The oil and gas industry is emerging from its worst downturn, but it’s far from smooth sailing ahead. The industry still faces significant challenges, with unit cost—and profitability—per barrel being the most acute and widespread. Left unchecked, unit cost could erode industry players’ competitiveness and possibly threaten their very existence. The biggest factor in the unit cost challenge is the supply chain, which is why oil and gas companies need a fundamentally new way of working with their suppliers—one that’s based on an ecosystem that shares, innovates and competes together.