71% of oil and gas asset performance and risk management decisions still rely on a single data source, Lloyd's Register report reveals

Despite the age of big data, 71% of organisations still rely on a single data source to analyse asset performance and risk management – instead of drawing information from multiple sources for a more comprehensive view, reveals a report released by Lloyd's Register at Gastech today. The report, 'Oil & Gas: Achieving operational excellence in uncertain times' reveals the technologies US oil and gas companies currently use to manage and maintain their assets, and the methods they plan to adopt in the future. Tim Bisley, SVP, Software at Lloyd's Register commented: "Although organisations often collect vast amounts of data, they remain challenged as to how to use it. Predictive maintenance is reaching new levels thanks to AI, 3D digital twins and machine learning, which derive actionable insights from huge volumes of data. The report, however, indicates the industry has been slow to adopt this type of technology, in spite of the efficiencies it brings."