When we think about business energy, digital technology is usually not something that comes to mind first, but it has in many ways revolutionised various aspects of the oil and gas industry as a whole. As the year 2019 slowly approaches its last quarter, now is the right time for taking a look at what digital tech has done for the oil and gas industry so far.
Use of AI in the Oil and Gas Industry?
In an interview with CNBC last year, Omar Saleh mentioned the tremendous impact that the introduction of AI-powered technology has had on the energy sector. The Director of Microsoft’s oil and gas interests in the Middle East and Africa had also mentioned that over the coming decade, machine learning alone will probably play the most significant role in evolving the oil and gas sector, much beyond what it is today.
It seems almost like if there is a business, you can attach the term “Artificial Intelligence” to it in one way or another! In many ways, that’s actually true and even relevant, which is a good thing.
Convergence of AI and Robotics
What happens when the intelligent software gains access to powerful, mechanical arms that are engineered to precisely perform mining operations, which would be extremely dangerous and/or time-consuming for human beings? Well, the industry receives a huge boost in productivity as a result, which is exactly what is happening right now.
Informing Customers: Competition Keeps the Price of Energy Affordable
Utility Bidder is a Trustpilot certified, Five Star rated website for comparing the price of business energy from multiple providers operating in the UK. Being a digital platform, all small businesses in the UK can use it to get better quotes from their energy providers, at the end of the current contract. They can also switch to a better deal by another provider, with the site’s help, which often has domino effects on their own profit margins, the future decisions of the concerned business energy providers, as well as the competition.
This is a perfect example of how the easy availability of digital tools affects the oil and gas industry. As long as the energy providers know that the customers have a way to find and switch to better deals from the competition, they will keep their prices competitive. From the consumer’s point of view, such comparative websites have turned out to be quite a boon, and from the perspective of the sector as a whole, it keeps the competition alive instead of letting the bigger names take up all the business available.
Oil and gas Prices will continue to rise in the UK, as all reports indicate towards that. However, thanks to digital tech, we are able to cut out a lot of the costs associated with the whole industry, while speeding everything up in the process. It would be safe to state that without the help of these digital innovations, the cost of oil and gas would not only be much higher, but they would rise more rapidly as well.