Oil and gas companies face mounting supply chain and economic pressures. Workrise, in partnership with NewtonX, leads a benchmark study that charts a path forward.
Within a complex industry environment, Workrise needed verified insights on how supply chain challenges create internal pressures for oil and gas companies
Despite rising global demand, the oil and gas industry faces increasing pressures and disruptions across the supply chain. Workrise, a supply chain platform for the energy sector, saw an imperative to establish a comprehensive benchmark on the state of the oil and gas industry. By illuminating pain points, Workrise aimed to spark dialogue for change and uncover new solutions based on verified insights from oil and gas providers and service company leaders.
To identify nuanced challenges and inform solutions, NewtonX surveyed 131 oil and gas leaders
Workrise commissioned NewtonX, the world’s leading B2B market research company, to formulate and field this impartial benchmark study. In total, 131 leaders from oil and gas providers and services companies in the US and Canada participated, including Shell, Chevron, BP, Enbridge, and Marathon Petroleum. Given that 275 US firms produce over 70% of oil and gas, the sample size enabled statistically significant conclusions and a nuanced understanding of on-the-ground dynamics.
The NewtonX team surveyed 117 leaders and interviewed 14 experts, who held roles across operations, supply chain, logistics, and finance departments. Participants provided candid perspectives on their outlook, priorities, and concerns. NewtonX synthesized key findings and compiled a comprehensive final report, ready for release into the marketplace.
oil and gas leaders surveyed in just 21 days
NewtonX was invaluable in recruiting and engaging the right industry decision-makers to extract insider knowledge.
Chief Revenue Officer at Workrise
Workrise’s benchmark study reveals an industry at a tipping point and charts a path forward for oil and gas
Some key findings from this benchmark study include:
Policy and geopolitics are the biggest threats to the oil and gas industry, shaking the foundation of how companies operate
76% of respondents anticipate increased focus on carbon reduction and ESG over the next five years
Hydrogen (56%) and solar energy (55%) are the top two renewable energy verticals that oil and gas companies have entered, or have plans to enter
83% of supply chain leaders expect an increased focus on AI, automation, and digitization over the next five years
The main barriers to implementing new solutions are insufficient human resources (43%), hierarchical organizational structures (37%), and scarcity of labor (31%)
Soon after the release of the study, Energy Digital Magazine published Workrise reports challenges facing the oil & gas industry, featuring Joshua Trott, Chief Revenue Officer at Workrise: “What becomes clear with this new data is that we are at a crossroads: accept the status quo and continue to bake waste into your operating model, or take proactive measures to strengthen the supply chain,” Trott said. “The companies that do so, and evolve to do more with less, will reap the rewards no matter how choppy the water gets.”
By quantifying supply chain challenges from verified leaders, this research charts a path forward for the industry and marks a starting point for Workrise’s multidimensional thought leadership activations.
“Our clients across oil and gas are facing intense economic, geopolitical, and environmental challenges. They need to do more with less,” said Joshua Trott, Chief Revenue Officer, Workrise. “NewtonX was invaluable in recruiting and engaging the right industry decision-makers to extract insider knowledge. Their rigorous approach ensured we could survey a statistically significant sample to uncover not just challenges, but the candid realities known only to an exclusive group of leaders at a critical juncture.”
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