There is no doubt that the oil & gas industry is being disrupted by COVID-19. Oil prices are volatile, demand is down, supply is up, and storage capacity is limited. In these turbulent times, we need to swiftly act to keep the business viable to come back strong when conditions improve. Digitalization of the value chain, also known as value chain optimization, is an essential part of staying competitive. However, it is also an undeniably complex task, whether we are talking about a single refinery/ petrochemical or a major company with multiple plants, or even an integrated refining and petrochemical operation. Part of the complexity comes from the number of plants and interconnected units, but the other part of the complexity comes from the industry itself, and the diversity of challenges that occurs in different areas of the value chain within each operation. Optimizing the value chain, and deploying a real digital transformation to the business, requires acknowledging this complexity and creating a thoughtful plan with actionable and measurable goals. It is crucial that all departments and different teams across the enterprise are taken into consideration, so their challenges are addressed in the digital transformation strategy, and they are motivated to onboard on a journey that will significant impact the overall business.
