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Like many industries, the upstream sector of the oil and gas industry is facing challenges on several fronts: volatile commodity markets driving higher cost inflation, geopolitical instability causing supply chain disruptions, competition for construction talent and labor in certain geographies such as North America, and increasing pressure to accelerate bringing new production online.
Digital-twin technologies can help companies create better products faster. They could transform the work of product development too. Companies live or die by their ability to develop and launch new products. Over the next five years, we estimate that about $30 trillion in corporate revenues will depend upon products that have not yet reached the market. Yet creating successful new products is getting harder to do.
Companies live or die by their ability to develop and launch new products. Over the next five years, we estimate that about $30 trillion in corporate revenues will depend upon products that have not yet reached the market. Yet creating successful new products is getting harder to do. To give customers a compelling reason to purchase, products increasingly need performance improvements and features that require the integration of complex and novel technologies.
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