DTN Study Highlights Digital Modernization as a Leading Indicator for Incremental Downstream Oil and Gas Industry Revenue Growth
New research from DTN and Forrester points to priorities in digitization and improvements in operational agility to help drive revenue and better protect business continuity along the oil and gas supply chain.
BURNSVILLE, Minn.–(BUSINESS WIRE)–A new study released today by DTN, a leading data, analytics, and technology provider to the energy sector, shows that two thirds of downstream oil and gas decision makers agree that operational inefficiencies from manual offline tasks and disconnected data negatively impact their profit margin. Those same decision makers admit, by the same margin, that failing to invest in digital modernization is a “significant risk” to the future of their company.
The downstream oil and gas industry is at a digital crossroads. Opportunities to improve efficiency and agility as well as decision accuracy are intersecting with the need to transform an interdependent, yet still highly manual supply chain. According to the study, more than 70% of decision makers at downstream oil and gas companies recognize digital modernization’s importance for the industry and their own business goals. For those leaders, the study shows that industry digitization prioritizes better sharing and distribution of data and driving real-time operational improvements from data analysis.
“The outlook for downstream oil and gas is constantly in flux, which is why the digital integration of more timely and holistic data can make a meaningful difference,” said Heather Killough, Senior Vice President for Energy at DTN. “The contextual data delivered through our Refined Fuels Demand API has been really successful because it provides near real-time view of local fuel demand and has helped downstream customers who have embraced digitization to capitalize on opportunities not just by the day, but often by the hour.”
With sixty-six percent of respondents agreeing that operational inefficiencies from manual offline tasks and processes cost them valuable profit margin, it’s no surprise that real-time data and market analysis were ranked first and second in the study, as critical elements for better decision making and to improve business results. Market and weather data ranked closely behind.
For those who have invested in digital modernization efforts, nearly half reported improved market analysis and insights on emerging supply trends, as well as better operational efficiencies.
For more insights about the current state of digital modernization priorities for downstream oil and gas companies, read the complete study, Digital Modernization Fuels Downstream Oil and Gas. Learn more about Refined Fuels Demand solutions from DTN.
About the Study:
DTN commissioned Forrester Consulting to conduct an online survey in the fall of 2021 of 308 global technology strategy decision makers at downstream oil and gas companies in the US, the UK, Canada, France, and Germany to understand the state of digital modernization within the supply chain.
DTN – Operational Intelligence for Confident Decisions
As a data, analytics and technology company, DTN delivers operational intelligence to organizations with complex supply chains around the world. We are committed to breaking through the noise and providing operationally-critical, actionable intelligence customers can depend on to drive confident decision making. We have earned our customers’ trust by delivering real-time insights that ensure decisions can be make quickly and confidently. Together with our customers, we uncover new insights and create solutions that improve entire industries. And, we do so while maintaining our independence to ensure our customers can make the right decision for their bottom line, their customers and their employees.
Contacts
Kylie Swanson
Kylie.swanson@dtn.com
952.882.4330
