Oil & Gas Giants: Amidst Market Volatility, LNG Market looks to Artificial Intelligence

The Liquefied Natural Gas (LNG) market is increasingly being defined by its volatility. From increases in spot prices to intense commercial demand expectations, cargo cancellations, shipment delays and more, it is widely reported that, “unplanned maintenance at LNG export facilities from Australia to Qatar to Malaysia has led to a tighter than expected market in the second half of the year [2020].” This unplanned maintenance, combined with “pandemic prompted dramatic price swings” has led to the halt in growth in the LNG market in 2020. As a result, LNG has been looking to digital transformation to ramp up recovery, avoid stagnant growth and deliver on increasing market pressure.

While the cost of oil drops for consumers, due to social impacts of COVID-19, the LNG market is preparing for long-term implications. LNG is poised to experience more growth in comparison with the traditional use of oil and coal in consuming countries as the spot market has made LNG a more attractive option. Consumers have been incentivized by low LNG prices, relative to oil and gas prices, to make a switch.

Though the outlook for LNG growth in 2021 is quite strong at this point, the market is still unpredictable. LNG, in the position of a relative newcomer in respect to oil and coal, will benefit from swift implementation of digital in their early stages of growth. Gaining an even greater competitive edge in LNG is dependent upon digital adoption where speed to value becomes the most critical element in a technology deployment.

Source: Nobel Upstream

For years the LNG and larger Oil & Gas market have been turning towards digital technologies for their many benefits, not the least of which being promises of decreased costs and increased efficiency. However, they have never felt a more significant pressure to extract value from digital then what they are experiencing right now. Many O&G corporations that were early adopters have previously been failed by tech companies touting pie in the sky Artificial Intelligence platforms which merely turn out to be static algorithms at best. After a failure to deliver on hype and promised benefit, these tech companies have only left behind frustration and a distrust in AI’s true capabilities.

These early adopters can rest assured that the marketplace has seen a significant shift from the early days of promises and theoretical AI to concrete benefits in practiced AI. What was once seen as potential benefit is now being realized. As mentioned in the above graphic, making the best of existing technology, through the implementation of Artificial Intelligence which utilizes existing infrastructure, like Maestro, can yield significant cost savings. LNG producers, driven by everchanging costs, need to adopt Artificial Intelligence to survive in todays’ landscape.

The pandemic has been a great shock to the market but with this shock comes an exciting opportunity for change. Leaders have been given the opportunity to evaluate existing business strategies and identify opportunities for growth. LNG producers have the potential to extract significant financial value and increased profit from digital and further their growth position in the O&G market. Digital value chain transformation will afford LNG opportunities in increased flexibility and responsiveness of their production to market conditions. 

A critical element in the LNG and overall O&G journey to choosing a partner to adopt Artificial Intelligence with is the partner’s ability to deliver immediate value. Speed to value is driven by many factors but industry expertise, like that of Elutions’ Maestro, is paramount. To learn more about Maestro and individual case studies in the Oil & Gas sector, please contact us

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Crystal Ball 2021: AI to Solve the Unsolvable

We have never been closer to the precipice of a digital future than we are right now – this future is defined by those who make the commitment to move to a digitized environment and where those who do not inevitably fall behind. The trend towards Artificial Intelligence’s commercial use and application has been on the rise for several years, making businesses that were quick to adopt its power more productive and more efficient as a result. Business leaders must take action and make the choice in order to preserve the future of their business.

As we look toward an uncertain future, our third prediction for Artificial Intelligence in 2021 is revealed:

Applying AI to solve what were previously considered to be unsolvable business challenges as well as new business challenges from the evolving world we live in.

Crystal Ball Predictions 2021: This article emphasizes Solving Unsolvable Business Challenges

Artificial Intelligence is becoming more ingrained in our society on a daily basis and, as illustrated in the graphic below, the benefits are substantial. With a predicted spend of nearly $60 Billion in 2021 on cognitive and AI systems, it is important for business leaders to consider all challenges as opportunities in order to optimize the value-chain’s performance and profitability through Artificial Intelligence.

Statistics for 2021

61% of business executives currently implementing an innovation strategy say that AI helps them identify otherwise missed opportunity in data.

AI is helping businesses solve challenges they may not have known even existed, especially with holistic solutions such as Maestro AI, able to not only determine but take action on root cause variables. Today there is increased pressure on leaders to continuously improve performance with less resources, thus creating the perfect opportunity for digital transformation.

At Elutions, AI is the missing link in addressing a business challenge that is so great that even the most proficient teams of data scientists are unable to solve it. After all, the objective of AI, and is the case with Maestro’s AI, is to continuously ensure optimized outcomes with certainty, when so many dynamic variables impact operations that point-in-time analysis is irrelevant and the required speed, scale and depth of analysis is beyond human and standard algorithmic capabilities.

The upcoming new year, 2021, will kick off a massive wave for years to come towards implementing AI in all facets of business, particularly process heavy industries. Business leaders are prepared to capitalize on the benefits of AI and improve their productivity as well as decision-making capabilities.

To learn more about solving your unsolvable business challenges and Maestro Artificial Intelligence applied, please contact us.

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Crystal Ball 2021: The Digital Leapfrog

The term “leapfrog” may evoke childhood memories of playing on the playground where the idea of leaping over your friends like a frog leaping towards its destination made more sense than conventionally walking there. But in the context of technological advancement, you may be asking yourself, “what does leapfrogging actually have to do with digital transformation or Artificial Intelligence?”

Enter our second AI prediction for 2021:

Comprehensive Artificial Intelligence platforms, such as Elutions‘ Maestro, will act as a digital leapfrog to bypass outdated systems, investments in new infrastructure and out-navigating your competitors.

Holistic 
Al 
Digital 
Leapfrog 
Solving Unsolvable 
Business Challenges 
Combat Covid-19 
Disruptions
Crystal Ball Predictions 2021: This Article Emphasizes The Digital Leapfrog

The concept of leapfrogging is not new, in fact it has been used in industrial organization and economic growth for many years. However, the concept of using new technologies, such as AI, to leapfrog various stages of technical infrastructure or development is quite revolutionary. The digital leapfrog makes the notion of gradual upgrades/ development obsolete and introduces the ability to disrupt the developmental stages with one huge leap past steps that may have otherwise taken years and significant financial investment to implement. The idea that growth must follow a linear pattern can be tossed aside with just one leap, if only a corporation is ready to make the jump.

Digital Leapfrogging has not been widely reported upon, written about or discussed by the consultancies and large tech companies of the world, for strategic reasons on their part. A simple google search will not produce much on the topic, but why?

The leading corporations of the world have made a fortune off of convincing businesses to follow the antiquated path of upgrading their “technological stack” or selling them on the notion that they need to purchase/ implement additional technology, such as data lakes, prior to adopting Artificial Intelligence. This approach has been utilized for many years as a tactic to get as much business from a single client as possible. This sales model has had a widespread impact on industrial purchasing and is ingrained in such a way that the digital leapfrog might seem impossible as it disrupts this entire process. Rest assured, the digital leapfrog is not only possible, taking the leap vastly increases a business’ speed to value.

The digital leapfrog presents the opportunity to use existing systems to “leap” past the competition, without additional cost, and into the future with Maestro Artificial Intelligence.

Our prediction is that, due to the uncertain times we are living in and the need not only for stability but also for exponential growth, the time of linear progression & upgrading the technological stack is long gone. Not only is it extremely costly to continuously invest in a tech stack, in most cases it is entirely unnecessary or made redundant when the end goal is an Artificial Intelligence implementation. In this day and age, many businesses are in desperate need of speed to value, something that only a digital leapfrog can provide.

Many industries are poised to benefit from Artificial Intelligence as a leapfrog, including Healthcare, Education, Telecom and Banking but those with the opportunity to use AI as a transformational leapfrog are Industrial & Chemical Manufacturing, Utilities and Oil & Gas corporations. Many manufacturers, utilities and O&G corporations run large, and sometimes international estates, with a multitude of plants or sites that may all have disparate systems, or existing infrastructure/ assets that varies in age, lifecycle and capability, the perfect environment for Maestro AI as a leapfrog.

It may all seem too good to be true, this is revolutionary and can be difficult to accept due to established procurement and purchasing habits that have been plaguing businesses for years, but it is possible with the right partner. Most leaders and organizations want breakthroughs but many of the large tech corporations are not willing to provide true innovation. The team at Elutions specializes in breakthroughs, using Maestro AI not only to leapfrog internal technological development with its ability to connect previously disparate assets, infrastructure and systems, but also to leapfrog past the competition with unrivaled speed to value.

In 2021 we will see a rapid increase of AI adoption as a digital leapfrog. Let 2021 be a year of digital transformation with Elutions as your partner. To learn more about specific case studies of Maestro Artificial Intelligence applied, please contact us.

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December Series- A Look into the Crystal Ball: Artificial Intelligence in 2021

It’s hard to believe that another year has come and gone, given how strange 2020 has been, but here we are in December looking back on a trying year for many and looking forward to 2021. The team at Elutions, and Solve the Unsolvable, are looking into our Crystal Ball to make our predictions for Artificial Intelligence and the Digital Landscape in 2021. Get excited, because AI is trending up again in 2021.

Some of the large trends we see for 2021 include, a move away from discreet solutions to a holistic end-end approach, using AI as a digital leapfrog to reduce spending, using AI to address previously unsolvable problems, new use cases and finally AI as a way to continue to combat disruption from COVID-19.

A Look into the Crystal Ball: AI in 2021

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