Getting a return on digital technology investments
May 21, 2018
Digital technologies can have a disruptive impact on the landscape of how work is done in the oilfield, with the potential to redraw the value chain, deliver a step change in productivity and create new channels to market, but services and machine and equipment manufacturing companies need robust strategies to succeed.
Oilfield and equipment and services (OFES) companies can become enamored with technological advancements, failing to consider how best to apply them toward business goals—at times spending on ventures and business models that do not deliver.
Leaders understand where and how disruptions will impact them—accurately assessing maturity and gaps in the existing digital culture—and determine which solutions are appropriate to further the overall digital vision while delivering the highest return on investment.
After 10 years of sustained high commodity prices, range-bound commodity prices have pushed OFES companies to rethink their cost structures and business models.