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Digital Transformation has only recently began to rise to the forefront of the Energy Sector. This has many people asking what it means for an asset intensive industry like Energy to be transformative. Information Technology investments that enable the connection of physical assets with the virtual environment through software solutions enable energy producers to create transparency across their daily operations. Digital Transformation is not just about being able to see what is happening across an organisation, but to create the ability to control and ultimately respond predictively to external operating environment factors.
Exploration companies are under more pressure than ever to get resources at the lowest possible cost and the highest possible quality. Profit maximization is the top business concern of energy producers as they work to change cost and process efficiency of their operations.
This change in operating environment is where the role of technology and its importance to the core activities of the energy sector is becoming a critical enabler for energy operations that consistently need to meet financial and production performance benchmarks.
The ability of business intelligence and data integration technologies is changing the once physical nature of energy.
Disassembling digital transformation into its individual parts helps demonstrate what it means to energy companies. TouchstoneEnergy’s perspective on digital transformation is that it is made up of four key components –
For energy companies, competitive differentiation through going digital, is about how technology is changing the physical reality of managing operations – by changing the processes that are core to energy operations, you improve productivity and reduce operating costs.
Companies that have been able to successfully transform their digital capabilities in the Energy Sector display the following characteristics:
If you would like to hear more from TouchstoneEnergy about the impact of digital transformation in the Energy Sector, join us during December for a breakfast briefing on Business Process Improvement For more information contact +44 020 7121 4700, firstname.lastname@example.org or www.touchstoneenergy.co.uk