The impact of COVID-19 on the global economy is undeniable. The oil and gas industry also felt the impact with crashing oil prices, unstable supply chains, and more. More than just buying industrial equipment or replicating processes on drilling platforms is required to ensure oil and gas business scalability.
Adapting to market fluctuations and evolving company needs is only possible by adjusting internal processes and operating models and developing organizational agility.
Oil and gas companies are rethinking their operating models and decision-making strategies with game-changing digital technologies.
According to a report, investing in digital solutions can help oil and gas companies save up to 5% on operational costs and 20% on capital expenditures.
Digital maturity unleashes new growth opportunities, makes the transition easier to a low-carbon future (amid tighter green energy norms), and creates long-term value not limited by quick wins, such as cost savings, incremental efficiency gains, and process optimization.
In an industry with heavy capital investments and operations spanning several regions, digital technologies can help uncover new value streams, increase production, and boost cost savings.
Several CIOs surveyed in the O&G industry have expressed interest in building a change leadership culture driven by digital transformation.