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E&P industry: How digital tools can help
May 02: How can digital tools help boost the E&P business
8In an example of its simplest application on a typical engineering project, analytics and data management solutions offered by IBM have the potential to halve the costs associated with document handling. Within the oil and gas sector, companies spend a significant percentage of a project’s total cost on reporting.
8When looking at an average billion-dollar capital project, the cost of managing documents and data could reach tens of millions of dollars. Through this solution, a company could shave these costs in half, further stressing the importance of the right approach.
8At a more advanced level, data enables an energy company who has embraced a digital transformation to analyse and gain insights across its assets which can lead to the extended life of important components and expensive instruments. This in turn increases investment returns from the assets, delivering operational excellence and a positive financial impact.
8The ROI is further amplified when the transformation is approached across verticals.
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