Significance of Technology and Digital Transformation in Shaping the Future of Oil and Gas Industry

Abstract

Digital transformation in the field of oil and Gas industry is already a significant impact creator. It is actually act like catalyst through which the overall functionality of the oil and gas industry get enhanced and the overall output with the help of technologically-advanced mechanism, increased up to manifold. In the present scenario, the over-all quest is not just about the volume of the oil and petroleum, but it is also regarding the overall value generated throughout the process. And such enhanced level of value generation is taking place with great pace with the help of enhanced level of implementations of different types of technologies in different type of activities related to the oil and gas industry. In the present scenario, oil and gas industry’s business model is no longer depending upon just the inflated and narrow based value-chain mechanism. It is actually depending upon the almost all modernized and futuristic technologies. The modern technologies include big data analytics, 3D printing technology, cyber security, digital marketing, Artificial Intelligence, Internet of Things, drone technologies, database management system, etc. all these technologies are not only supports in handling the overall business capability of the oil and Gas Industries, but also eliminate the overall negative impact generating elements. With the help of technologies and digital transformation, the overall profitability of the oil and gas industry enhanced. Digital transformation is a prominent and significant impact creator which is not limited to the oil and gas industry, but also reaching up to the all-global level Businesses. It is transforming the overall business operations by enhancing the speed of innovation and making the use of practical knowledge base which ultimately enhance the overall power of operations and increase efficiencies. With the emergence of digital transformation technologies especially with the emergence of big data analytics, the Internet of Things and Artificial Intelligence have supports several types of innovative and new ways of developing and transforming the overall market as well as the customer satisfaction in significant manner. All such innovative technologies and digital transformations are contributing significantly in shaping the future of oil and gas industry