Being the highest-traded commodity around the world, oil is considered to constitute the most important industry for a particular country. The oil industry has suffered a major collapse of prices in the year 2014, after which a majority of the Big Oil Companies are thinking of switching to Lean Oil production to maximize returns by following more cost-effective procedures. However, as the oil industry realizes the importance of expanding itself and bringing about a change in its strategies, it is recommended to consider the transformation that can take place by the use of new technology such as Cloud Computing.
A lot of eyebrows might get raised from hearing about the thought of introducing technology into the oil industry. When in reality, Cloud Computing can help companies get rid of a lot of inefficiencies that exist within the current practices. Apart from the increased speed and the reduced costs associated with I.T., many other benefits can be derived from implementing Cloud Computing in the Oil Industry:
1. Increased Collaboration
Because of the level of expansion of the oil industry and the need for mobility, having an I.T. infrastructure that does not fail to provide real-time data is essential to the industry's overall success. Cloud Computing opens doors for better collaboration between employees and different organizations. Moreover, quick access to data can reduce the time taken to reach decisions and solve data-related issues.
2. ‘Green’ Operations
The higher efficiency associated with the use of Cloud Computing paves the way for energy saving procedures. With the decreased energy consumption, companies can reduce their carbon footprint and can take pride in creating and practicing greener operations.
3. Increased Data Storage coupled with Enhanced Security
The amount of data carried by the oil and gas sector is massive, and hence the storage needs of such an industry can be effectively met with the use of Cloud Computing. It will also ensure data protection in case of disaster situations and the increased security associated with the technology can help businesses eliminate any chances of a breach taking place. With Cloud Computing, the access to data can also be controlled in a more efficient manner and can also be seen as a way to improve data security.
4. Impressive Speed
Because of the need to analyze data and to have access to data anywhere at any time, businesses need an I.T. solution that is fast. Reducing downtime is a problem that needs considerable attention and can be achieved through Cloud Computing easily.
All in all, with Cloud Computing, Big Oil companies can make the shift to Lean Oil production in a smooth manner. The miracles that technology brings about should also be enjoyed by giants in the oil and gas industry, giving them access to more flexible and faster operations thanks to the technology sector. By adopting this technology today, many oil and gas companies can gain a particular advantage in the form of increased productivity and efficiency.