Of all the industries impacted by the events of the past year, few have had to endure the same measure of ripple effects experienced by the oil and gas industry.
As the world slowly emerges from mass lockdown, the sector is again showing strength; the market price of oil has stabilised and demand for oil and gas products is normalising. While there are causes for optimism, leaders in the sector know that this isn’t a time for complacency, but a chance to take decisions that will help put their business on firm financial ground for the forthcoming years.
The focus now is to use digital transformation as a catalyst to elevate from financial stability to greater levels of profitability. With uncertainty on future revenues, the core focus for improving financial health is in reducing their total cost of ownership (TCO). To achieve this goal, leaders can use digitalisation to make vast improvements to their long-term cost structures.