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Quorum Software releases findings of industry research

Published by , Editorial Assistant
World Pipelines,

Quorum Software (Quorum), the leader in digital transformation for the oil and gas industry, has released the findings of their research in ‘Modernising Oil and Gas: Insights on the State of the Industry’, which analysed 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 modernisation 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 organisations, updates to technologies and processes can help future-proof their businesses. The report polled 400+ ITDMs from various industries, along with oil and 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 do not embrace tech advances will not succeed.
  • Oil and gas sees itself as behind the times in technology adoption in the workplace; while nine of ten ITDMs 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 and gas.
  • More than 90% of ITDMs say outdated technology makes their job harder. o 95% of ITDM respondents say they are 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 do not 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 modernise it. As the industry enters a new era, we’re excited to help companies innovate with new technologies that not only optimise their current operations but directly impact their bottom lines.”

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