New technology can light the way, but do you know where you're going?
08 January 2019
The potential of digitalization can no longer be ignored in the oil and gas industry, and companies are ready to invest in areas throughout the value chain. But while many expect their investment in digital tools to increase in the coming years, determining how and when these tools should be implemented requires critical planning to justify the cost of investment.
To understand how this transformation is taking place, EY commissioned Mergermarket to survey senior oil & gas executives from across the globe for their insights.
Key findings include:
• Nearly nine in ten respondents (89%) expect their investment in digital tools to increase over the next two years, with a quarter (25%) foreseeing a significant increase.
• Over the next five years, respondents predict that robotics process automation (RPA) (25%) and advanced analytics (25%) will have the most significant positive effect on their businesses.
• On average, respondents said they allocate nearly half (48%) of their digital technology investment to outsourcing, and a plurality of respondents (30%) said the greatest operational challenge they face is working effectively with outside firms.