Aspen Technology Inc. has announced the results of a recent survey of over 400 energy industry managers and executives about the impact of analytics and big data on the energy business in the next 24 months. The survey reports that improving reliability is the key objective for upstream and downstream companies as well as the engineering, procurement and construction (EPC) firms that serve them.
To achieve greater asset availability and utilisation, organisations are undertaking digital transformation initiatives that use advanced analytics and machine learning to drive significant increases in asset reliability and performance. Survey respondents indicate clear and compelling interest in the potential of analytics to drive operational excellence.
Of those comapnies surveyed, 40% believe that digitalisation can save 16% or more in OPEX. The potential to achieve high returns on assets with a relentless focus on operational excellence, a holistic asset optimisation strategy and a pragmatic execution roadmap is attractive to an industry at the threshold of business and technology disruption.
The survey also found that analytics adoption is growing rapidly, with 51% of upstream/midstream firms and 40% of downstream companies currently using or testing data analytics.
72% of respondents believe that maximising uptime is the top benefit from analytics, followed by equipment monitoring (68%), reduced maintenance costs (68%); automated operations (62%); expanded remote operations (61%); flow assurance/safety (60%) and reduced CAPEX (58%).
However, a lack of expertise is cited as the top barrier to adopting data analytics, with over a third of respondents reporting that there organisation does not have data scientist personnel.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/05032018/digitalisation-to-help-energy-companies/