Convergence Impact on Oilfield Services—Disrupting a $250 Billion Market
As low oil prices give way to dwindling profit margins, strategies dictate organizations to curb inefficient practices and replace them with technologically advanced smart solutions. Connected oilfield services facilitate reduced drill time and increased productivity. The digital transformation has shifted focus to chasing efficiencies from the traditional one of chasing barrels. Business model disruptions to sell performance instead of equipment have taken over, as analytics becomes a strong part of the automation portfolio. The ICT industry has taken a leap of faith with the introduction of cognitive technologies through virtual assistants in oilfield services, taking artificial intelligence applications to a higher level.
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