Energy industries operate like an intricate orchestra: any mis-tuning can have disastrous repercussions for all involved, with digital technology acting as conductor to keep all instruments performing together seamlessly and producing energy solutions with power and reliability.

Digital technology presents an unprecedented opportunity for disruption within the global energy industry. Companies can unlock value in four ways through this innovation:

Digitization could reduce production costs by 10-20% for oil and gas operations by using seismic data processing in upstream operations or process controls downstream, as well as increasing technically recoverable reserves by five percent through improved reservoir modeling with sensors.

Digital tools have the power to completely transform how companies manage power generation and transmission by cutting maintenance costs, increasing energy efficiency, improving operational reliability and optimizing investments. Furthermore, these digital tools can also provide better management of renewables while helping address climate change by lowering peak demand and decreasing carbon dioxide emissions.

Energy storage and demand response technologies can significantly lower the costs associated with managing peak loads, such as smart charging technology for electric vehicle batteries that could shift charging sessions when electricity demand is lower than supply; potentially saving owners thousands annually on utility bills.

Energy companies must channel the boldness that has propelled them through time in order to take full advantage of digital technology’s promise, or risk falling behind competitors and losing ground in this changing sector.