Use of Digital Platforms to Enhance Productivity and Efficiency in the Petroleum Industry

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Use of Digital Platforms to Enhance Productivity and Efficiency in the Petroleum Industry

Gosalvez, David / Aggarwal, Kapil

Petroleum refining is a capital intensive and complex manufacturing environment faced with a wide range of challenges that must be navigated in order to maintain a company’s competitiveness and maximize its profitability. With Digital Platforms (Knowledge Management and Business Analytics), companies are turning these challenges into a competitive advantage.In today’s world, we can utilize Digital platforms from Research in Chemistry Labs to process optimization and asset utilisation in manufacturing.We can collect the data points and utilise them to help companies make informed decisions on the fly. The good news is that all of this data exists throughout the enterprise. The bad news is that most of it is buried in technology and data silos, some of the data is redundant or modified, and much of the important operational analytics are kept on undocumented spreadsheets. The biggest problem is that existing nonintegrated systems are incapable of generating useful management reports or operations dashboards.