How Oil And Gas Can Benefit From The Platform Economy

From my experience helping executive teams transform their businesses, it’s clear to me that one critical innovative model that remains largely underdeveloped in the oil and gas sector is the platform business model. 

Oil and gas companies collect a significant amount of data. “A single drilling rig at an oilfield, for example, can generate terabytes of data every day, according to OilandGasMiddleEast.com. So creating a platform that can consolidate and share that data — within the operating company but also potentially with other companies and original equipment manufacturers — can create a rich data set that can enable the application of advanced analytics to predict failure, optimize performance and ultimately generate revenue and value.

According to a white paper published by the World Economic Forum ”digital transformation in the oil and gas industry could unlock approximately $1.6 trillion of value for the industry, its customers and wider society.” The future is ready for oil and gas — it’s up to the industry to meet it.

More in my latest article for Forbes here.

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Lital Marom is a thought leader on agile business processes, digital transformation and the future of work. She is an expert at helping organizations unlock the potential of their business by leveraging emerging technologies and new business models. She inspires and guides business leaders to “disrupt themselves” , think BIG and act FAST so that they will push beyond their limitations to future proof their business.