In the oil and gas industry, technological advances have made it easier for companies to complete their most important tasks on a daily basis. One of the most notable trends in the oil and gas industry has been the use of software. The development of oil and gas software has allowed many companies to improve safety measures, bolster security and also more efficiently track finances and inventory supplies.
Companies in the oil and gas industry have been able to use a wide variety of technological solutions. Along with oil and gas software, the industry has begun using drones, internet of things (IoT) electronic monitoring, data analysis tools, and artificial intelligence. All of these sources of technology have become a breakthrough in the oil and gas industry in recent years. With the combination of this technology, many oil and gas companies have been able to reach their production goals and improve their overall facilities management operations.
HOW TECHNOLOGY IS REVOLUTIONIZING THE INDUSTRY
During the last decade, the oil and gas industry has kept trying to catch up to the banking and e-commerce industries. All of these industries have used digitalization to make their operations more efficient as well as providing their customers with a better overall experience. However, companies in the oil and gas industry have been able to finally adopt comparable technological solutions during the past year. Along with oil and gas software solutions, oil and gas companies have used a variety of technological resources to become more modernized.
Technology along with oil and gas software solutions has been able to help companies improve their safety measures. Digital technology has helped companies inspect facilities as well as machinery and inventory supplies. This has allowed them to ensure that facilities will be free of hazards.
Another way in which technology has helped the oil and gas industry has been the use of drones. These objects can fly around and inspect the facilities and supplies. They can take pictures and also scan areas that need to be examined. For instance, a drone can find structural damage to a pipe or a machine and then inform the company about it so that the necessary repairs can be made.
In the oil and gas industry, technology has also allowed companies to more easily manage machinery and devices through electronic monitoring and artificial intelligence. With electronic monitoring, companies won’t have to rely on humans to inspect certain facilities and objects. Artificial intelligence has allowed humans to interact with machines to complete certain tasks.
TECHNOLOGY IS SAVING THE INDUSTRY
The development of new technology and software development for oil and gas companies has proven to provide many benefits to the oil and gas industry. Advancements in technology have enabled many companies in this industry to accomplish several goals as well as complete tasks more consistently. The ways in which technology has benefited the oil and gas industry include completion of tasks more quickly, keeping facilities safe, getting better access to information and also completing inspections at a higher frequency.
10 TRENDS TO WATCH IN 2020
With the development of new technology in the oil and gas industry, there are now ten trends that will be important to watch in 2020. Software development for oil and gas will contribute to these trends. They will establish a new era in the oil and gas industry in terms of how organizations are operated. The latest trends will likely become the standard in the industry as well.
- Artificial Intelligence
During the next few years, artificial intelligence will become more common in the oil and gas industry. With artificial intelligence, companies will experience a vast improvement in both operational and business performance. Things such as recognizing patterns, processing languages and analyzing images will become some of the most common things provided by artificial intelligence in the coming years.
With automation, humans will no longer be necessary to complete mundane tasks that they did in the past. Instead, technological devices will be able to complete these tasks. Certain software will also be able to help store information and provide it automatically as well.
- New Workplaces
New technology will change how the workplace is structured and operated. Technological solutions such as data analytics and chatbots will allow oil and gas companies to more easily carry out daily operations. Chatbots will help companies interact with customers and vendors during all hours of the day. Data analysis will help companies gather important data to make decisions.
- Cyberphysical Asset Tracking
Companies in the oil and gas industry are now using technology to more efficiently manage their physical assets. Technology such as the Internet of Things will begin to improve a companies’ ability to track their assets and also predict potential problems in the future.
Using digital resources will become increasingly more common. Technology will become more responsive to volatility and changes in the industry.
- Disruptive Business Models
Executives will begin using more disruptive models to run companies. They will shift technological sources to emphasize transformation.
- Linking Legacy and Digital Systems
Companies in the oil and gas industry will begin to rely on things such as fuel agility, low friction transactions and innovation to improve their systems. They will combine past systems to modern digital technology systems beginning in 2020.
- CIO’s Changing Approach
In the near future, Chief Information Officers will become executives who facilitate change. They will start to emphasize making appropriate changes to keep up with technological advancements and stay competitive.
- Modernizing IT Models
The emphasis of digitalization will begin to contribute to making technology and systems increasingly more modernized. Several multidisciplinary teams will use agile methods to design systems that are more user-centric.
- Product-Centric Delivery
Companies in the oil and gas industry will continue to use a product-centric delivery approach in the future with their modern information technology systems.
During the next few years, the oil and gas industry will continue to innovate and become increasingly more modernized. With the development of a variety of new technologies, companies in the oil and gas industry can enable themselves to compete with other companies in the industry.
Chetu is a company that specializes in oil and gas software development. Since 2000, Chetu has established itself as a leading company in the technology industry in terms of its services and its team of developers. With Chetu, oil and gas companies will have a dependable partner that they can count on when it comes to oil and gas software development.
About The Author
Atit Shah brings over 14 years of experience in software development & technology for the oil & gas industry. He is currently a Director of Operations at Chetu Inc based in Dallas, Texas. With his many years of experience, Atit has successfully delivered innovative software solutions that serve the oil & gas industry.