Drill deeper into digital – Upstream Survey 2017
August 24, 2017
August 24, 2017
The rate of change associated with digital transformation means disruption across industries, and the upstream oil and gas sector is no exception.
Commissioned by Accenture and in conjunction with Microsoft, the 2017 Upstream Digital Trends Survey focuses on investments companies are making—why, when and which ones—today and in the near term.
The survey shows companies fear that not keeping pace with the rate of change will make them noncompetitive.
The survey of digital trends in upstream oil and gas shows companies fear that not keeping up with the rate of change will make them noncompetitive.
read more>50% recognize digital value and are looking to invest. In 3-5 years, >70% plan “more’” or “significantly more” investment, transitioning to areas such as high-performance computing, AI, robotics, blockchain and mixed reality.
Big data/analytics the top investment area (46%) in 3-5 years. Respondents more mature in analytics than other technologies, but >50% are still implementing big data storage. As analytics accelerate to AI, deeper maturity is needed.
Digital’s ability to cut costs has waned as companies pursue faster decision making and shorter time frames to first oil and gas. Digital calls for creativity and innovation, and “lack of clear business case” is a major inhibitor to value.
Cost pressures mean achieving more with less. ~50% say productivity is top impact of digital. Companies use digital to upskill workforces and leverage contingent labor. Most sense being 3-5 years out from a solid base of digital skills.
Respondents recognize digital helps address cost reduction, capability improvement, health and safety, and operational effectiveness. Companies reluctant to drill deeper into digital run the risk of becoming non-competitive.
Making greater headway calls for executives to become involved in envisioning how digital’s next wave can lead to performance breakthroughs.
Survey respondents include members of executive and mid-level management, business-unit heads, engineers and project managers at: