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How might the oil and gas industry unfold in a post pandemic?

The bulk liquid storage companies keep a close eye on digital technology developments as industry leaders are investing more and more in digital technologies that can reduce workload and workers’ interaction.

The oil and gas industry allocates time & resources in strategic planning, identifying, and exploring technologies that can enable their organizations in future work scenarios, like remote work.

Digital technologies, data analytics, telecommunications, wearable technology, and smart data capture are growing exponentially, and most of the largest tank storage companies in the world have already started their digital transformation. 

Companies such as Vopak are rapidly deploying digital innovations to improve cost profiles and asset productivity, giving them a huge advantage during the pandemic. 

The pandemic has exposed significant weaknesses in the ability of many bulk liquid storage companies to cope with capital markets. Last but not least, more oil, gas, and petrochemical organizations are acknowledging climate change risks and are committing to significant structural shifts to reduce their environmental impacts. 

Coal, oil, and gas or grey energy have been central to improving our human existence for the better part of 100 years. Governments dependent on fossil fuel exports also suffer from inertia to change. 

But the next generation of workers has high demands from the greening of the economy, which has become a central point of interest to leading companies.

See Oil and Gas related Use Cases.

How are companies accelerating the greening of their organizations? Will they renew their commitment to fossil fuel given the aftermath of the COVID-19 pandemic?

The COVID-19 pandemic has shaped strategic choices for some business models, capital availability, energy, infrastructure, and economic performance. Leading companies are emerging and using the crisis to redefine their reasons for adopting digital technologies and integrating smart technologies into their existing IT environment. 

See Vopak ISGOTT Use Case - Digitizing frontline operations with Smartflow. 

We’ve already seen that the main priority for the oil and gas industry is to protect employees’ health and safety and to preserve cash. The bulk liquid storage organizations, for example, are increasing their efficiency efforts and optimizing refineries and their supply chain. 

The oil, gas and petrochemicals industry has implemented a disciplined investment in advantaged assets, adopting distinctive technologies so they can enable value creations (Source: McKinsey)

banner with text and two oil and gas operators next to a oil terminal

What is the technology’s strategic importance for liquid bulk storage companies?

Oil and gas business leaders have started to recognize the technology’s strategic importance as a critical component of the business, not just a source of cost efficiencies. 

The necessity to minimize workers’ interaction with one another to stabilize safety and health has been a significant challenge for companies that still perform traditional operations. 

How can business solutions like Smartflow help the oil, gas, and petrochemicals industry to reduce interaction and streamline operations? 

Liquid bulk storage organizations need an agile platform to empower their business to self-standardize and coordinate the digital execution of a wide variety of tasks and controls that are part of their day-2-day operations. These organizations need to enhance real-time collaboration between workers and systems by directing and automating tasks and controls through connected workers, ERP, and automation layers but with little or no need for direct interaction. 

Organizations need to expand data capture possibilities in the field by using relevant industry technologies like IoT, NFC, OCR, and RFID. 

Working with our oil and gas customers, we have identified a strong need for API-driven designs to integrate frontline operations with all types of legacy systems or Middleware solutions.

The last year and a half has increased the requirement for actionable data & insights that guarantees uptime, effectuates the execution of tasks, reduces duplicate, redundant and wasted effort, presents real-time metrics and benchmarks, captures realizable value and capacity, identifies, predicts, and isolates causes, reshapes risk management.

Smartflow supports operation, maintenance, and SHEQ teams at worksites to replace paper-based checklists, digitize inspections, safety rounds, and structure various workflows and processes using the App and the low-code/no-code industry SaaS platform. 

With Smartflow, you can create synergy between people, processes, and technology. We help you equip your connected workers with digital technology to help them perform at their best. 

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