Organizations are undergoing radical changes to improve their business performance to stay competitive in today’s digital environment. From the C-suite to shop floor, decision makers are going through radical rethinking (and exploring new ways) of how their organizations utilize and manage the intersection of technology, people, and processes to fundamentally change the way they do business, remain competitive, and maximize business value for their customers.
The “fourth industrial revolution” (Industry 4.0) brought about digitization of data and information. With “internet of things” (IoT) sensors, companies are able to capture information that was inaccessible digitally prior and make it available for optimizing production, enhancing performance, and improving reliability of operating assets. Industrial IoT (IIoT) technologies are now commonplace in the energy sector; employed across upstream, downstream, and midstream assets, as well as in utilities. However, with increased deployments and adoption of IIoT also comes the need to deploy latest technologies in pursuit of new business models.
The energy sector and particularly the oil and gas industry has traditionally been slow in adopting new and emerging technologies. Other sectors of the economy are undergoing disruption at a much faster pace than the energy sector, with new Startups using technology to radically change interaction of people and processes, develop new business models, and create value. However, in recent years, technology is being employed not only to replace manual processes with automated electronic systems, but to reinvent ways oil and gas companies do business, execute work functions, and interact with customers. Disruptive technologies are being harnessed and deployed at scale by connecting machines and intelligent devices to create a smart network of interconnected systems across the value chain. However, the depth of what can be achieved is yet to be fully harnessed.
For instance, analyzing industry data collected on a large scale both at the edge and on cloud to identify operational patterns and make optimal business predictions across the value chain. The
“fifth industrial revolution,” Industry 5.0 is the new emerging industrial technology that enables collaboration between humans and smart systems. Industry 4.0 lays the foundation for this next emerging technology that incorporates human behavior and cognitive capabilities into industry automation