Digital finance is transforming ‘how’ and ‘what’ services are being delivered to business leaders in oil and gas, a report said, noting that new processes are enabling a cross-functional, collaborative workforce capable of delivering greater insight.

The traditional ways of working are being fundamentally altered, and executives are seeking to refocus their people from routine data-gathering to value-added analysis, thereby paving the way to greater value, added the report titled “Think Bold to Lead: Oil and Gas CFO Digital Survey” from Accenture, a global management consulting and professional services firm.

In light of multiple digital advances, Accenture engaged a third-party research agency to conduct a global study of chief financial officers (CFOs) in 80 oil and gas companies.

Companies employing digital finance who surpass their peers in value creation have leading capabilities, such as:

• Provision of new services made possible by digital technologies

• Closer collaboration with the business

• Ability to drive value from multi-speed IT—developing core systems such as ERP combined with emerging technologies such as artificial intelligence (AI).

Five key insights emerged from Accenture’s analysis of the data:

1. Maturity in digital finance is unlocking multimillion-dollar value in oil and gas

2. New services and analytics are helping tackle major challenges

3. Digital investments and organizational changes are redefining the finance workforce

4. Investments in analytics, ERP, automation and AI are creating leaders in digital finance

5. Barriers and risks: implementation costs, skills shortages and cybersecurity.

The leaders are redefining the role of finance as a strategic advisor to the business, providing forensic-level insights and predictive foresight to inform better business decisions. They are also implementing efficiency improvements to support profitable business growth. – TradeArabia News Service