Digital transformation in oil and gas companies - A case study of Bien Dong POC
The fourth industrial revolution (Industry 4.0) with the breakthrough of internet and artificial intelligence has had a strong impact, changing all aspects of global socio-economic life. Digital transformation in the spread of Industry 4.0 is no longer a choice but has become an inevitable development trend for businesses to truly stand up to the times. Digital transformation is the transformation of business activities, processes, products, and models to fully leverage the opportunities of digital technologies, characterised by development, growth, innovation, and disruption. In particular, "digital disruption" is the situation when new technology competes with the traditional business way that we now often refer to under the concepts of cloud computing, big data, and internet of things (IoT). This competition will help businesses utilise digitised data and processes to create a new model that is more efficient and convenient. Digital technologies in oil and gas companies can have a significant business impact as it contributes to increasing hydrocarbon recovery, ensuring safety across the business ecosystem, and improving operational reliability. This paper addresses the oil and gas industry’s trends in digital transformation and the initiatives at Bien Dong POC.
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