Accenture and Microsoft released a study this past week that hails good news for international digital technology and mobile field service companies in the oil and gas industry. This survey revealed that many oil and gas companies plan to invest the same amount of money, if not more, in digital technologies to create more value for their business in the next few years.
„Making the most of big data, IoT, and automation are indeed the next big opportunities for energy and oil field services companies,“ said Rich Holsman, global head of digital in Accenture’s energy industry group. “They are increasing investments in enabling people and assets. [...C]ompanies who do not invest more in digital technologies risk being left behind.“
#1 – The Biggest Investment Areas Present and Future
As of 2015, oil and gas companies are currently investing the most money in:
However, these investment categories are expected to shift in the next few years, with expected gains in future investments to:
- IoT (Internet of Things)
In the next three to five years, investments in cloud services will also shift more to focus on IoT, big data, and automation.
#2 - Why Investments in Digital Technology Will Grow
- Improving Operation Efficiency: Instead of investing with the goal of simply reducing costs, oil and gas companies are investing in digital technology because they want their workforces to be faster with the ability to make more informed decisions on-the-go.
- Adding Value: Oil and Gas companies realize that they can use data and analytics, mobile field software technology, and the IoT and automation to add a lot more value to their business.
- Better Use of Scarce Resources & Talent: With many companies’ field service teams running as lean as possible these days, the fact that field service software and digital technology allows for preventative maintenance and maximizes productivity means that these technologies will support efforts to reduce costs, help technicians stay safe, and make companies competitive in today’s market.
#3 – Barriers to Field Service Automation in the Oil & Gas Industry
- Existing Work Flows and Processes: For many oil and gas companies, their existing workflows and processes are responsible for creating hold-ups in completing projects and work orders.
- Security Concerns: Both the physical and mental security of personnel and data information is seen as a hindrance to fully embracing digital technologies in the industry.