The energy industry is constantly evolving, and at Quorum, we make it our mission to stay at the forefront of technology, offering cutting-edge solutions to improve operational efficiency for our customers.
In 2017, we laid the foundation for a successful 2018 by partnering with Microsoft, launching our latest innovation, myQuorum Design Studio, revealing our take on the Modern Energy Workplace, and acquiring WellEz.
Through our work in 2017 to modernize the energy industry and introduce digital transformation to our customers, we’ve learned three key takeaways that will continue to drive our business efforts in the New Year.
1. Operational efficiency isn’t just an approach to take in difficult macro environments; it’s the new corporate paradigm for how a company should run — lean and efficient.
Business, data and application silos must evaporate for energy industry business to operate efficiently in 2018. Only when there are no apparent lines of demarcation between departments and information will companies understand where excesses can be cut, where optimizations can be applied, and when new opportunities to do either will arise.
Technology must empower business users. The digital tools a company utilizes should allow the user to be more productive by delivering ongoing and actionable insights. Additionally, these tools should grant the user access to clean and consumable data.
2. The modern business landscape requires companies to adapt quickly and frequently to changing demographics, regulatory compliance, and financial or technological dynamics. Business agility is now a driving force in long-term success and survival.
The shifting global economy is driving changes in supply and demand of energy and companies must be able to act on those at a local and global scale. Legal and regulatory regimes, tax codes, and financial markets are constantly shifting, irrespective of jurisdiction, and require companies to act rapidly and decisively to mitigate risk and take advantage of revenue opportunities when they arise.
Digital technologies like cloud enable companies to experiment, iterate and move faster than we’ve ever seen. Cloud software can connect the field to the back office with real-time information so all the data that’s captured is available for use in critical situations, from allocating to accounting, in near real time.
3. The Modern Energy Workplace is not a “once in a cycle” event or destination. Companies need to look at the Modern Energy Workplace as a guide for building out their corporate culture, technology stacks, and approaches to solving business challenges.
The Modern Energy Workplace is a cloud-based, mobile, and collaborative workplace characterized by a spirit of innovation that drives technology adoption, experimentation and creative problem solving across the entire energy value chain. In short, it is the culmination of all changes affecting companies and the driving force of Quorum’s efforts in 2018.
As we look to the future of both our business and the industry, we view the Modern Energy Workplace as a means to help companies extract the most value from their operations, regardless of commodity prices or the business environment.
That being said, the Modern Energy Workplace requires companies to adopt a culture that pairs with technology to better seize the benefits of software and hardware advances. To do this, companies must embrace ever-evolving technology and younger generations who work and think differently than their older counterparts and who can offer new solutions to old problems given their unique perspective and technological prowess.
As 2017 comes to a close, we’re excitedly looking ahead to 2018 and all the year has in store. In the New Year, our goal is to continue to fortify our standing as the most innovative software company for the entire energy industry.
Looking to learn more about digital transformation in the New Year? Attend Qnections, our annual conference, at which leading industry experts continue the conversation about enabling energy companies (including both our customers and potential customers) to embrace technology in 2018 and beyond: www.quorumsoftware.com/qnections
I can’t wait to see everyone there.
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