The energy industry already makes extensive use of technology but could do much more to cut costs and improve efficiency in the current, low-commodity price environment, according to a new study published by ABB.
Entitled “Next Level Oil, Gas and Chemicals: Harnessing the power of digitalization to thrive in the ‘new normal’ of low oil prices,” the white paper focuses on midstream applications and outlines four “imperatives” during what it calls “the fourth industrial revolution,” spurred by Internet of Things (IoT) technology:
- Enterprise-wide digitalization and connectivity;
- Simplification and standardization;
- Deeper partnerships with suppliers; and
- CEO leadership.