In between Zoom calls, I wonder if this is the crisis for which we have all been preparing. The past few years have been punctuated by digitalisation deals, as companies across the industry have sought to optimise their business.
Lately, many of my conversations with industry stakeholders have revolved around the effect that digital technology has had in softening the impact of the coronavirus pandemic on their own businesses. Certainly, as I type this from my own home, remotely accessing my office desktop, I can see that previous investments into digital technology have likely had a direct impact for most industries. Because of the complex nature of the upstream segment, you can multiply that impact by 100 for producers.
Companies that can oversee their entire value chain from one room, or control functions in the field remotely, have inadvertently prepared for the pandemic. This just reinforces the importance of digital fluency and integration in oil and gas; yes, I believe most companies in our industry would benefit from digitalisation, but it is equally important that they invest in the right technologies. Those who took a risk and bought in early are reaping the benefits now.
Not so long ago, digital technology seemed to be a frivolous expense. Today, industry leaders count it as an essential factor in their continued stability.