Energy companies are facing significant market challenges that require changes to their business models. In addition to unstable commodity prices and shifting regulations, industry experts have identified three significant drivers that companies must address in order to adapt to a new energy marketplace. Improving business agility, increasing operational efficiency, and adjusting to a changing workforce are the leading areas of consideration for new investments in technology. As highlighted in a Microsoft and Accenture sponsored report, 80 percent of oil and gas professionals surveyed plan to invest the same or more in digital technologies over the next three to five years. With these investments companies are seeking faster, better decision making and more efficient workforce. The goals are faster, informed decisions with a more efficient workforce.
Business agility is a necessity for companies as they look for ways to adapt to this changing market. Businesses are not only tightening controls over expenses but making significant reductions in capital expenditures, some as much as a 20 percent. These cuts are in addition to those made in 2015 and less risky projects that maintain margins are taking priority.
Meanwhile, according to a KPMG survey, CEOs consider acquisitions the best avenue of growth over the next three years. Many companies are taking advantage of underpriced, distressed players in this unstable market and these acquisitions require agility to integrate assets and operations with minimal cost.
Meeting the mounting demands of changing regulations, driven by political shifts and constant pressure from the Environmental Protection Agency, requires agility and an ability to clearly understand the impact on operations. To be successful, technology investment must enable companies to quickly respond to business opportunities, easily adapt to changing regulations and provide oil and gas professionals greater visibility into operations and associated expenses.
While depressed commodity prices continue to deteriorate profits, companies must determine new ways to meet financial objectives with fewer resources. Streamlining and automating operations are imperative as companies combine workflows and minimize manual processes. Along these same lines, data visibility has become essential for success. Decision makers need better and timely access to operational data, allowing more intelligent decisions to take advantage of opportunities that drive efficiencies.
The final trend, the changing workforce, is the direct result of the event commonly referred to as the “Great Crew Change.” American Petroleum Institute expects over 50 percent of the workforce to retire within the next 5 to 10 years. With this shortage of technical talent and capability, energy companies must consider new ways of attracting and retaining new hires as well as quickly educating them. In addition, this workforce has different expectations than their predecessors. This group requires anytime, anywhere access along with work environments comparable to the consumer-like applications they are accustomed to on their smartphones. This incoming workforce looks at technology differently and companies must address this to lure these prospects to the energy industry.
Quorum, the market leader, helps customers meet these business challenges by delivering the first persona-based platform in the industry. myQuorum simplifies complex business processes with personalized personas that improve efficiency, increase productivity, and decrease training costs by bringing disparate workflows and systems together into one cross-functional user experience. Through built-in automation, myQuorum personas streamline work based on employee roles and responsibilities. Energy companies get a modern, mobile and personalized user experience that takes full advantage of their underlying Quorum applications—functionality, security, data, and compliance—which have a proven, 20-year track record.
Although commodity prices are low, the time to innovate is now. By taking advantage of digital technologies, energy companies will improve their efficiency and agility, while providing users with tools that make them more productive and let them work anytime and anywhere.