Using data to improve business operations isn’t a new concept in oil and gas, but the way data is accessed and leveraged to drive value, continues to evolve. Over the span of just a decade, technology has advanced beyond basic data analysis tools and simple algorithms to Intelligent Asset Management (IAM).
Asset performance management
Intelligent Asset Management (IAM) uses operational technology (OT) that sits on top of machines and equipment while connecting to the cloud and analyzes resulting data to improve productivity and reliability. Built on the foundation of the Industrial Internet of Things (IIoT), IAM automates data collection from sensors on physical assets and aggregates that data into usable formats. Analytical algorithms then process the data to deliver outputs that drive increased operational efficiency and decreased unplanned downtime. These valuable insights can drive faster and better operational decisions across a connected and integrated energy value chain. This will help lower operating costs, reduce unplanned downtime, increase production and asset utilization and drive internal efficiency.
For the asset-intensive oil and gas industry, the time is right to actively invest in the promise and potential of leveraging digital technology throughout the value chain.
What is the end game?
A more operationally efficient, cost-effective and adaptive industry designed to deliver value regardless of market conditions.Read more
Manufacturing Energy Management Solution (MEMS™) from EY and GE Digital helps manufacturers transform their utility management capability by providing ground breaking insight into energy and water consumption. It is a proven, pre-configured and rapidly deployed application powered by Predix®, GE’s cloud-based operating system for the Industrial Internet. A new level of energy efficiency and operational performance is waiting to be unleashed!Read more
US$816b According to Oxford Economics, IoE adoption by the oil and gas industry has the potential to increase global GDP by up to 0.8% — or $816b — by 2025.
Asset performance insights
From reservoir to refinery, digital delivers ROA
Whether commodity prices are high or low, the global oil and gas industry remains the world’s most asset-intensive sector.
GE and the industrial internet
Look at how this traditional manufacturer is remaking itself into a modern digital business.
Jeff Liu explores GE’s growth
EY’s Jeff Liu discusses changing business models and GE’s developments as part of the technology sector.
Manufacturing Energy Management Solution (MEMS™)
MEMS™ from EY and GE Digital helps manufacturers transform their utility management capability by providing ground breaking insight into energy and water consumption.