The World Economic Forum estimates that digitalization represents a $1 trillion opportunity for the oil and gas supply chain. Such firms may revolutionize their business and operational models by leveraging emerging digital technologies in areas like asset lifecycle management, collaboration, and customer engagement. Project Procurement decision-makers usually recognize how a digital solution could improve their operations; nevertheless, a lack of budget and organizational urgency, as well as the difficulty of integrating new technology into legacy systems, frequently stand in the way.
The automation of time-consuming and repetitive operations such as vendor screening and pre-qualification is what artificial intelligence is all about. Transferring these jobs to intelligent automated systems could result in significant time and cost savings. However, this does not have to be the end of the story. Virtual assistants and cognitive project procurement advisors can also provide audit reports and advice on qualified vendors, performance, and risk management.
Second, global supply chains in the oil and gas industry are complex and frequently problematic. Advanced data analytics can assist buyers in acquiring, validating, and utilizing massive amounts of data. This enables supplier databases to assist project procurement teams by allowing them to easily search across businesses and obtain the information they need, such as prequalification, compliance, and financial information, as well as centralize all pertinent information.
Finally, cloud computing and the Internet of Things (IoT) are collaborating to build networks of connected equipment and personnel throughout the oil and gas supply chain. The two key advantages are remote workforce management and real-time monitoring of processes and equipment.
If you are seeking a project procurement partner, PRISMECS connects world-class operations with the equipment and tools required to get the job done right. Contact us at +1 (763) 291-1333 if you have any questions or would like more information.