From inside the boardroom to the office floors, reimaging business and rethinking the way we operate are discussions that occur every day across a range of factors, including a growing demand for greener and more sustainable energy, increased volatility over oil prices, and, more recently, the potential effect of the COVID-19 coronavirus.
Adding to this, every stakeholder within every organization will have given serious consideration to the effect that advances in digital technology are having on their business. And, given this time of extreme change, no organization can afford to ignore this. Because, if they do, they risk the sustainability of their business.
- That’s why it’s important for the offshore energy industry to understand
- What the advances in digital technology are
- The challenges and opportunities they represent for the industry
- How businesses and their leaders should adapt to embrace the benefits digital can bring
- Challenges and opportunities
Technology has long been a disruptive force within the industry. Whether minimizing costs, improving safety performance, or optimizing maintenance and operations performance, businesses have continued to adopt the latest technology to improve various aspects of their assets.
Digital technology adds an additional dimension to this disruption but with one major humanistic obstacle: The pace of change far outweighs anything ever seen before, coupled with a lower level of understanding about what’s involved.
An organization’s ability to demystify digital establishes a baseline understanding that organizations can start from to accelerate and effect change. Digital means different things to different people. Some see it as nothing more than a catch-all term used by consultants and managers. Others perceive it as the use of technology to better engage with customers. Others still view it as the modification of a business’s existing technologies, practices, and mindset to meet changes in market requirements.
While this unprecedented pace and advanced knowledge is challenging, it also presents a unique opportunity to those who are prepared and willing to embrace it. By embracing digital technology and all it entails, demystifying it, and understanding how it relates to a business, it is possible to devise a strategy that can lead to a more-efficient and -sustainable business model. In talking with CEOs, senior leaders, and industry experts, there’s certainly a willingness to do so. The challenge lies in clarifying just what digital means, tying it back to the business need, and making it relatable to everyone’s accountabilities.
Improving Operational Efficiencies
Improving operational efficiencies has long been a hot topic across the offshore oil and gas industry before new digital enablers and levers were ever introduced. Businesses are now turning to digital technology across the entire value chain to achieve their goals and deliver better value for all stakeholders. But, with recent world events and business decisions that change daily, dependence on digital has shifted from being merely enabling to being vital.