From IoT sensors to data analytics, Industry 4.0 is changing how oil and gas companies automate high-cost, error-prone tasks.
These technologies are transforming operations and creating additional profit opportunities from existing capacity. For example, McKinsey & Company estimates that the effective use of digital technologies could reduce capital expenditures by up to 20 percent and cut upstream operating costs by up to 5 percent. Given today’s volatile market, these cost savings are critical. But for new technologies to boost efficiency and increase revenue, the right technical leadership must be in place.
Maximizing IoT Data: Sharing Across Platforms and Partners
IoT sensors can detect information like pressure, temperature, and flow rates, along with digital control systems, optimizing well production. For example, a drill manufacturer can use IoT sensors to detect potential failures before a shutdown occurs, thereby eliminating the costly downtime associated with repairs. To realize these benefits, however, it takes more than just installing IoT sensors on equipment and feeding the resulting data into a proprietary system.
To effectively leverage engineering and operations data across partner ecosystems, companies need robust data analysis, predictive analytics, and most importantly, a way to share this information. With multiple enterprise resource planning (ERP) systems in various stages of upgrade, however, data sharing is not yet seamless– and the right technical leadership is key to addressing this challenge. IoT specialists, developers, programmers, data analysts, and other IT personnel who can connect systems and work with sensors are in top demand.
Technical Leaders for Oil and Gas Digitization
Today’s energy companies must understand that the scarcest global commodity is not oil and gas reserves, but human talent. This talent must not only have a strong technical background but also global leadership potential. In an industry where globalization and geopolitical risks are just as important as operational excellence and profitability, tomorrow’s technical leaders must be global leaders, too. Finally, remember that while job-specific tasks are trainable, you cannot teach intellectual curiosity or decision-making confidence. These are soft skills that will profoundly impact a new hire’s ability to be successful.
For more on how to adjust recruitment strategies to hire the right technical leaders, download Lucas Group’s white paper, “How to Develop Technical Leaders in Oil & Gas: Bridging the Technical Expertise Gap.”
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