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. Companies that invest in new technology today will be ahead of the competition when the industry recovers. Digitalization of the value chain, also known as Value Chain Optimization is an essential part of staying competitive.
In this whitepaper, we discuss the key components of the Refining and Petrochemical value chain, the common roadblocks faced by companies when attempting to digitalize their processes, and we outline some practical guidelines to create an effective path of Value Chain Optimization, including highlights of real companies’ results on their journey towards successful digital transformation.