Businesses today are directing their investment toward optimally utilising their resources and deploying technologies accordingly. Following a similar approach, the energy sector is also relying on technology to utilise resources in the most judicial and cost-effective manner. Moreover, having gone through a paradigm shift in the recent past, enterprises in the energy sector are now implementing advanced automation tools, leaving behind outdated technologies to make use of renewable and non-renewable resources. However, the speed of change is more important than the change itself to see sustained returns and capital discipline.
Speeding-Up Business Processes with IT Solutions
During the past decade, enterprises have realised that the adoption of information technology (IT) solutions is the only way to ensure business success. Alongside this, it has also become evident that merely having traditional IT infrastructure is not enough as it is slow-moving and risk-averse. And the shortcomings caused by these archaic technologies ultimately reflect on how the company performs in the market. Hence, it is becoming seemingly more important to encourage the use of advanced IT resources, which are bringing more flexibility and efficiency in an organisation. This can not only help organisations differentiate themselves in the market and maintain powerful strategies but also retain and expand their customer base.
So, the focus is entirely on positioning a skillful digital strategy. At Petrofac, our digital strategies have three traditional pillars: digital for customer, productivity, and culture. For customers, we are building several new products that can help them differentiate and augment both their services and our offerings, simultaneously. With technologies like internet of things (IoT), artificial intelligence (AI), and machine learning (ML), we are making pathway to executing global projects. And that is giving us more insights into the market, making it easier for us to leverage more enhanced technology for optimizing our in-house assets.
With digital transformation being imperative for all businesses to move away from manual processes, we are in a continual effort to stay in pace with it. We started as an organisation with absolutely no digital infrastructure, and today we have transformed into a well-established enterprise with cutting edge IT infrastructure. We have helped some of our clients come up with 12 products, and three of them have been monetised. So we have crossed several hurdles and moved past them quickly. One of our IoT-enabled products is deployed in the construction sector, and we have been able to craft it and apply it to various remote construction sites.
Rolling Out a Roadmap
In the near term, our focus is on increasing productivity, to take a much broader approach to survive and create long-term value. In order to maintain that, we are aggregating technologies like cross automation, data analytics, and integrated planning, which is helping us execute strategies better, reduce defects, retain employees, and expand market instruction. We are also planning on exploring the realm of blockchain to try and find newer possibilities in the supply chain and much more.
Word to the Wise
Keeping in line with the growing energy-tech industry, a CIO needs to transform into a business leader with a trove full of new and innovative ideas rather than merely functioning as a technologist. It is imperative for CIOs to have a strong knowledge of their company and the market as well. Thinking of the right way to deploy a technology and infusing value into their brand are some of the areas a CIO should prepare to champion. There is a pressing need for digital disruption, and an inspiring CIO should understand this at the earliest while also leading their team toward a similar direction. Personally speaking, for almost 15 years of my career, I have also followed the same methods while helping companies retool their technical teams and ecosystems.