The refining landscape
Competitive pressure on refiners is growing in 2019—margins have generally been weaker, largely due to prolonged periods of maintenance and turnarounds (after years of high utilization), rising feedstock prices, heavy oil supply disruptions, and preparation for International Maritime Organization 2020.
Accenture's 2019 Digital Refining Survey shows that while digital continues to contribute to margin improvements, satisfaction around the impact of digital is static. Refiners continue to deploy digital primarily for improving production yields (digital investment is also largely focused in this area), yet they are finding it hard to scale digital for further improvements. There is evidence that refiners are now realizing that the next step is a stronger focus on culture and change management to enhance digital adoption and scaling in their businesses.
The survey results:
Five trends depict where refineries are on their digital journey.