An Ever-Changing Industry
OilComm is an event where Oil & Gas technology experts come together to explore all of the latest innovative technology and services that are transforming the industry. When it comes to the changes technology is bringing to the Oil & Gas world, it would be an understatement to say a lot is going on. Being adaptable in a rapidly changing environment is nothing new for those in the industry, but is everyone ready for the digital revolution that is already making waves across the Oil & Gas sectors? Most in the industry agree that the improved efficiencies and communication brought by new technologies is worth the monumental task of implementing technology changes, but despite this many are struggling to keep up.
A key theme we heard while at the show focused on addressing the fundamental way current businesses in the industry are not adequately structured for our ever increasingly hyperconnected, data-demanding, and cross-collaborative world. However, as the team sat in conference sessions and talked with booth visitors, they picked up on the enthusiasm industry professionals have for adopting new technology as it’s introduced and the overall excitement for how the industry is changing. Historically, the Oil & Gas market has been slow to innovate, particularly when it comes to digital innovation, but now more than ever businesses are embracing revolutionary technology, such as AI, VR, machine learning, automation, and Industry 4.0 to combat operational inefficiencies, maximize profits, and even prevent potential environmental accidents. Using machine-learning to not only monitor machine degradation, but also actually predict when pieces of equipment are about to break down is game-changing. Or being able to rely on increased remote monitoring and aerial drones for situations that otherwise would put workers at risk addresses the safety concerns that are an ongoing issue for the industry. These are just some of the many examples of how technology is further enabling companies to reduce risks, increase productivity, and make faster and better decisions.