Quorum Releases "Modernizing Oil and Gas: Insights on the State of the Industry" eBookApril 15, 2020
Data Shows Only 13% Of the Oil and Gas Industry’s Leaders Believe They Are Adopting Tech Fast Enough to Succeed
HOUSTON, April 15, 2020 – Quorum Software (Quorum), the leader in digital transformation for the oil and gas industry, today released the findings of their research in "Modernizing Oil and Gas: Insights on the State of the Industry," which analyzed the attitudes and viewpoints of IT decision makers (ITDMs) in the Oil and Gas industry against other industries in order to better understand the gap in the adoption of technology that has been proven to drive more efficient and agile operations. Studying industries that are further along their modernization journey can serve as a model on how their businesses could create a competitive advantage through technology upgrades and integrations.
As the industry looks to improve efficiencies across every aspect of their organizations, updates to technologies and processes can help future-proof their businesses. The report polled 400+ IT decision makers (ITDMs) from various industries, along with Oil & Gas decision makers (O&GDMs), to shed light on how Oil and Gas companies can use lessons learned from other industries to create their own technological roadmap. Quorum’s research revealed the following trends:
- While more than a third of O&GDMs polled say their industry lags others in technology, nearly all admit that companies who don’t embrace tech advances will not succeed
- Oil & Gas sees itself as behind the times in technology adoption in the workplace. While nine of ten ITDM leaders say their industry is at the top of its game in this area, only 63% of O&GDMs feel this way The divide between the two groups is even more stark when you look at the intensity of responses: 47% of ITDMs strongly agree their industry is at the top of its game compared to just 9% in Oil & Gas
- More than 90% of ITDMs say outdated technology makes their job harder
- 95% of ITDM respondents say they’re satisfied with the technology they have at work to get their jobs done while just 71% of O&GDMs agree
- Four of five O&GDMs think employees will leave without access to sound technology
- While more than 90% believe spending money on technology will lead to more success, nearly three in five O&GDMs worry they don’t have the resources to make proper tech investments
- Half of ITDM leaders (51%) say their companies are definitely adopting new technologies fast enough to be competitive while only 13% of O&GDMs agree
“The climate within our industry has changed as plunging crude prices have forced companies to scramble to generate profit from existing assets. The days of relying on ever-increasing supplies and consistently high revenues are over – or at least on hold,” said Gene Austin, chief executive officer of Quorum. “The good news is businesses don’t need to overhaul and disrupt their current status quo, they need to modernize it. As the industry enters a new era, we’re excited to help companies innovate with new technologies that not only optimize their current operations but directly impact their bottom lines.”
Quorum provides integrated solutions for its customers’ core processing demands across the upstream, midstream and downstream segments of the oil and gas value chain. The company’s portfolio of innovative software addresses a broad spectrum of energy companies’ needs, from operations to accounting, plant management and financial forecasting. Quorum is the preferred software provider to over 75 percent of the largest oil and gas producers in the United States, and its technology powers 80,000 miles of pipeline and accounts for 80% of all natural gas processed in the U.S.
For more data and takeaways from this research, please visit Quorum Software’s report, found here.
About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations and accounting solutions that empower our customers to streamline operations that drive growth and profitability across the energy value chain. From supermajors to startups, from the wellhead to the city gate, energy businesses rely on Quorum. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to drive innovation. We’re helping visionary leaders transform their companies into modern energy workplaces. For more information, visit www.quorumsoftware.com.