Digital technology and digitalisation is everywhere nowadays and is increasingly part of every aspect of our lives.
Digitalisation is the process where information is converted into a digital format that can be processed by a computer. It is important because it makes information easier to preserve, access, use and share. What’s more, digitalisation is commoditising data, and data is argued by many as becoming the most valuable resource of them all.
In a rapidly changing and increasingly diverse energy sector, digitalisation has become focal to the next wave of technological transformation and development whether in traditional oil and gas or in renewable energy production such as wind, wave and solar.
Digitalisation is helping to improve efficiencies in the exploitation of old energy solutions, allowing for a manageable balance towards the new. It is paving the way to a more efficient and sustainable future from which it is unlikely we will return. While hydrocarbons are generally viewed less favourably in today’s society, they will still have a key role to play in managing a globally sustainable and successful energy transition to more climate-friendly energy solutions.
Digitalisation and the use of data in oil and gas can create far better efficiencies, remove uncertainties and risk, and improve health, safety and environmental factors. Digital transformation and the adoption of energy tech is therefore becoming increasing criterion to managing a successful future for this
sector.
Digitalisation and data tech has emerged an as a rapid growth area in all sectors, not just energy. Many organisations and investors who are developing technology, addressing market changes and seeking growth opportunities are doing so with a prerequisite condition that digitalisation is a key feature.
Arguably, this is equally or almost as important to key Environmental, Social, and Governance (ESG), particularly environmental, prerequisites.
There are plenty of organisations emerging offering digital solutions to traditional challenges – and equally, there are very many industry bodies, centres, growth hubs, incubators, investors and incentives to support the next wave of digital energy technology development.
Often the challenge for any stage of enterprise is knowing where to start, how to get traction and who to turn to first and we would encourage them to speak to their business advisors or accountants for advice.
Partner content produced in association with Anderson Anderson and Brown.