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Tech Trends 2020: An oil, gas, and chemicals (OG&C) industry perspective

OG&C companies are using technology to survive and thrive

The technologies that enhance our organizations are more powerful and essential than ever. At Deloitte, we are aware that OG&C companies are battling a two-pronged crisis: combating demand and price shocks and navigating the impacts of the worldwide pandemic. Forward-thinking OG&C companies are exploring technology levers to survive the crisis and position them to thrive when conditions turn favorable.

Technology trends facing the oil, gas, and chemicals industry

This OG&C-specific take on Deloitte’s Tech Trends 2020 report spotlights the technology trends we expect to cause industry disruption over the next 18 to 24 months and explores OG&C companies’ readiness to take advantage of them. Leaders should review any gaps to assess where to focus their energies over this time horizon.

From the growing use of digital twins to realizing the power of the Internet of Things (IoT) to the urgency of addressing the ethical issues associated with disruptive technologies, the trends we explore will have profound implications for businesses, stakeholders, governments, and society in the months and years ahead.

Macro technology forces

For a decade, we’ve been tracking the emergence and eventual ascent of digital experience, analytics, cloud, digital reality, cognitive, blockchain, the business of IT, risk, and core modernization. To realize the full promise of these macro forces, organizations are exploring how they intersect to create more value, as well as new ways to manage technology and the technology function.

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Ethical technology and trust

In a growing trend, leaders are reevaluating how their products, services, and the decisions they make—around managing data, building a partner ecosystem, and training employees, among others—build trust. In this light, trust becomes a 360-degree undertaking to ensure that the many dimensions across an organization’s technology, processes, and people are working in concert to maintain the high level of trust expected by their many stakeholders.

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Finance and the future of IT

As technology strategy has increasingly become a core part of business strategy in organizations, IT will need finance’s support to effectively rethink governance of technology innovation, adapt to agile methodologies, and secure creative capital. The transition will not happen overnight, but there are strong incentives for both CIOs and CFOs to find ways to effectively fund innovation.

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Digital twins: Bridging the physical and digital

Organizations are finding that increasingly sophisticated simulation and modeling capabilities, better interoperability and IoT sensors, and more widely available platforms and tools are making it possible to create simulations more detailed and dynamic than ever. As capabilities grow, expect to see more organizations use digital twins to optimize processes; make data-driven decisions in real time; and design new products, services, and business models.

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Human experience platforms

A growing class of artificial intelligence (AI)-powered solutions is redefining the way we experience technology and bolstering demand for systems that better understand and appropriately respond to humans. By combining AI, human-centered design techniques, and neurological research, human experience platforms will be able to recognize a user’s emotional state and the context behind it, and then respond appropriately.

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Architecture awakens

To remain competitive in markets being disrupted by technology innovation, organizations will need to evolve their approaches to architecture. A suggested first step is to move the most experienced solution architects into software development teams that are designing complex technology. Investing in and promoting architecture’s strategic value enterprise-wide can evolve this function into a competitive differentiator in the digital economy.

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Horizon next: A future look at the trends

There’s growing interest in looking beyond what’s new to what’s next. Leading organizations take a programmatic approach to sensing, scanning, vetting, experimenting, and incubating future macro technology forces. In a world of seemingly infinite unknowns, it is possible to focus attention on a meaningful collection of known technologies that, taken together, can help chart a path to the next horizon.

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Learn more about Tech Trends 2020