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Delegates from companies operating in the petroleum and other process industries met at ARC Advisory Group’s recent Fifteenth India Forum. The theme, Industry in Transition: Realizing the Digital Enterprise, is relevant today as digitization is redefining business processes and models in a connected world.
The presentations focused on new technology trends and how process industry companies must be willing to embrace disruptive technologies and take the next step forward by adopting new business models and processes for operations, maintenance, and across the value chain.
This Insight captures the key points of the presentations by Vikas Deshmukh, Vice President, Technology Center of Excellence, Reliance Industries Limited; and Himanshu Vyas, Senior Vice President, Aditya Birla Group. Mr. Deshmukh spoke about digitization in India’s downstream oil & gas sector and the challenges it faces; and Mr. Vyas spoke about the digital transformation of the chemicals/petrochemicals sector.
Impact of Digital Transformation on Innovation and Operational Excellence
According to Mr. Deshmukh, the key operational metrics for process industries - upstream and downstream - include reducing operational and maintenance costs, mitigating risk, and optimizing production. Up-stream, maximizing ultimate recovery of booked reserves is an additional metric.
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Keywords: IIoT, Analytics, Digital Transformation, Oil & Gas Downstream, Refining Operations, Process Industries, Aditya Birla Group, Reliance Industries Ltd., ARC Advisory Group.