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In a recent white paper, Digital Transformation Initiative – Oil and Gas Industry, the World Economic Forum in collaboration with Accenture, takes a closer look at Digital Transformation in the Oil and Gas Industry. A part of a broader Digital Transformation Initiative that seeks to look closely at all major world industries and the potential impact of digital transformation, this white paper is built on survey data collected through 2016.

The white paper presents a set of six recommendations for successful digital transformation:

  1. Make digital a priority for senior executives: develop a digital strategy roadmap
  2. Drive a culture of innovation and technology adoption: create digitally powered, multidisciplinary teams
  3. Invest in human capital and development programmes: promote new, digital thinking
  4. Continue to develop digital capabilities: invest, build, buy or partner.
  5. Reform the company’s data architecture: optimize use of data platforms
  6. Invest in the collaborative ecosystem: use partnerships and platforms that work in the sharing economy.

(The World Economic Forum & Accenture, 2017)

In our view the fifth recommendation is of particular importance and the white paper goes on to elaborate on the value of this reformation:

“Data sits at the heart of digital transformation, so the harmonization, integration and interoperability of data platforms are critical to supporting effective decision-making.”

(The World Economic Forum & Accenture, 2017)

Oil platform at dayFor the Oil & Gas industry it is vital that this reformation of the data architecture includes conversion of existing documents and data to digital form. With the long life expectancy of oil installations combined with the large investments made in their construction it is safe to say that the future of this industry is in its past. Unlike some industries, it is not possible or recommended for operators to draw a line and move forward into a digital future, without dealing with the past.

We at Protean, are capable of helping your company make this transition; converting your legacy documents and files to full digital format, as quickly and efficiently as possible. To learn how Protean can help you, please see our previous post – Old Assets, Old Documents –> New Solution!

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