Oil and Gas: Tech's New Frontier

Lux Research

The oil company of the future is actually a tech company

As no industry is immune to the rapidly shifting digital landscape, the oil companies of the future may resemble the tech companies of today. If oil and gas companies fail to embrace these changes they could be left behind. 

In our new report, "The Digital Transformation of Oil and Gas," we make a strong case for oil and gas companies to embrace the global economy's shift toward a more digital-friendly way of practicing business.

If the world's major oil and gas producers don't adapt to the changing digital landscape faced by all industries, and implement systems and processes that will help them scale digitally, they risk failing to meet the needs of their global customers and they will likely lose market share to their counterparts that do adapt.

Not unlike the ever evolving landscape of Silicon Valley, we predict that these changes will be quick, and that leaders at the helm of oil and gas companies will have to move both swiftly and efficiently. The companies that do this right and meet the challenges and opportunities posed by the digital age will have to be leaders in innovation.

Such companies will be on the frontier of innovations that enable performance in remote environments -- such as hybrid cloud, 5G, and digital twins. These organizations will also innovate in a similar fashion as tech companies -- that is, faster and more agile product rollouts, deployment, and feedback loops. These companies will also focus on the same challenges that a Silicon Valley-based tech company would worry about, such as cybersecurity and enterprise-wide sharing.

Like their peers in other industries that have undergone these changes already, the leaders who continually push the envelope and force their operations to keep evolving will likely be the most successful. 

If you would like more information about how the digital age is reshaping and reinventing the oil and gas industry, download the executive summary of our report here.

 

 

 

FURTHER READING:

- Executive Summary: Digital Transformation of Oil and Gas

- Case Study: Client Success Story: Asian Oil and Gas Giant Develops Investment Strategy in Energy Storage (Free Download)

- Press Release: Lux Research Identifies Four Key Factors Forcing the Oil & Gas Industry to Reinvent for the Digital Age

- Annual Report: 20 for 20 Report: Top 20 Transformational Technologies for 2020

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