Late last year, Forrester Consulting conducted a survey of global technology strategy decision-makers at downstream oil and gas companies on our behalf. The goal was to understand the industry’s current state of digital modernization adoption.
The study revealed many interesting findings. For example, we learned that while more than two-thirds of respondents recognized the importance of digital modernization — particularly in helping them reach their business goals — 43% have yet to begin their journeys.
Based on the results yielded from the study and our unique position as a leading provider of actionable insights and innovative technology, we’ve put together six key recommendations to help you advance your digital modernization journey.
1. Inventory your existing operational intelligence capabilities
By starting with a cataloged understanding of your current environment, you can build sponsorships for plugging the gaps with individual system owners, highlight opportunities for better system integration, and expose the data to support decisions and execution.
2. Seize real-time data opportunities
Our study revealed that in most firms, real-time operational intelligence is sorely lacking. This is where digital modernization can have an immediate and material impact — putting the intelligence into the hands of people on the ground. Working off a single source of truth will unite your teams on the decisions to be made and actions to be taken.
3. Offer appropriate insights to partners
As your confidence grows in your intelligence, consider which bits would improve your collaboration and effectiveness with key partners. In crafting a solution, be sure it supports your ability to share some of the data in real time, through dashboards or notifications, for example.
4. Highlight immediate benefits to build support
Armed with a modern digital approach and more actionable operational intelligence, you will enjoy immediate benefits in awareness, planning, execution, and supplier collaboration. By exposing these benefits, you can raise awareness and support for investment in better solutions.
5. Look for modern solutions that will grow with your needs
Today’s markets are improved with technology and intelligence suited to your specific needs. Seek providers that listen carefully as your needs grow, and respond with new capabilities and solutions, such as better integration among systems and scalable cloud solutions. Also, look for providers who understand the value of compliance and security.
6. Link your digital modernization and cybersecurity investments
With cyberattacks as the biggest threat to today’s businesses, better operational intelligence will contribute to the awareness and intervention necessary to anticipate threats and respond to attacks. Be sure to bring security professionals in early to help you craft a safe and effective solution.
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Dive into our full report on digital modernization in downstream oil and gas. Compare your progress to your peers and competitors. Download your copy today.
The content in this blog was created in conjunction with Forrester Consulting as part of our commissioned study.