Over the years, the oil and gas industry has faced many challenges — from speedily changing market conditions to a massive reduction of talent and workforce. Today, oil and gas industry is rapidly adopting innovative and smart technologies like cloud and the internet of things. Deployment of these connected technologies results in greater safety of workers as well as resources, real-time monitoring of equipment, better field communication, reduced downtime, and automation of mining operations. Due to these challenges, many petroleum and oil suppliers’ growth plans were put on hold. To overcome these challenges as well as to sustain their business growth plans, companies are looking towards innovative technologies. Internet of Things and Cloud are the key technologies for oil and gas industry that help achieve operational efficiency. IoT and cloud technologies help the industry deal with a number of challenges such as volatility of oil prices, ensuring the safety of workers in the hazardous environment, accessing data and information for taking right decisions, monitoring remote assets, fuel shipments, etc
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Role of digitization in the development of oil & gas industry
Digitization in oil and gas industry allows oil and gas companies to add value to their business by reducing costs, improving decision making, and increasing the productivity and efficiency, to maximize business and operational benefits for growth. Additionally, wearable technology combined with the cloud capabilities can boost worker safety by allowing managers to monitor employees at risk.
