When compared to its humble beginnings, every industry in the world is completely different today, mostly improved and made safer and easier to handle. The same thing is happening with the oil industry as well. The oil industry is willing to change to survive and accommodate all the wishes of the consumers and the market.
Sure, the oil industry is getting more sustainable and user-centric, but these are not the only two changes and trends that have started to change it (and will continue to do so in the future). A bunch of different external factors have a strong grip on the oil industry and have started a revolution that will have great consequences on the industry’s internal components. To learn more about business trends that are changing the oil industry, continue reading:
Cloud computing is not a new idea in technology, but only now has it become more accepted in the world of oil and gas. Once they realized the countless benefits of cloud technology, the oil industry gladly started changing the ways they use their computers internally and externally. One field where the oil industry already started using cloud tech is smart and secure data storage. But it’s also possible to use the cloud to leverage mighty CRM and ERP tools. Thanks to the cloud, companies can enjoy fast integration and easy monitoring, which is exactly what these large corporations need to keep their business operational and cost-effective.
Internet of Things
Another implementation of the software in the oil industry is the Internet of Things. IoT has been used in several ways and capacities, but it’s mostly employed in connectivity, helping robotics and other machines stay connected so they can monitor and help each other through many industrial processes. This provides many benefits, but most of them focus on performance. Thanks to IoT, companies have more information about where and when robots need to be deployed and machinery repaired to boost production and reduce costs.
Due to the pandemic, many things moved online. It might be impossible to do oil extraction remotely, but more and more companies are scouring the online marketplace for eCommerce businesses that can supply them with industrial supplies, motors, automation, treatments and product control necessities. Today, many businesses rely on the purchase of quality oilfield equipment online and its quick and safe delivery. Online shops contain all information, come with reviews and are full of experts that are willing to help with purchases and quality control.
Many people would never connect the oil industry and sustainability because, in people’s minds, eco-friendliness is the area of wind and solar energy. However, the truth is that oil and gas industries have been investing and focusing more and more resources on sustainability. Since ecological causes are commonplace in every industry, oil has to adapt. Today, everything from giant drilling equipment to tiny valves and computer software is being designed with sustainability in mind, and it’s possible to find manufacturers, suppliers and business partners that have the same goals. The truth is that many oil industry players have started relying more on solar and wind energy to reduce their electricity waste. Water recycling has also become more commonplace, refined, advanced and cost-effective.
The aforementioned cloud tech, Internet of Things, robotics and automation more or less all affect the oil industry. Software is greatly affecting the way oil companies are handling client relations, management and computing, but tech solutions are also affecting how they operate in the field. One of the things that most influence the oil industry is the implementation of augmented and virtual reality through different devices like smartphones and headsets. This tech allows easy and safe inspection of dangerous areas and equipment since the inspector doesn’t really have to be there physically. Through smartphones and headsets, experts can remotely inspect dangerous areas and determine whether they are safe.
Other safety measures are also relevant such as smart air quality monitors, wearables that measure employees’ vitals and other tech that ensures safety at work. The pandemic also triggered the use of contactless IDs and employee management to reduce contact and lower the possibility of the virus spreading. With AI, companies can determine how and where to drill. All in all, technology is making oil and gas industries safer than ever.
In conclusion, CIOs who follow trends and understand their application will achieve amazing performance and allow their company to stand out and survive in this very competitive industry. We can’t wait to see how the oil industry will change in the future and what shape it will take in the end.