A new study from IDC showed that projects have slowed down and the majority of companies have shifted their attention to developing a sustainable cost and productivity strategy on the back of a drop in oil prices.
Companies are now taking a practical approach to modernizing their IT environment and doing all they can with what they currently have.
The approach is to tune existing applications and processes to realize a solid IT foundation for each business unit.
In addition, companies are updating and replacing specific applications that help automate and optimize processes and workflows where applicable.
“Oil and gas companies are faced with intense pressure to deal with low oil prices. Now is a good time to tighten the belt and focus on becoming more efficient and working smarter,” said Chris Niven, IDC Energy Insights Research Director.
Niven added that the companies that will survive and prosper are the ones that know how to leverage enabling technologies like cloud and mobility to help automate and optimize processes and apply analytics to improve operations output. If a company does not have operations excellence, they need to get it.
Further, the report showed that the number of mobile applications is growing rapidly along with moderate cloud growth as companies realize the value of rapid application development and deployment moving to the 3rd Platform.
According to the report, another reason for building a solid IT foundation is to develop a big data and analytics platform on top of reliable systems to efficiently and effectively organize and manage critical data from multiple sources.