Companies in hazardous industries are adopting digital transformation in order to achieve operational excellence (OE), according to the second instalment of Petrotechnics’ Operational Excellence Index (OEI).
However, the new survey cautioned that the rapid pace of innovation and fear of change have the potential to create hurdles to widespread adoption.
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The insights provided by the Petrotechnics follow a survey that was conducted to gauge industry attitudes around OE and digitalisation.
More than 73% of companies that participated in the survey are of the opinion that digitalisation is strengthening the ability to deliver sustainable OE.
The digitalisation includes the advancement of technologies such as the Industrial Internet of Things (IIoT) smart sensors, digital twins and threads, machine learning, artificial intelligence and cloud solutions.
Petrotechnics product management and marketing vice-president Scott Lehmann said: “Newer applications and technologies have the potential to disrupt long-standing models of operation.
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By GlobalData“We know this can make people hesitant, worried and resistant to change. But in reality, digitalisation is meant to enhance, not replace, the human element of decision-making.”
Respondents reacted positively on the benefits offered by digitalisation to operations, with early adopters scaling up their use of technologies.
As per the survey findings, about 51% of the participants voted for enhanced KPIs and metrics as the area benefitting from digital transformation, while 49% voted for improved prioritisation and planning.
A majority of the respondents, close to 65% of them, are either currently deploying or planning to deploy predictive analytics.
However, a section of the participants expressed concerns whether the industry can keep pace with the rate of digitalisation.
Around 51% cited certain factors that could pose challenges to embracing digitalisation, including steep learning curves, too much data, and disengaged workforces.
