As economies slow down or even come to a halt due to work and travel lockdowns, the demand for oil, natural gas, electricity and other commodities also diminishes.
Energy businesses are among the hardest hit by this pandemic. Manufacturing and other industries that used to guzzle up energy have come to a standstill. Crude oil prices slumped to their lowest in 17 years while futures contracts plunged to the negative territory at -$37.63 a barrel. The ongoing price war between major producers Russia and OPEC adds fuel to the fire.
As economic uncertainty forces energy companies to become more capital-efficient to survive these trying times, they look to digital tools and practices to streamline operations and minimize losses.
The question is, how digitally ready is your energy company?
According to a study by Deloitte, the energy industry is at the very bottom of the barrel. The Oil & Gas and Power & Utilities sectors are in last place when it comes to digital maturity. Although known for utilizing advanced tools and machinery at the core of operations, the industry has fallen behind in terms of leveraging real-time insights and data. In other words, energy companies have not fully digitally transformed. The industry is losing trillions of dollars in potential revenue as a result.
Energy companies have started to let go of employees, with reports of 6,000 job cuts in a single day. The IT department — which provides digital capability tools to the entire organization — is not exempted.
So while IT resources shrink, the demand for digital apps continues to grow. How then will you address the need for custom applications with limited manpower?
Maximize your existing resources by leveraging low-code development. In our research, we found that 63% of low-code users are more equipped to fulfill the demand for custom apps, compared to only 41% for those that don’t use low code.
Put simply, businesses that leverage low code have greater success in keeping up with the demand for application requests across the business, and typically deliver custom apps on time, scope and budget.
Energy companies must turn to digital solutions to become efficient. Automate workflows and reduce manual processes. Monitor metrics in real-time and react as necessary. Where do you begin? Start digitally transforming amid the pandemic by leveraging Caspio.
Develop custom applications 10-20x faster than traditional methods. Use our all-in-one low-code platform to build all the custom applications you need to turn your energy company into a capital-efficient business today.
Want more ideas on how to spur digital growth in your energy company? Schedule a free consultation now.
The energy industry generates large amounts of data but less than 1% of it is used for analytics and decision-making.
With today’s volatile market conditions, energy companies simply cannot continue operating without leveraging real-time insights for decision-making.
Use Caspio’s integrated online database to centralize all your data from MS Access, Excel and other disparate sources. Migrate it to the cloud to make company data available anywhere. Then, build cloud applications on top of your online database to enable secure, real-time access to company information, giving you the power to make rapid, data-driven decisions for business agility.
With Caspio, create business dashboards, service request trackers, inventory management tools and all the cloud applications you need — without having to write code.
Use Caspio to digitally transform your energy business. Find out why companies in the energy ecosystem love working with us, and why we have 5-star ratings on Gartner and Capterra.