EVERY FIRM MUST BECOME A TECHNOLOGY FIRM BY 2030 - LYTT
January 27th, 11:00
The digitalisation journey of many firms remains incomplete, hampering the progression of game-changing infrastructure development and asset management strategies. The survival of those who fail to keep pace with the acceleration of digitalisation post-pandemic is at risk. This is according to LYTT, a technology company transforming customer decision making by providing software to turn contextual sensing data into real-time insights, driving increased asset performance.
Even before the COVID-19 crisis accelerated the centralisation of technology within many businesses, 70% of firms reported that they already had a digital transformation strategy in place, or were working on one, and 21% believed that their digital transformation was complete. Digitalisation has supported commercial resilience throughout the pandemic – for example, real-time data monitoring and cloud computing has allowed operations teams to understand the performance of energy assets and make decisions remotely while travel restrictions are in place. However, the use of new technologies and data-informed decision making has long been critical to realising the future of infrastructure - inclusive of energy generation and delivery, electrically powered transport, and smart cities - and therefore it is the companies that innovate quickly and fully digitalise their operations that will be set up to succeed.
Daryn Edgar, Chief Executive Officer, LYTT, said: “While the complete uptake of digital technology shifted from a 3-5 year goal to an immediate priority, the vast majority of businesses remain in the early stages of digitalisation. Many are collecting vast quantities of data but are not yet at a point where they are able to generate insights from it, let alone apply these insights to their operations. These firms will not be fully digitalised until this data is integrated into ways of working and decision making at all levels.”
“Energy firms are a case in point,” continued Daryn, “Oil and gas businesses are collecting the equivalent of 1000 Netflix movies-worth of production data from each asset every hour, but very few have invested in real-time analysis and integration of this data. Their digital journey remains incomplete while insights that could transform the efficiency, profitability and sustainability of these firms are left on the table.”
In order to support these firms in completing their digital journey, LYTT has developed an AI-powered, acoustic pattern recognition software technology that brings light to what is happening in the darkness, characteristic of subsurface assets and infrastructure. LYTT’s technology informs operations teams by finding the needle in the haystack – cutting through the huge volume of sensing data and extracting only that which informs operational decision-making. This data is then analysed in context and compared to LYTT’s library of acoustic patterns, resulting in a thousand-time reduction in data volume and the ability to provide engineers with actionable insights in seconds, rather than weeks.
Daryn continued: “LYTT is a technology company by definition, but we believe that it is crucial that the businesses we work with across the infrastructure and asset-management space in particular become technology companies too – and fast. We are currently focussed on transforming the digital journey of O&G as this is where we see the greatest challenge, but our technology is absolutely sector agnostic. In working with these firms first, we have been able to test our software and prove its enormous value by bringing light to the operational and production challenges in the darkest places we could find – and you won’t find anywhere much darker than an oil well.
“We are now looking at the operational impact we can make on firms working in other dark places - tunnels, pipelines, water, cables, subways, the ocean floor - anywhere you can’t see, we will make the invisible, visible.”
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LYTT offers proprietary software and data analytics solutions for the oil & gas industry and beyond. LYTT’s technology transforms large volumes of sensing data into manageable and actionable insights, allowing unprecedented visibility into some of the hardest to operate assets in the world.