Most large organizations worldwide realize that digitization, automation, and artificial intelligence have arrived. It’s no longer a question of “if” or “when” they’ll make an impact on production, innovation, and HR. No, this Fourth Industrial Revolution is here and accelerating at a mind-boggling pace. But while most technology-heavy industries are embracing this future, many in Energy are waiting.
In the following Mercer Point of View, we guide the reader through the early stages of this truly revolutionary time, in which history will show that those who scaled the precipice of digital transformation will have come out ahead. Those who failed to adapt, redesign, hire the right talent, and upskill current employees will be left behind.
This article is based on recent research that shows how Energy companies understand the importance of digitization and implications for their organizations, yet many are either moving slowly or not at all. We further highlight six digital-specific challenges facing Energy companies; tangible solutions that can make you competitive in the fight for new technology, innovation, and the people to power it; and next steps that can thrust your organization into the future.
Did You Know? Although more than half of surveyed Energy companies say their greatest challenge is enhancing their employees’ digital knowledge, only 32% are pushing the digital transformation strategy aggressively with increasing levels of investment.