7/30/2020
How AI Is Transforming the Oil & Gas Industry? | by venkat vajradhar | Jul, 2020 | Medium
How AI Is Transforming the Oil & Gas Industry? venkat vajradhar Jul 30 · 3 min read
Leveraging artificial intelligence (AI) technology is proving not just worthwhile but also transformative for those working in a multitude of industries. Oil and gas executives are no exception. Using disruptive technology applications like machine learning and predictive analytics can help industry insiders improve operations and could cut costs by $50 billion in upstream oil and gas activities alone. However, AI’s impact on the industry extends beyond cost savings, offering several potential benefits. It’s vital oil and gas executives understand what’s at stake — and what they stand to gain.
How AI shines Big data is a core element of AI functionality, going beyond dated information buried in spreadsheets and moving toward up-to-date actionable intelligence. Oil and gas executives can collect and leverage big data in many ways to gain an edge.
To Know about: How is AI Transforming Life? For example, according to the data-driven technology solutions such as wireless networks, remote sensors, and analytics software help industry insiders gather, track, and interpret data to maintain optimal production and efficiency. However, while incredibly valuable, AI goes far beyond smart data. AI technology really shines in its potential to enhance human worker capabilities, freeing them up for greater strategic thinking and enabling smarter decision-making. AI-driven software can take vast amounts of unstructured data, such as seismic activity, and not only predict potential problems but also recommend solutions. In cases where data is incomplete or unreliable. AI-driven systems can use “fuzzy logic” to overcome data information gaps essentially making sense of inconsistent data, a task that’s likely harder for humans to accomplish
https://medium.com/@pvvajradhar/how-ai-is-transforming-the-oil-gas-industry-940fa184c709
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