The Future of Oil & Gas: Digital Transformation
Craig Stillwagon
Transformation Sales Leader | Published Author
February 10, 2023
Oil and gas companies are rapidly embracing new technology trends to streamline their processes, reduce costs, and increase efficiency. One such trend is nearshore software development, which is the outsourcing of software development services to countries that are geographically close to the company. This has the potential to bring a significant impact on the business and digital transformation of oil and gas companies. In this blog, we’ll explore the value of nearshore software development and how it’s changing the game for oil and gas companies.
Why is nearshore software development becoming increasingly popular?
According to a study by the National Outsourcing Association, businesses that choose to outsource their software development to nearshore locations save up to 60% on costs compared to onshore outsourcing. This is due to the lower cost of living and lower wages in nearshore locations, which means that companies can get more bang for their buck when it comes to software development services. Additionally, nearshore locations often have a strong pool of talented software developers and a deep understanding of the latest technology trends, which means that companies can access high-quality software development services at a more affordable price. Often overlooked is the benefit of a better understanding of the culture and nuances in written communication and the language.
Another major benefit of nearshore software development is that it allows companies to build and maintain close relationships with their software development teams. This is particularly important in the oil and gas industry, where digital transformation and the use of technology are critical to success. With nearshore software development, oil and gas companies can work closely with their software development teams, ensuring that the technology solutions they receive are customized to their specific needs and goals, while maintaining required security protocols.
The impact of nearshore software development on the oil and gas industry is evident in the recent success of industry leaders. For example, ExxonMobil, one of the world’s largest oil and gas companies, has embraced outsourced software development to help them with their digital transformation efforts. According to ExxonMobil’s CEO, Darren Woods, “The future of the oil and gas industry lies in digital transformation. By embracing technology and innovative solutions, we can streamline our operations, increase efficiency, and ensure a sustainable future for our industry.” According to a recent survey by Accenture, 90% of oil and gas companies believe that digital transformation is critical to their future success.
Nearshore software development is a valuable tool for oil and gas companies looking to improve their digital transformation efforts. With its cost savings, access to talented software developers, and the ability to build close relationships with development teams, nearshore software development is helping oil and gas companies to stay ahead of the curve and make the most of the latest technology trends.
Sources:
National Outsourcing Association study on the cost savings of nearshore software development
ExxonMobil’s CEO, Darren Woods, on the importance of digital transformation in the oil and gas industry
Accenture survey of oil and gas companies