In today’s complex market – where success is a function of commodity price and operating costs, digital innovation should be the guiding light to profitability and sustainability. Yet lack of innovation in the energy back office, and legacy technology are holding upstream companies back, just as much, as an entrenched mindset and culture of doing things the way they have always been done. Oil & gas organizations large and small are afraid of making the change that will ultimately allow them to operate more efficiently, build business resilience, and unleash the potential of their workforce, by eliminating the data and “cultural silos”. Instead, many E&Ps are choosing to maintain the status quo and kick the can down the road exposing them to the risk of market fluctuations, and of being outperformed by their peers who have modernized their accounting, land management, production operations, and tax and regulatory systems.
Resisting breaking free of legacy systems is like handcuffing the organization to the past. It only compounds the crippling effects of legacy technology on your organization. Organizations must have a digital transformation strategy to survive. But what is the right time to make the switch and begin the digital transformation journey? Read on to learn and identify the critical warning signs of legacy software, and how your organization can overcome the resistance to change.
The following sections provide a complete roadmap – including action plan checklists – to help you navigate and close the widening capability chasm caused by legacy systems that have stranded your organization with under-powered technology while enabling your competitors to outperform and shrink costs. For companies who successfully execute and sustain digital transformation, the payoff is big, including increased business performance, agility, and millions in annual cost savings