Unfortunately, oil and gas incidents happen globally.
Companies with static business or safety models continue to put themselves at risk while companies adopting smart technology such as Internet of Things (IoT) devices spot operational or maintenance issues before they are serious or even deadly.
While these devices enhance safety, they also produce a deluge of data that cannot be adequately managed and interpreted by one or two engineers. Instead, companies turn to technology such as FutureOn®’s FieldTwin™ to harness the data appropriately to allow teams to make better decisions when it comes to operations and maintenance of assets.
Visual Data Improves Decision-Making
Visualizing data streams across the entire lifecycle of a field allows oil and gas companies to meaningfully interpret the data and plan crucial operational and maintenance activities. For example, the integrative data visualization capabilities of FieldTwin (integrated with IoT devices)
create and maintain a digital twin or an exact digital copy of an oil and gas company’s physical assets.
Through FieldTwin, critical operational data is then visually represented on specific assets as warnings or notifications when set parameters are exceeded. Customers create safer and more responsive operating conditions, thereby lowering risks and better preserving the longevity and integrity of field equipment. Additionally, offshore asset inspection, maintenance, and repair programs become more effective as access to more robust information informs priorities, timing and the expertise needed during planned maintenance.
Data Drives Profitability
The return on investment for these type of technologies are significant: up to $1 billion in cost savings or production increases, according to McKinsey. And as oil prices remain low, companies must innovate operations and improve efficiencies to stay competitive. Today’s executives need to look to technology to harness the right tools to support business strategies and make better use of existing technology because simply having the operational data isn’t enough to stay ahead of the competition and remain profitable.
With FieldTwin, visualize the data to streamline operations and maintenance, and make better, faster, safer and more profitable decisions out in the field. Contact FutureOn today and make your investments count with FieldTwin.