Integration of Multi-Cloud Livening Up Oil and Gas Industry

CIOReview | Thursday, January 28, 2021

Is the Oil and Gas sector willing to embrace the transformational development that awaits with the integration of multi-cloud?

FREMONT, CA: The oil and gas industry, within its tumultuous landscape, possesses massive potential for improvement, which can be fulfilled by multi-cloud computing. The incorporation of the technology will enhance values levels of the enterprises by helping them to achieve up to 20 to 30 percent reduction in the total cost of ownership. The migration and modernization of multi-cloud platforms will also increase revenues by approximately 25 percent aiding simplification in increased enterprise efficiency and risk reduction.     

Biggest Benefits of Multi-Cloud

It is imperative to leverage the advantage of multi-cloud’s potential to convert challenges posed by oil and gas into opportunities. Multi-cloud not only supports decision making, enterprise efficiency maintenance, and production along with regulatory compliance. The advantages of multi-cloud can be grouped into three main core areas that enable oil and gas enterprises to grow competitive differentiators to draw new talents and customers.

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• Operational Innovation: An easier and quicker process will drive up internal efficiency, reduce costs, and complexity. It enables better governance and provides extensive access to a broader data enriching the risk management, better alignment of IT and digital functions to business requirements.

• Revenue Model Innovation: With immediate monetization effective in customer relationships, and data, time-to-market is enhanced. Relevant partner services are integrated more effortlessly, enabling business users to design prototype applications swiftly.

• Business Model Innovation: The extension of third-party services into the oil and gas sector is welcomed, encouraging open collaboration and sharing. The new types of business can be pursued, and innovation is introduced methodically.

The benefits discussed are conditional as they can only be realized if enterprises recognize the optimum multi-cloud strategy and business models combining with the overall business policy. A strong multi-cloud enables oil and gas enterprises to extract advantages from all benefits of the technology to efficiently migrate from cloud to another without any extra costs or operations that compromise uptime and safety.

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