The term Digital Oil Field (DOF) is unheard of for many people. It means to focus your attention and resources on the objectives of the petroleum venture of your oil firm instead of just looking at the Information and Technology infrastructure.
DOF is not a completely new concept. It has been identified by some separate names including Field of the Future or iField. However, a large chunk of companies haven’t managed to catch on with this new digitalization trend that is offered by the services of a DOF.
If you’re one of the businesses looking for a smart solution for the Digital Oil Field, you should look no further than FutureOn. It promises an extensive range of benefits for petroleum, oil and gas firms. Here are a few ways how it can help the oil industry.
1. Quick Data
Modern companies all function using a large amount of digital data. And the efficiency of an organization is determined by how fast it can take in inputs and process the outputs. In a digital oil field where a DOF manages data which can be accessed fast and without much trouble. This is one of the most significant advantages of this system.
2. Organized and Structured Data
DOF does not just get you quick data; it also helps to organize and arrange it to your convenience so that you may have no trouble in accessing it. With torrents of E&P data arriving, it is important to have it sorted and processed at the earliest. Such a system ensures that the desired results are achieved on time. It also means you can return the benefits to your investors without much trouble.
3. Improved Efficiency and Reduction of Costs
DOFs are praised as they improve efficiency. This, in turn, causes oil and gas companies to increase and raise their net value.
Improved efficiency means that larger chunks of information can now be processed. While the digital oil field allows for more data to be efficiently processed within a minimal span of time, it also reduces the interference of manual labor. This keeps costs lower and the workforce small, but self-sufficient.
4. Faster Deployment
When oil and gas companies look for investments, they generally prefer those who offer them returns in a minimal span of time. This helps them pass the financial benefits on to their customers and investors.
A DOF does not take long to be installed, neither does it cost much. Its benefits can be felt right from the time it’s put into service and can serve its clients for years efficiently.
5. Better Image of The Company Among Investors
Lastly and most importantly, the Digital Oil Field can greatly enhance the image of your business. It ensures that the investors feel the company takes efforts to modernize its systems and be at par with the high standards of the twenty-first century. The DOF also makes the company efficient, and that is sure to draw the attention of the market.
Ultimately, more people will show interest, and the venture will turn out to be more and more successful in the future.
Conclusion
As you can probably now see, DOF is an important part of modernizing and managing the company in a more efficient manner. The reason it has not been used to the extent it should is that oil and gas firms often hesitate before investing in something new which they are not familiar with. This, however, has only contributed to slower growth for their organizations.
DOF is a technology which greatly influences the management of a company and thus increases its overall efficiency.