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A new era

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Hydrocarbon Engineering,

Digital technology is gaining a strong foothold in the energy industry, including the storage tank sector, as more companies embrace the benefits of automation in measurement solutions and other capabilities. Those benefits can be far-reaching, ranging from saving clients time and money, to boosting efficiency and safety. Digital technology can be a vital tool in improving productivity, reducing costs and providing more useful analytics to enable companies to make faster, more effective decisions.

Digital transformation in the energy industry could unlock as much as US$1.6 trillion of value for the industry, its customers and society, according to some estimates. New digital technologies combined with data-driven insights can transform operations, boosting agility and strategic decision making, and resulting in new business models.

In fact, research by management consultancy, Accenture, shows that digital technology is now dominating every sector of the economy.1 The global digital economy accounted for 22% of the world’s economy in 2015 and it is rapidly growing, as those numbers are expected to increase to 25% by 2020, up from 15% in 2005. Digital technology is bringing unprecedented amounts of change with it, including new technologies and solutions, more data, an upsurge in collaboration, new alliances and new startups.


1. 'People First: The Primacy of People in a Digital Age', Accenture Technology Vision 2016.

Written by Buzz Hetrick, TechnipFMC, USA.

This article was originally published in the Winter 2017 issue of Tanks & Terminals. To read the full article, sign in or register for a free trial subscription.

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