World Oil: Delivering on the Promise of Digital Transformation
A new approach to support operational risk management is developing
Today’s digital innovation is driving what many say is the fourth industrial revolution (Industry 4.0). It’s reshaping industries, disrupting business models and operating practices, and transforming business ecosystems. Digital disruption is impacting industries in different ways. Retail and distribution businesses are capitalizing on innovation to transform customer engagement. In the manufacturing sector, advanced technologies, such as the Internet of Things, automation, analytics and artificial intelligence, are reshaping the way that organizations operate.
Companies that can increase digital fluency create value throughout the enterprise—and they typically dominate in most markets.
One area, common to all those operating in hazardous industries, which requires digital disruption is risk management. Understanding the potential sources of operational risk, and how they can accumulate impacts the bottom line.