Digital Transformation in the Oil & Gas Industry
Technology has become one of the main pillars of developing societies, and a force that is reshaping every industry, transforming companies’ cultures and business models. A global survey by Tech-Pro found that 70% of companies either have a digital transformation strategy in place or are working on creating one. Executives believe digital transformation adoption had key benefits in improving efficiency of operations (40%), improved time to market (36%), and meeting customers’ expectations (35%), according to a study conducted by Forbes.
The oil and gas industry is no stranger to this tectonic shift towards digital transformation; especially with the rise of the fourth industrial revolution (4IR). In the oil and gas industry, digital transformation could result not only in increasing operational efficiency, but also in making jobs safer and contributing to a cleaner environment. The topic has been the center stage at global forums and the driving momentum for policy planners and industry executives. This report provides insights on the current state of the industry in pursuing digital transformation.
This report addresses three key objectives:
• Developing a clear understanding of what digital transformation means for the oil and gas industry.
• Exploring the latest digital transformation trends in the industry.
• Presenting the potential of digital transformation for oil and gas companies, and the key areas for investment.
The insights discussed in the report are derived from our market research, and our network of partnerships with leading digital transformation companies. We also present case studies of how digital transformation has contributed to improving operational excellence in the oil & gas industry.