LONDON, June 7, 2016 /PRNewswire/ -- As low oil prices give way to dwindling profit margins, strategies dictate organizations to curb inefficient practices and replace them with technologically advanced smart solutions. Connected oilfield services facilitate reduced drill time and increased productivity. The digital transformation has shifted focus to chasing efficiencies from the traditional one of chasing barrels. Business model disruptions to sell performance instead of equipment have taken over, as analytics becomes a strong part of the automation portfolio. The ICT industry has taken a leap of faith with the introduction of cognitive technologies through virtual assistants in oilfield services, taking artificial intelligence applications to a higher level.
Top 5 Things a CEO Should Know
What are the top pressure points plaguing the oilfield services (OFS) market?
What are the hot growth opportunities, outcomes, and impacts on efficiencies driven by connected oilfields?
What is the impact of innovation in platform adoption in connected OFS?
As cost pressures build, what are the emerging business models in the OFS market?
What are the key advanced technologies, such as Artificial Intelligence (AI) and neural networks, being adopted by operators to cope with 'lower for longer' oil price scenario?
1 Oilfield services enable operators to shift from 'chasing barrels' to 'chasing efficiency'. Oilfield services are undergoing a digital transformation to drive out decades of accumulated wastes from obsolete processes.
2 The next generation of oilfield services will witness unparalleled Information and Communications Technology (ICT) convergence, making digital service platform services imperative.
3 Original equipment manufacturers (OEMs) and original design manufacturers (ODMs) are transforming their traditional business models to sell digital service performance instead of equipment.
4 The rising need for efficiency is driving automation companies to add analytics and digital services to their portfolios.
5 Cognitive virtual assistants, leveraging technologies such as AI and machine learning (ML), are entering oilfield services.
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