Digital Transformation: How well are we positioned in O&G

Are we well positioned as an Industry to leverage this ongoing change which is going to accelerate the pace of operations in the industry?

The advent and introduction of technology is reducing the gap between a large traditional player and the new, smaller upcoming operators. However, the traditional player still remains well positioned with the most formidable asset of the modern era: Data. Players who have been in this longer and know how to gather, leverage and utilize data for their decisions are always better placed to excel in Oil and Gas Operations.

The other way to beat competition in the modern era would be building meaningful partnerships. An ecosystem of partners allows the operator to not only have a well coordinated operations cycle but also gather data important for all of its business operations.

The third and most important aspect of thriving in this era would be to undertake, promote and drive innovation. Innovation does not necessarily need high investments but in an industry like ours it does need an incubation period. Operators need to invest and also continue to support such initiatives till they start providing the expected results while also covering for adoption support.

Lastly, it will help if every player in the industry can spend some time understanding the value? they add to their customers and their investors. If we have a way to define the value we add we can most definitely chart out a future course of action for ourselves to maximize the value.