Companies operating in the oil & gas, energy and chemicals industries met in Calgary, Canada in June at the Operational Excellence in Energy, Chemicals, & Resources conference to discuss how they can realize operational excellence even in challenging times. The upstream oil & gas segment alone has seen CapEx reduced by over $700 billion in last three years. Well over 100 companies have filed for bankruptcy, layoffs exceed 400,000, and a wave of consolidations have created an environment in which companies are more open to embracing new technologies and changing cultural mindsets to realize operational excellence.
Impact of Digital Transformation on Innovation and Operational Excellence
Raja Banerji, Chief Marketing Officer, Manufacturing, Life Sciences, Energy & Resources, TCS kicked off the two-hour Digital Transformation track (which TCS sponsored) by highlighting the company’s extensive capabilities in empowering companies to achieve operational excellence. Mr. Banerji also highlighted several industry sources that provide strong indications that digital transformation and the technologies that empower it are here to stay.
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Keywords: Analytics, Digital Transformation, IIoT, Oil & Gas, Machine Learning, Oilfield Operations, Tata Consultancy Services (TCS), ARC Advisory Group.