Petroleum markets must shift from an era of “organizational centricity,” in which companies and service providers largely defined what to produce and market to customers, to one of “individual centricity,” in which tech-savvy consumers demand customized engagement and experiences.
Today’s global petroleum industry is best understood within what we call the everyone-to-everyone (E2E) economy. The E2E orchestrated, based on business ecosystems that are both collaborative and seamless; it is contextual, in that customer and partner experiences are calibrated and relevant to their specific actions and needs; it is symbiotic, in that everyone and everything, including customers and businesses, are mutually interdependent; and it is cognitive, characterized by data-enabled, self-supported learning and predictive capabilities.
In cooperation with the IBM Institute for Business Value, we surveyed 600 global executives in the chemicals and petroleum industries. Responding executive roles included COOs and CIOs, and their direct reports. In total, 300 petroleum respondents participated in the study – 26% from North America, 5% from South America, 33% from Europe, 11% from the Middle East and Africa, and 25% from Asia Pacific.
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