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Digitization of the Oil and Gas Industry - Doc

   

Added on  2021-04-21

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Running head: DIGITIZATION OF THE OIL AND GAS INDUSTRYDigitization of the Oil and Gas IndustryName of the StudentName of the UniversityAuthor note
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1DIGITIZATION OF THE OIL AND GAS INDUSTRYDigital disruptor is a concept which expresses the idea that a process within anorganization can be completely changed and modified with the use of digital processes andmethods (McQuivey 2013). The increasing use of digital means to empower an industry interms of increasing the production capacity and reduction of costs has been the growing trendin the market for all major industries. The idea needs to be implemented in the Oil and Gasindustry which is one of the oldest industries and a sector that earns huge money. Suchindustry adds to the growth and empowerment of the overall economic condition of a nationhugely. The articles expresses the fact that the change and move towards technology in theindustry will be rapid in the coming days due to its enormous potentiality to add to theincome of the companies (Spe.org. 2018). Digital disruptors will add value to the productsand services which the end consumer receives from the industry. Digital disruption and usage of digital means to empower the working process of theOil and Gas industry is the prime theme of the provided article. The main idea is to bringabout changes that will be reducing the time, cost, and increasing the production power at thesame time. The digital disruptors puts forward an idea that the amount of effort needed toprepare a workforce will go down significantly and the entire process will become moreefficient (Spe.org. 2018). The theme of efficiency has been provided in the article and theidea of increasing efficiency with the use of robotics so that mistakes and external influenceis reduced significantly in the entire production process (Groover 2016). Robotics will paveway for the Oil and Gas industry to be able to be accurate with their production process and itwill benefit them as the recurrent charges needed for the manual production processes will bewaived off and only a yearly maintenance charge will be applicable for the robotic system.In recent situations, it is found that Oil and Gas companies have started using thedigital disruptors to make their work simplified and faster so that they can multiply on theirprofits by increasing the amounts of production. The use of JOYN software from the Seven
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2DIGITIZATION OF THE OIL AND GAS INDUSTRYLakes technology is a case that can be cited as it has hugely benefitted the companies toreduce their authority for expenditure (AFE) time (sevenlakes.com 2018). The software hasenabled the companies to get hold of the drilling zones and directly reach to the spot for theprocess to follow. Those using the service have greatly benefitted from the service as the timehas reduced and such reduction leads to more time and efficiency for the production processto take place and yield more. The use of facilities such as this is a trend that will come up inthe near future and every company shall proceed and give in to such options. It has to beunderstood that such practices end up sky rocketing the production levels and promisesmaximum output with hardly any risk for failure (Westerman, Bonnet and McAfee 2014).The measure of quality and quantity both stay in check and hence makes it a must use for theleaders in the industry. The future is marked with such digital disruptors completely taking over the workprocess in the industry. The work environment will change drastically and automatedprocess will make the work environment hassle free and efficient in nature. The workforcewill be more involved in the functioning and maintaining of the entire system of productionrather than involving in the manual work processes. The production amounts are expected toincrease and hence allow the companies to grow faster. The socio-environmental effect ofthe practice can be varied. The use of technology may end up degrading the environment(Goudie 2013). The companies can over utilize the functions and exploit the resource unitsthat will lead to a substantial fall in the quality of the finished product of the industry. As theOil and Gas industry is closely related with the environment, it can be understood that theeffects of excess exploitation can be dangerous as it may even degrade the quality of the landand may disrupt the land patterns across an area. The social implication of digitization hasalways been deadly for a certain section of people. The working class or the people who wereengaged in the manual labor will be unemployed with the introduction of digital disruptors
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