Where Utilities Should Focus in 2024: Decarbonization and Cost Takeout
Looking ahead to 2024, we see a return to normalcy for utility leadership. One big exception here is the wildcard of generative AI.
Oil & Gas companies are taking a hard look at how they can transform their energy portfolios to decarbonize, increase value and prepare for increasingly stringent regulations. The energy company of the future will need to embrace engineering technology to solve business problems. This will require the deliberate convergence of operational technology (OT) and information technology (IT).
Digital transformation will continue to be a top priority for Oil & Gas companies in 2023. A strategic digital journey will include thoughtful implementation of digital technologies – including analytics, machine learning, artificial intelligence and big data sets. And if that’s not enough, companies will also need to prioritize cybersecurity and wise cloud adoption.
Decarbonization within the Oil & Gas industry is picking up steam, and like Utility CIOs, the impacts decarbonization will have on their digital strategies will impact their goals and spending in 2023. An aging workforce and an inability to attract technical talent will force Oil & Gas leaders to make hard decisions about what skills they want to keep in house, what services they want to outsource, and which partners they wish to engage in a strategic relationship.
ISG's full research report on the oil and gas industry is 60+ pages, and gives a thorough comparison of needs, trends and providers in the industry. To access the full report and a complimentary briefing on it, contact us!