Industry Talk "Digital Reshaping the Industry Sector"

18 May 2018

In conjunction with its 32nd Annual General Meeting, MGA conducted its Quarterly Industry Talk immediately after the meeting themed “Digital Reshaping the Energy Sector’. New digital technologies and business models are creating waves of disruptive forces that could fundamentally change the way businesses are done. Hence having a good appreciation of what lies ahead is very crucial for business to remain agile and value-driven. Presenting on how digitalization is reshaping the energy sector was Wan Shamilah Wan Mohd Saidi, Chief Digital Officer of PETRONAS, who approached the topic from the user perspective. Rounding it up from the consultants’ viewpoint was Chung Yen Wong, APAC Director, Accenture Trading, Investments & Optimisation Strategy (ATIOS), ACCENTURE who talked about Digitalization & Analytics in Oil & Gas: The Margin Advantage”.

Wan Shamilah’s presentation was on the very theme itself “Digital Reshaping the Energy Sector”. She said that we are now in the 4th industrial revolution, where technology is allowing the convergence of physical and digital worlds and changing the way we work and how businesses operate. At PETRONAS, the objective is to make digitalization so entrenched in the way the organization operates that it becomes natural and intuitive such that a CDO would eventually not be needed. It is very much outcome-led and aimed at solving business problems. Wan Shamilah emphasized that digitalization is about transforming the culture and mindset while technology is just a consequence of that.

Chung Yen Wong from Accenture presented on “Digitalization & Analytics in Oil & Gas: The Margin Advantage”. He commented that what differentiates leading organizations to their chasing peers is that the leaders actively maximise their data to create insights and drive digital transformation. He added Accenture’s research shows that digital transformation would add US$ 3 trillion to the energy sector. The commercial area within energy players significantly lag behind in digital transformation compared to other aspects of the company such as asset execution and corporate and support services. There are many ample opportunities in this area for digitalization and analytics, which is expected to be the next wave of adoption. In closing, Wong stressed that digitalization and analytics can be applied across all spaces of a company and not in just in the traditional focus areas.