Successfully harnessing new digital technologies to assure maximum plant performance
A wealth of new and powerful digital technologies have been promising great benefits to the oil and gas industry for a number of years. In this viewpoint we outline the barriers to successfully turning data into dollars, and how new approaches are beginning to cause a disruptive step change in performance.Download full whitepaper
Written by: Tim Shire
A wide range of new digital technologies are becoming prevalent. Industrial Internet of Things (IIoT) and a dramatic increase in the number of sensors is providing ever more data. Cloud technology makes that data widely available, and analytics and artificial intelligence, combined with increasing computational power, make it possible to analyze and interpret the data. Handheld and wearable devices make results accessible, and enhance the ability to track the effectiveness of actions taken. All of these functional elements promise to deliver real business value by allowing:
- Objective, real time decision making, based on factual data and rigorous analysis. By generating and sharing a single, high accuracy version of the truth, decision making can be transformed from feelings / opinion-based debate (and often dispute) into fact-based collaborative alignment, resulting in better decisions being made, faster.
- Uncertainties reduced or removed. Allowing physical assets to be operated at full potential, avoids the twin pitfalls of leaving money on the table due to excess conservatism and compromising availability by pushing too hard.
- Aggregated data processed by computational algorithms. Providing joined up information much more quickly and efficiently than traditional engineering approaches enables insights beyond the analytical capability and comprehension of a typical human.
The result should be maximum business value from physical assets, at greater human productivity.
Although this is the promise of ‘new’ digital technologies like cloud, analytics and IIoT, in fact the same benefits have been touted for more ‘traditional’ digital technologies for many years, such as process simulation, advanced process control, on-premise data historians and databases and manufacturing execution systems.
Reflecting on the successes and failures of ‘traditional’ digital technologies is instructive, both to learn lessons for the adoption of ‘new’ digital technologies and to understand where new technology can provide breakthroughs.
Get in touch with us
Do you have a project which you are interest in working with us on?
You may also be interested in
Aug 15, 2019
Europe’s refiners, through their industry organization Fuels Europe, have set out their long-term ambitions in a new program called Vision 2050. Putting this vision into practice will require Europe’s refiners to rethink and rebuild their long-term strategies, along the way transforming their organizations into modern, flexible knowledge-based enterprises. Read more in this market insight by KBC Chief Economists.Read full article
Aug 15, 2019
A Co-Pilot in the Cloud enables collaboration between process plants and service providers to improve operations.Read full article
Aug 15, 2019
The focus should be on providing information and understanding directly to the decision makers in a way that drives the business as a whole to make improvements in reliability.Read full article
Get the latest updates from KBC
Sign up to our newsletter to receive our latest innovations, viewpoints and be informed about any upcoming events.