Open banking, a platform-based business approach, has recently become a buzzword in the financial services industry.
The upstream Oil and Gas industry had several knottier issues to be solved when the era of Digital Transformation started flourishing. Many supply management systems were manual and outdated. A vast ocean of data was unutilized. High levels of business complexity compounded risks. Investments were unreasonably high. Resisting the global price slump was another problem to live through. Digital Transformation in upstream O&G was a colossal task and seemingly impossible.
However, with a shift in mindset, the upstream Oil and Gas industry is weathering the turbulent past. New digital technologies, such as Blockchain, Machine Learning, Artificial Intelligence, and the Internet of Things (IoT) are providing a level playing field to the sector and helping it come of age. While there’s no doubt that the upstream O&G is still struggling in the face of considerable headwinds from internal and external challenges, the broad contours of the industry spell optimism.
This whitepaper discusses:
1. Digital transformation in the upstream O&G industry
2. The promise of new-age digital technologies in shaping sector’s strategies
3. How the industry is pushing its growth imperative towards holistic transformation