When COVID-19 hit, like most businesses, the energy industry had to adapt to remote operations and in-person dealings on a digital platform. Companies that weren’t already moving to a more digital arena were forced to transfer their data and business processes from a paper format to a cloud platform. Compared to other industries, rather than having five years to slowly integrate digital technology, these oil and gas companies now had mere months. At this point, many companies have proven the success of digital transformation and the positive impact it has on their business and employees.
READ MORE: Why Digital Transformation Can Take Sustainability To New Heights
One reason organizations have been hesitant to move towards the idea of digital transformation is the additional investment required. While the technology that can push a company to the next level does require some capital investment, it will deliver results. In recent years, a survey was conducted by Oil and Gas IQ asking oil and gas executives to assess their own businesses and shed light on how they perceive digital transformation and the adoption of new digital solutions. Of those executives, 80% claim to have either planned or begun some type of integration towards digital technology.
Moving forward, companies need to look at these technology investments as foundational to their business operating model and as long-term, strategic investments. These investments shouldn’t be looked at as expensive sprints but rather as a cost-saving marathon.
For companies looking into transforming their business operation, moving it to the cloud, or looking to add intelligent automation to their day-to-day processes, several factors should be considered to ensure a transformation is executed as efficiently as possible. Below are five key considerations involved to protect business value when going digital.
In summary, 2020 gave the oil and gas industry the opportunity to seek out new ways to operate and conduct business. For companies that struggled the past year because of a lack of technology integration, it can be noted that the “new normal” is to move to digitalization and revolutionize the way businesses operate—efficiently and profitably.
When you choose Opportune, you gain access to seasoned professionals who not only listen to your needs, but who will work hand in hand with you to achieve established goals. With a sense of urgency and a can-do mindset, we focus on taking the steps necessary to create a higher impact and achieve maximum results for your organization.Leadership
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