Business Strategy: The Impact of Lower Oil Prices on Oil and Gas IT Budgets Is Not as Much as Expected
This IDC Energy Insights report examines the impact of low crude prices on oil and gas companies' IT budgets. The report is based on an IDC Energy Insights flash poll from February 2015 of CIOs from 20 non-OPEC oil and gas companies — Oil & Gas CIO Survey. The report serves as a guide to understanding: what oil and gas sector's IT investments are most impacted and what technology investments companies are making to mitigate lower oil prices. Essential guidance is provided on planning within the context of uncertainty.
According to Chris Niven, research director, IDC Energy Insights, "The impact of lower oil prices on oil and gas IT budgets is not as much as expected, and cuts are not across the board as oil and gas companies are more strategic and disciplined about reductions. The challenge for CIOs is to understand the company's plans going forward and present the role of IT to help successfully implement these plans. Focus on immediate goals and objectives and identify what resources and tools are necessary, and be prepared to cut, reduce, and postpone investments to accomplish these goals in the short term. Identify which IT areas are core to the business and identify which can be outsourced and which can be dropped."
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