Over the years, the oil and gas industry has slowly adapted to new digital because the supply chain is outdated, complex, and data that is not used.
Demand and price volatility remain Achilles’ heel. Post Covid-19, it faces several problems in many fields, ranging from stabilizing production, optimizing operational costs to ensure employee welfare.
Factors such as controlling emissions and managing aging workers seem to increase the risk. In the midst of this faltering state, smart process automation is Linchpin to encourage digital transformation in the oil and gas industry.
Meaning and Significance of Intelligent Process Automation
Intelligent automation creates a paradigm shift in a variety of industrial ways.
The term umbrella, which includes robot process automation technology (RPA), artificial intelligence (AI) and engine learning (ML), and natural language processing (NLP), dramatically redesigning the process to reduce the manual workforce and change the way humans collaborate.
Most organizations act on RPA, as a starting point, to automate routine-based tasks, rules. Then, while taking my own study, they try to expand RPA by:
- Integrating AI and Machine Learning Algorithms
- Introducing orchestration and governance layers
- Enter functional and industrial expertise into automation initiatives
The end result, therefore, is intelligent process automation, allowing digitizing rule-based tasks and assessments.
This allows leaders to reap long-term benefits, which include effective asset utilization, augmented production, increased employee experience, higher security, faster compliance, and sustainable profitability.
The oil and gas industry is above data wealth. Devices such as logging tools, sensors, and geophones produce a variety of data sets that accommodate transformative values.
Digital Enablers Like the Smart Process Automation Offers a way to utilize this data stream for the main insight and provide connectivity throughout the company.
It appears as a critical sight of digital transition across upstream, midstream, and downstream oil and gas operations.
Growth of Intelligent Process Automation in Oil and Gas and Other Industries Globally
Research has claimed that more than 72% of oil and gas companies are not satisfied with the existing manual process. Leaders come at the forefront to adopt RPA and other leading automation technology to digitize their core and provide real results in the long run.
According to the Global RPA Deloitte survey, more than 53% of companies have started RPA’s journey, and that peak adopters have obtained 4x on their RPA investment, while the other 2x.
It has also been predicted that if the RPA growth trend continues, it will achieve ‘Universal Adoption’ status in five years.
AI in the oil and gas market is valued at USD 2,040.89 million in 2019 and is predicted to grow at CAGR 10.15%, reaching USD 3,554.56 million during the estimated period of 2020-2025.
A recent Institute of Business Value (IBV) survey has revealed that smart automation makes its way to the mainstream and that more than seventy-six percent of respondents come to realize their potential for constant values.
Half of the operating executive, in the same survey, agreed to the fact that NLP will introduce sophisticated cognitive abilities for man-to-machine interactions, so as to encourage understanding and trust as before.
Market reports and markets have estimated that the global intelligent process automation market will grow at a CAGR of 12.9%, reaching USD 13.75 billion in 2023.
This growth is associated with many accelerators, including a Spurt in the demand for automatic labor function and the latest technology integration with automation.
Smart automation scope in oil and gas
Most companies start with the automation of the Robot process (RPA) to automate less variated tasks.
But starting with smart automation is a different ball game, and therefore, we are discussing cases of smart automation use in oil and gas separately.
Now we are clear about the difference between him and RPA, let’s go through the use of smart automation cases in the oil and gas industry and learn why it is the main game-changer.
Upstream and gas oil
Upstream value chains are largely marked by complex field activities and high capital intensity. Priority to improve exploration, return on assets, and safety of employees remain above.
With intelligent automation at the forefront, oil and gas players can:
o Scan and identify opportunities of the area, drive down surface modeling, and increase drilling performance.
o Disassemble silos and allow data analysis to improve decision making for field engineers.
o Integrate traditional good modeling applications.
o Activate the flow of information through AI-LED bots and search optimization machines for field staff
Midstream and Hilir Oil and Gas
Similar to oil and gas operations, midstream and downstream have a sharp interest in adopting smart automation.
o Use cross-activity cases such as inventory management, factory equipment downtime management, contract management, logistics monitoring, and coordination appear rapidly.
o Automatic NLP and NLG LED conversations can drive the results of marketing and sales teams.
o Technology that is connected around the vision, intelligence, and conversation has made a place for itself in Covid time because the need for long-distance work increases substantially.
Environmental and social impact
Oil and gas companies have struggled with difficulty minimizing environmental and social impacts. Use smart machines, they can:
o Dangerous emission monitors and predictive analytics leverage to get real-time emissions estimates.
o Farewell personnel EHS and avoid incidents if emissions violate the specified threshold.
o Change damage control from reactive to proactive, thus controlling expensive environmental and social impacts of industrial emissions.
Conclusion
In this blog you learn about the Intelligent Process Automation: A Game-Changer for the Oil and Gas Industry.
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