Oil company turns into innovation powerhouse
How a major national oil company developed a digital strategy to realize billions in benefits and decrease millions of tons of emissions.
Like other players in the oil and gas industry, our client was facing declining oil prices and the risk of revenue erosion. At the same time, executives felt that the company needed to increase operational efficiency—a particularly important point due to a pending initial public offering.
The company wanted to address these challenges with a technology-driven Industry X.O approach.
Eager to expand its knowledge and experience in key digital areas (including data science, blockchain, 3D printing and robotics), the client sought Accenture’s help in understanding how it could take advantage of these emerging technologies.
Developing a detailed digital road map to a major oil and gas company to transform their operations–technology playbook ready in just 16 weeks.
Accenture and the company worked together to design a comprehensive corporate digital strategy and collaborated to:
Assess the company’s current-state technologies and processes and the definition of a desired target state.
Develop a five-year road map to bridge the gaps between the company’s primary pain points and potential digital technology solutions.
Identify how various technologies—including analytics, AI, cloud, VR, 3D printing and blockchain—could be applied across the company.
The engagement, one of the first of its kind across an end-to-end oil and gas giant, was completed in just 16 weeks, giving the company a detailed understanding of how it could use digital technology to move to Industry X.O and achieve operational excellence and greater financial transparency.
The strategy is designed to drive transformation along four key dimensions, helping the company transition from:
The transformation was only possible with the collaboration of Accenture’s businesses from Accenture Strategy to Consulting, Technology and Digital. Together, Accenture helped this national oil company transform at the core and deliver the following results:
As this corporate digital strategy is put in place, the company is expected to realize more than US$10 billion in benefits.
The company expects a reduction in CO2 emissions by more than 20 million tons. And, it is in position to keep driving ongoing improvements over the long term.
It took just 16 weeks to develop a digital technology playbook to help transform the oil company’s operations across the organization.