The hydrocarbon business, like many other businesses, is becoming increasingly volatile, uncertain, complex and ambiguous (VUCA).

The tools used to manage and optimize the value chain and the associated assets have not changed significantly for decades and are not fit for purpose in the new VUCA world. This is resulting in a significant loss of value, higher risk and a greater than needed impact on the environment.

Recent developments in technology support the digital transformation of the hydrocarbon value chain by enabling new business models, better optimization, more agility and better execution of plans.

Key technologies enabling this transformation include cloud, big data, AI, mobile, AR, IIoT, autonomous vehicles and operations and blockchain. These technologies can be combined with the traditional solutions to form a digital twin of the value chain including digital twins of the associated assets.

Digital transformation of the value chain enables new ways of working with supply chain partners and new ways of managing and optimizing supply chain and asset operations. This transformation allows real-time optimization of the entire supply chain.

The companies that take this opportunity for transformation most quickly will have a strategic competitive advantage over their competitors resulting in significantly higher returns to stakeholders. This transformation is also critical to the transition to a sustainable energy supply. I look forward to discussing how to apply the latest digital technology to value chain optimization with you.