A new article highlights Cognite and Aker BP's work as an example of how oil and gas companies can build high-value digital twins.
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:
- Identifying a handful of high-value use cases
- Continuing to focus on value while developing a proof of concept and building a minimum viable product
- Scaling up the digital twin, and monitoring and capturing value
- Gradually building a flexible IT and data infrastructure
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.
By Team Cognite
Cognite is a global industrial SaaS company that supports the full-scale digital transformation of asset-heavy industries around the world. Our core Industrial DataOps platform, Cognite Data Fusion™, enables data and domain users to collaborate to quickly and safely develop, operationalize, and scale industrial AI solutions and applications. Cognite Data Fusion codifies industrial domain knowledge into software that fits into your existing ecosystem and enables scale from proofs of concept to truly data-driven operations to deliver both profitability and sustainability.