONS
Quick decision-making is critical in the oil and gas industry. With a vast inventory, decision-makers can find the process time-consuming or miss key aspects essential for decision-making. IT systems tend to reduce workflow, allowing for visibility across the organization. In return, decision-makers get to make swift and effective decisions with adequate input. Generally, most companies nowadays rely on IT systems and other technologies to run through various operations before deciding either to implement or not.
In recent years, demand for crude oil has blown out of proportion; hence, it is necessary to increase oil and gas production. However, meeting this demand requires adequate planning for oil and gas companies. As to sustain petroleum production, the oil and gas industry depends on resource optimization.
Because of this, IT solutions provide a balance between available resources and production processes and methods required. Unlike traditional optimization techniques, IT simplifies the optimization process to yield desired results. This is often necessary when the company’s demand becomes saturated or exceeds available resources.
Remote working has turned into a global trend where people work from wherever they are. IT solutions offer cloud services that allow engineers, geologists, and geophysicists to access data with ease within the organization. Typically, it facilitates the storage of massive amounts of data in cloud-based software solely accessed by authorized personnel.
Cloud services are crucial for oil and gas companies in Canada because technicians in the oilfield can quickly retrieve information necessary for specific projects. The software connects internal and external systems essential for both communication and data access. Besides, cloud services are ideal in the oil and gas industry as it cuts down paperwork and allows for ease of data access.
Oil and gas companies must adhere to laws, regulations, specifications and guidelines relevant to the processes involved. Any company that violates regulatory compliance often faces legal punishments such as federal fines. IT solutions tend to streamline formal risk assessment processes through centralizing data and facilitating prioritization. This facilitates defensible compliance programs, enabling the company to meet regulatory requirements.
IT APPLICATION LANDSCAPE CATEGORIES
IT plays a critical role in the oil and gas industry, and it spans across different landscapes. Like most industries, it facilitates communication from the field to the boardroom. Here are categories IT solutions offer to the oil and gas industry;
- Management systems: This category involves IT solutions such as enterprise asset management, laboratory information management system, materials management system and project management system.
- Decision support system: IT solutions involved are business intelligence, data visualization, portals, KPI scorecard, automated mails and analytics.
- Domain-specific: IT solutions found in this category are industry-based applications that promote simulation, modelling, planning and scheduling functionality.
- Enterprise applications: IT also covers generic business processes such as payroll and procurement operations within specific oil and gas companies in Canada.
The oil and gas industry has grown into the leading adopter of IT solutions to streamline operations and maximize productivity. Besides making processes efficient, IT offers swift functions while reducing time spent in specific processes. For more information regarding IT solutions, contact Pure I.T. to learn more today!