The usual way of implementing machine learning and AI in an organisation starts with doing proofs of concept and pilot projects for specific use cases. But this approach falls short of delivering any ROI for the business to be able to justify the cost.
The offshore oil & gas industry is exposed to extreme levels of risk. Companies and equipment are subject to volatile price fluctuations, extreme weather conditions and operational hazards like explosions, spills and workplace injuries.
Going from gut feeling to predictive maintenance is not an easy process for manufacturers. It requires transforming processes from the ground up, change management, educating employees and adopting a data-driven mindset. On top of that, it’s costly.