Archives: Glossary: 24 terms
Digital asset management (DAM) is a business process to organize, store, and process digital information related to real-world assets. In the energy sector, DAM refers to organizations analyzing digital information about an asset to optimize performance, identify changing external and internal conditions, and to assess investment options through data aggregation and real-time monitoring. DAM involves the development of dedicated infrastructure, such as a technical data portal, that allows users to easily manage and preserve digital assets from any web-enabled device.
A digital engineering environmentA digital engineering environment is the part of a digital project hub that encompasses the various software applications required for engi... is the part of a digital project hub that encompasses the various software applications required for engineering tasks. Where under a traditional execution model, the work of engineering disciplines would be segregated and linear, a data-centricA data-centric outlook is a core concept in digital project execution architecture where data is viewed as the most important and perpetual ... execution model requires near-live, cross-discipline collaboration to take place in a digital engineering environment. The environment also hosts any digital representations of the real-world assets recreated from data captured in the field.
Digital project execution (DPE) is a project management methodology that uses a data-centric approach to reduce project total-install-cost and improve the transfer of accurate information to operations teams. DPE requires a digital project hub to be set up during the project’s design phase and maintained throughout construction, commissioning, and operations.
A digital twin is a precise, virtual representation of a physical object system, process, or asset. Digital twins integrate machine learning, artificial intelligence, and data analytics to create digital model simulations that help to predict potential issues with their real-world counterparts. A common concept within the industrial internet of things (IoT), digital twins are used in the oil and gas industry to optimize operations and maintenance of production facilities. This helps oil and gas companies detect early signs of equipment failure and proactively respond, plan, and implement corrective maintenance actions at a considerably lower cost and safety risk.
Digital verification is the process of determining that the output design meets the input criteria. Design applications are provided with input criteria, such as standards, that they will use to guide the design. This assures that the actual design meets the intended design.
A digital warehouse, also called an enterprise data warehouse, is a system designed to support data collection, data analysis, and reporting. A core component of business intelligence, a digital warehouseA digital warehouse, also called an enterprise data warehouse, is a system designed to support data collection, data analysis, and reportin... is a central repository containing both historical and current data from multiple sources to support the creation of analytical reports. Raw data is uploaded from operational systems and stored in a staging database. The integration layer collates the disparate data sets and stores it in an operational data store (ODS) database where it is accessed for analysis.
The digital workflow involves the use of digital tools instead of paper-based manual systems to perform the tasks that comprise a business workflow (a repeatable set of sequential steps). A digital workflow can also involve the automation of the workflow.
A digitalized system enables workers to function through a digital platform by using automated tools, applications, and software solutions. Deloitte defines the digital workforceA digitalized system enables workers to function through a digital platform by using automated tools, applications, and software solutions. ... as “a phrase that has recently been coined to describe a variety of robotic and automated solutions for driving productivity efficiencies in the workplace” (Deloitte, Managing the digital workforce, 2017). The theme of a ‘digital workforce’ encompasses hybrid solutions based on machine learning and task bots.
Engineering standards are a set of rules and paradigms prescribed by organizations such as the American Petroleum Institute (API), the American Society of Mechanical Engineers (ASME), the Canadian Standards Association (CSA), the International Organization for Standardization (ISO), and many others. Standards and codes provide technical details and standard characteristics associated with engineering products, equipment, systems, materials, and processes. Adherence to engineering standards and codes in the oil and gas industry is crucial to ensure compliance with various safety norms as well as process consistency and equipment compatibility.