Digital Transformation in Oil and Gas Industry
Most industries are embracing technology to reshape their operating landscape and reap the benefits of improved productivity, higher efficiency, and increased cost savings. The oil and gas industry is not a stranger to this and is progressing towards digital maturity. A deliberate digital strategy could help oil and gas industry to assess every operation and identify digital leaps for achieving specific business objectives.
Figure 1: Investments in digital technologies in the Oil and Gas industry by Accenture Digital Trend
Digital transformation journey needs a culture to respond to market changes and find opportunities to innovate. But for large organisations with complex systems, the digitalization journey is not always easy. As several of them embarking on their digital transformation journeys, the opportunity to transform into agile, responsive organisations at enterprise scale is an attractive opportunity. There is a need for the industry to continuously evolve and innovate. Though this is a key business strategy to achieve higher efficiency, it is important to note that a well-defined processes and architecture strategy are vital in driving successful transformation.
A New Era for Oil and Gas
To further advance the digital transformation journey in oil and gas industry, a holistic approach is needed. This means to embrace digital technologies that are able to integrate real-time and insightful data supported by advanced analytics for better decision making process, and support applications that can improve efficiency and sustainability. Digital technologies for oil and gas are designed to have a direct effect on the efficiency of operations which include predictive maintenance, digital process optimisation, and integrated planning. In general, making the most of these digital technologies require well thought enterprise architecture establishment beyond just significant investment in technology infrastructure and collaboration across the industry. This will involve establishing new ways of working.
Digital transformation journey depends on the well-designed foundation of enterprise architecture to ensure the transformation moves at the right pace and in the right direction towards embracing digital behaviours where the oil and gas industry can promote cross-discipline workflows by investing in secure integrated platforms.
The industry should also focus on attracting digital talent bringing a fundamental shift in the corporate and leadership mind-set to create a forward-looking digital culture and behaviours. This requires top-down communication, incentivised initiatives and embracing appropriate tools and techniques. Supported by strong governance as Governance should not be seen as red tape but as an accelerator for digital transformation in oil and gas.
Leveraging Digital Twin Strategy in Oil and Gas
A digital twin is a complete 360-degree replica of a physical asset. It is the foundation of a digital transformation that optimises production, detects gaps before failures occur, uncovers new capabilities for better processes and flows. The concept of a digital twin has been around for more than a decade and it will bring the benefits that digital twins can offer which includes the capabilities to comprehend the enterprise and understand the impacts as well as dependencies of any transformation. The key to achieving a digital twin for a successful digital transformation journey is a comprehensive information management system that combines a centralised data repository with enterprise-wide information access and visualisation.
Digital transformation allows the oil and gas industry to create new capabilities, new business models, and innovate ahead.
ATD Consulting assist clients to establish their connected Digital Enterprise Architecture as a culture. The clients will be equipped with the necessary capabilities and competencies to continuously driving digital transformation within the organisation.
ATD Consulting offers TOGAF® 9 as a framework that will furnish the clients with a variety of tools, building blocks and resources that facilitate the design and process of Enterprise Architecture across four domains: Business, Data, Application and Technology. If you wish to know more about TOGAF®9, view course preview here.
Author: Aaron Tan Dani
President of Singapore Computer Society EA-Chapter [email protected]
Founder and Chairman of Iasa Asia Pacific [email protected]
Aaron Tan Dani, Chief Architect of ATD Solution [email protected]
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