How Upstream Operators Should Survey Their Digital Journey
In the context of an extremely hard economic downturn, companies of affected sectors such as upstream oil and gas operators are facing extremely tough decisions to reduce their capital and operational expenditures. As discretionary spending is virtually eliminated and reorganizations distract the company while the headcount is reduced, it is a challenge to optimize short term financial performance while setting the company up for long term prosperity.
It is now broadly asserted that the companies who will survive and thrive post the present recession will be those that have embraced a digital mindset. For example, a recent survey has shown that 80% of the respondents would gladly alternate working from home and at the office. Many experts foresee the continuation of social distancing for another 12 to 18 months. This means companies will not be able to allow all of their employees to stay in the office at the same time, for at least the coming year, and will have to adopt digital processes to handle this transition period.
As the saying goes, there is nothing more definitive than a temporary solution!