According to one definition, “Digital transformation is the profound and accelerating transformation of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across society in a strategic and prioritized way, with present and future shifts in mind.”
According to one advisory firm, “The upstream oil & gas segment alone has seen CAPEX reduced by over $700 billion in the last three years. Well over 100 companies have filed for bankruptcy, layoffs exceed 400,000 and a wave of consolidations have created an environment in which companies are more open to embracing new technologies and changing cultural mindset to realize Operational Excellence.”