In light of the digital transformation imperative, IT has taken center stage as a key enabling function supporting the survival and growth of the modern energy and utilities provider. New technologies and tools support anytime, anywhere access of data, real-time processing, and increasingly rich analytics functionality. As executives and line-of-business owners increase the pressure on IT teams to deliver these new capabilities to support strategic business objectives, demands on IT have exceeded IT delivery capacity.
My previous blog in this series explored how forward-leaning energy and utilities providers embrace digital technologies to improve the experiences of the constituents that they serve. But in addition to turning outward to meet the growing expectations of external constituents, these firms face increasing pressure to turn inward to improve their own operational efficiency.
My first blog post in this series gave an overview of why energy and utilities firms like Siemens are undergoing digital transformation to remain competitive. One common digital initiative for energy and utility providers is improving customer satisfaction; conditioned by other high-tech industries, consumers increasingly expect personalized, omnichannel experiences — leading utilities to tap into new technologies.
The energy and utilities industries are undergoing a dramatic shift driven by rising stakeholder and customer expectations, increasing economic, and political uncertainty, and emerging new technologies.
Digital technologies are massively disrupting the oil and gas industry, resulting in reduced costs and an increase in productivity. Oil and gas companies are considering technologies such as AI, IoT, analytics, and process automation, while continuing to recognize the need for an ecosystem of third-party suppliers. Even vertically integrated oil giants like ExxonMobil, Royal Dutch Shell, ConocoPhillips, or BP are relying on third-party suppliers, or oilfield services (OFS), to provide equipment and expertise to fill gaps in its supply chain.
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