The oil and gas industry is a vital part of the economy and has been for many years. Over the past few years, data has become an ever-important part of the industry. They are deciding where to dig and how to produce the necessary amounts of oil and gas requires data collection.
Because of this, businesses must have an extensive data collection program. The oil and gas business continuously looks for innovative data collection methods to make better judgments.
Mobile data collection is one of the most sought-after methods now among companies because of the numerous convenience it provides. However, traditionally, it meant sending people out to collect samples manually.
It was dangerous, sometimes false and subjective. Thanks to digital transformation, oil and gas industries are using automated data collection methods. But how this digital transformation makes remote data collection easy in the oil and gas industry?
Read further to know about it.
AI, Big Data, IoT and Analytics leverage data-driven decision-making through mobile apps
The oil and gas business was able to collect data by combining the data generated by AI, Big Data, IoT, and Analytics. The data through these can offer fresh perspectives, bring all of this data together, and boost production and efficiency. Organizations could make better judgments due to getting a complete picture of the situation.
The Internet of Things (IoT), Big Data, and Artificial Intelligence (AI) are three current industry-changing technologies. The ability of AI to accelerate data-driven decision-making has been well-documented as having game-changing potential.
Data is produced at an unparalleled velocity and volume in the age of big data. With billions of mobile devices now connected to the Internet, the IoT is expanding and contributing to this.
IoT sensors are creating milestones in modernizing core asset management
The market for IoT sensors in the oil and gas sector is anticipated to increase from USD 1.63 billion in 2017 to USD 3.19 billion by 2022, with a Compound Annual Growth Rate (CAGR) of 14.3%.
The main drivers of this industry are the desire to lower operating costs and boost production effectiveness. Enterprises are now assisting in achieving these business objectives by modernizing essential asset management with IoT sensors.
The advantages of using these sensors include the capacity to detect and anticipate errors, the ability to monitor a wide range of metrics in real-time, and the capacity to optimize operations.
Further, critical assets can help operators save costly downtime and increase safety by being monitored for performance. Additionally, sensors can offer helpful information that can be applied to production optimization and efficiency improvement.
Supply chain development with intelligent enterprise resource planning
Due to its activities’ unpredictable and far-flung nature, the oil and gas industry must have a good supply chain. A connected supply chain can be created using intelligent enterprise resource planning (ERP) software, which would be effective and efficient.
Applications for enterprise resource planning (ERP) is essential for creating a connected supply chain in the oil and gas sector. ERP applications assist oil and gas companies in increasing visibility into their operations, maximizing asset utilization, and cutting costs by integrating various data sources and automating procedures.
Thus, this is how digital transformation makes remote data collection easy in the oil and gas industry. Every technology mentioned above can be easily accessed on a mobile which made mobile data collection the most efficient method to collect data quickly. Without AI, Big Data, Sensors and multiple softwares, the oil and gas industry cannot be where it is today.
