Advantages of Digital Innovation in Energy Business Optimization

The oil and gas industry has been facing unprecedented change in recent years, with many energy leaders searching for ways to maintain sustainable operation and productivity. Digital innovation has been a topic of focus among CIOs in the industry for some time now, but the 2020 pandemic forced the industry to undergo a digital transformation and modernize business operations.

While leaders began to take on the transformation, understanding where to even start remains a challenge for those wondering how.

Luckily, industry leaders that are taking on digital innovation and transformation set a good example for those searching for the answers. Writing for the Oilman magazine, Anton Petrosyan, Director of SaaS products at Quorum Software outlines 3 things that leaders are doing to get it right.

I. Approaching Digital Innovation with a Change Management Mindset

Anton emphasizes that digital innovation requires new thinking, and in many ways that means taking risks and trying new things. Because of this, approaching digital innovation with a change management mindset is important as that sort of leadership is critical in making the right cultural changes, pushing past resistance from middle-management, and strategizing how digital implementation can result in business growth.

II. Investing in Long-Term Solutions

Investing in long-term solutions, especially with data and implementing new software and processes over the old ones to really create meaningful change is a key component of successful digital innovation. This sort of long-term investment is what ensures growth in the future, while resisting the tendency to spend resources on quick yet short-term change without as much impact.

III. Realizing the Potential of the Cloud with Data Integration

Implementation of legacy software is a costly and lengthy process, and one that no longer warrants the merits of the powerful solutions that the infrastructure provided. Data integration and cloud computing now provide both everyday users and decision makers access to their latest data across an array of solutions simultaneously and instantly. What’s more is data integration now let’s leaders see the impact of data from multiple systems together in an integrated workflow that supports reporting capabilities that bring real value to businesses.

With the technology becoming readily available and more mainstream, the ability to invest in better solutions, better ways to enable the energy workforce, and better ways to execute long-term strategy is more accessible than ever before. Oil and gas businesses can make real change for the industry as well as their own organization, and now is the time to do it.

To read Anton’s full article, Optimizing Business Performance Through Digital Innovation, click here.