What is digital transformation in oil and gas?

Industries are embracing technology to reshape their operating landscape and reap the benefits of improved productivity, higher efficiency, and increased cost savings.

What is digital in oil and gas?

What is digital transformation in oil & gas? Digital transformation in oil & gas is the embracing of technology to reshape how oil and gas companies operate their assets. The digitally-enabled and data-centric approach leads to improved productivity, higher efficiency, and increased cost savings.

What are the 4 main areas of digital transformation?

The 4 main areas of digital transformation

  • Process Transformation. Process transformation entails modifying the elements of a business’s processes in order to achieve new goals. …
  • Business Model Transformation. …
  • Domain Transformation. …
  • Cultural/Organisational Transformation.

What happens in digital transformation?

Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It’s also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.

What is digital transformation examples?

Bringing artificial intelligence into your service organisation is a prime example of the power of digital transformation. AI-powered chatbots that answer simple customer inquiries serve as a welcoming presence on your website, reducing the time customers have to wait to reach an agent.

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Why oil and gas companies need to transform their upstream operations?

Earnings growth, an increase in the valuation multiple, and a stable and growing payout are all vital levers for achieving better TSR. To optimize these levers, upstream leaders will cut costs and transform their upstream operations so that they can flourish at lower oil price levels.

What are the key areas of digital transformation?

It’s about technology, data, process, and organizational change. Over the years we’ve participated in, advised on, or studied hundreds of digital transformations.

Does digital transformation ever end?

Setting Digital Transformation Targets

Each phase unlocks new capabilities which provide further opportunities for transformation but ultimately there is no end. Moving an offline process to a wholly digital one allows for more flexibility about where people are when they are working.

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