Digital Transformation in Oil & Gas: Creating Efficiencies to Drive Bottom Line

In all organizations, including oil and gas, legacy methods to achieve various business objectives must be replaced to avoid costly delays and declines in productivity and efficiency, from the C-suite to the oil rig. There is no denying the future is digital, and in the oil and gas industry, 75% of companies believe they already have the right level of skills to derive value from mobile and cloud investments. Moreover, more than 90% of those businesses say they are already using these technologies. Yet, the sector sees inefficiencies and a lack of process management that impacts energy service providers across the streams.

The problem is companies in this industry may seem like they are a part of the technology revolution by using Excel spreadsheets and email versus paper-based forms, but there's a fundamental misunderstanding of what digital transformation truly is. These companies are falling behind, and although they may be investing in technology at the drill site, resources also need to be allocated to influence change at the company level. Today's volatile market environment requires that digital transformation must touch every part of an operation, whether an oilfield service or a production operation.