How do digital twins create value, and what are the essential steps that companies in the oil and gas industry should follow in order to unlock that value?
A new article from the Boston Consulting Group explores those and other topics related to digital twins, which the authors describe as one of the main factors driving “disruptive value creation” in the oil and gas industry. They write:
Digital twin technology has the potential to create significant value for oil and gas companies. But they need to be ready to use the technology to disrupt and fundamentally change the way their companies operate. We believe that digital twins will increasingly play a pivotal role in reshaping the industry’s operating and business models. Companies need to act boldly and embrace the disruptive potential of digital twins, or they risk losing out to competitors and new players.
The article identifies four “essential steps to success” taken by companies that have already created high-value digital twins, including:
A sidebar to the article uses Cognite and Aker BP as an example of how technology providers can help oil and gas companies with digital twin data orchestration. Working together, the companies have built an operational digital twin of Aker BP’s assets that has made its operations safer and more efficient.