A new generation of leaders are required to instill a culture of ideas and innovation that supports the adoption of digital technologies and transformation
In all developed nations, gas stations are a wonderland for adults. You can get gas for your vehicle, make your favorite ramen, buy toys for your children, and load up on snacks. From the outside, these gas stations feel and look modern. However, the reality is that most of the oil and gas operations have yet to undergo a digital transformation. They are still holding on tightly to outdated and non-digital practices. The closest to digital transformation to them means replacing paper-based tracking systems or handwritten notes with old-school Excel spreadsheets. According to the EY Oil and Gas Digital Transformation and the Workforce Survey of 2020, two-thirds of organizations consider the inability to adapt to change quickly as a major challenge to the adoption of digital technologies.
The COVID-19 pandemic catapulted the demands for streamlined services, greater efficiencies, increased productivity, and improved ROI for the oil and gas industry. It is high time for these companies to feel driven and determined to invest in a full-throttle digital transformation. 75% of companies believe they have the right skills to derive value from a digital transformation. At the same time, over 90% of those businesses mentioned they already use these technologies. However, the sector is still far behind in all aspects of digitization of its production and service line. The problem lies deeper than it seems.
The Emergence of New Generation Leaders
Many oil and gas companies have been around for decades. The top management of these companies is old school and in dire need of new and improved leadership. Hence, a new generation of leaders is needed to progress toward instilling a culture of ideas and innovation that supports the adoption of digital technologies and transformation. Overall, the oil and gas industry needs to onboard a more technologically savvy workforce to emerge, train, and lead.
Pathway to a Digital Transformation
The first step to digital transformation is the transformation of mindset. When companies make a calculated decision to invest in a digital transformation, good things are bound to follow. A digital-first mindset can make your business efficient, productive, and generate more revenue. This is why most businesses with field operations choose the path of digitalization. One of the smart investments you can make as part of your business strategy is more advanced software. Read more about Making a Difference in Field Service Management with Custella. The second step is investing in innovation. Here are some changes digital transformation and innovation can bring for your business:
Cutting down processes: For example, an equipment rental process encompasses multiple elements and individuals involved in the process. This is where digital intervention is vital. Technology for field operations can create a seamless experience from the warehouse to any office, allowing employees the flexibility to utilize the latest equipment and technology without being sidetracked by outdated and lengthy procedures.
Scheduling and dispatching: Digitally transforming the scheduling and dispatching process is essential in oil and gas companies where time and speed are everything. The utilization of field service technology allows employees to stay informed of all data by tracking resources in one unified place. For example, they can track from the field everything they need to know about serialized equipment, the location of warehouses, inspection and maintenance records, and trends.
Invoicing: Invoices are as important for your customers as they are for you. Inaccurate invoicing can cause distrust and friction between companies and customers. You can enhance your invoicing capabilities by reducing customer pushback while supporting the intricacies of each customer’s requirements, lower billing errors, and decreasing payment time. By digitizing the invoicing process, you can store transaction information and updates in a digital space within a matter of seconds.
Collecting Data: The room for inconsistencies or time gaps when collecting data is limited. New technology can make the data collection process more seamless. It can help your employees collect data quickly and accurately online or offline, erasing connectivity or communication issues in the field. Once data is collected digitally, you can start data analytics. Remember, the data is only the beginning of the journey. This is Custella, a field service management software company, that collects, stores, and analyses huge bulk of data to give you solutions and suggestions.
Maintaining Assets: The oil and gas companies are owners and distributors of the most expensive resources in the world. Their assets to manage their resources require digital tools to gather asset data, monitor the condition of assets in the oil fields and gas stations, and remotely understand and assess overall health. Through a digital transformation companies can decrease labor costs, increase asset uptime, and boost economic output.
Reimagine the Future
Digital transformation for the oil and gas industry can help companies go beyond old-school thinking and manual processes to embrace digital tools from the field to the corporate headquarters. With the help of Salesforce, you can have improved process efficiency and less revenue drainage by enabling your field and teams to stay connected from anywhere and everywhere.
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