SWOT analysis for machine learning in oil and gas.
Abstract
Digitalization of workflows using machine learning and advanced analytics is the new go-to strategy to add business value in the oil and gas industry. Enterprises strive to embrace these new technologies; but struggle to put their models in production, deliver tangible results and obtain favorable returns on investment. This paper reviews some of the recent developments and practices in this area and offers a SWOT analysis for strategic management and technology enablement. It is concluded that to reap the full benefits of ML in mission-critical tasks, oil and gas industry must leverage the latest technology developments, have a consistent strategic focus and build agile and collaborative teams of data scientists and domain experts.
