IDC: Business Process Optimization in the Oil & Gas Market
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Jill Feblowitz, VP of IDC Energy Insights shares her insights into the challenges currently facing the Oil & Gas industry including current trends she has seen emerge as a response to these challenges.
The energy supply chain is expected to change radically with a new emphasis on performance, given the high cost of pursuing new resources. At the same time, advances in the "four pillars" of IT — big data, mobility, cloud, and social business — are offering new opportunities for optimizing business processes across all vertical markets. In this context, the oil and gas industry has been re-evaluating its core business processes in select areas such as capital projects and safety. But there are many other opportunities for business transformation. Aligning information technology with business processes, not only in these areas but across the board, is essential to achieving needed efficiencies. There is a need to use business process management tools to orchestrate operational procedures that span both operators and suppliers in the complex oil and gas ecosystem. These tools will allow changes to be made in processes that are automatically reflected in changes to integration between applications such as ERP, work and asset management, and project portfolio management.