Servitization: How it’s fueling change in the oil and gas industry
The concept of servitization is not a new phenomenon. The term was formally defined in the 1980s, but its essence— bundling service packages with products to add value— goes back several decades earlier. Recently, servitization has come to the fore as a shaping force in the oil and gas industry. For companies looking to add innovative service and asset management capabilities to their offerings, the benefits are straightforward.
Adding service has been found to result in:
- 10% annual increase in service revenue
- Maintenance cost reductions of 25–30%
- Reduction of CO2 emissions by 10-15%
Download the white paper to learn how service components are transforming the way oil & gas companies operate.
THE 4 IT TRENDS FUELING THE OIL AND GAS INDUSTRY IN 2017
In an industry where there are still few capital projects being initiated following the 2014 price collapse, and pressure on any new project to deliver cost effectiveness and to stay ahead of schedule, IT is continuing to be a key enabler for upstream oil and gas companies.
The industry considers digitalization as the way for companies, large and small, to work smarter and to do more with less. Hege Wroldsen, Director of the Oil and Gas Center of Excellence at IFS, outlines four key trends that are transforming the oil and gas industry in 2017. Visit the IFS Blog to learn more.
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