Quorum Software has published the second white paper in its Modern Energy Workplace series. The new white paper examines how oil and gas companies are challenged to adopt new digital technologies such as big data, cloud, and cognitive to modernize business processes that support the next generation of energy professionals.
Quorum's white paper, "Evolution not Revolution: Digitally Enabling the Modern Energy Workplace," spotlights current industry trends and discusses how oil and gas companies can advance innovation by embracing a platform-based approach that embeds new technology at the platform-level and surfaces it at the application-level for faster, easier adoption by business users and IT.
Core to this strategy is a software platform. myQuorum is an open standards-based software integration platform that automates workflows and connects people, processes, and systems to deliver actionable insights in an industry-first user experience optimized for mobile and cloud technologies. myQuorum powers Quorum business applications for oil and gas accounting, land management, production management, gathering, transportation, and more.
IDC, a leading provider of global IT research and advice, has released a report recognizing the development of the myQuorum software platform as more oil and gas companies look to technology to break down silos and transform their organizations. The report, titled "Quorum Transforming in the New Oil and Gas Market," highlights Quorum's industry platform model strategy, particularly how it aligns with changes in the upstream and midstream software markets.
Oil and gas, like all industries, is undergoing a digital transformation and a shift towards software platforms as a mechanism to allow for collaboration and more efficient workflows to help move the business forward. Benefits of this transition range from greater efficiency through integrated workflows and data to nimble operations that can adapt as the market or technology evolve. Key traits of the myQuorum platform featured in the IDC Insights report include its agility with access to data and workflows, its uniform data model for all apps, and the cloud-based component.
"Oil and gas companies come to Quorum because they want all their land and production apps to operate on a common data model, be easily modified, and have some ability to automate decision making and workflows, while doing so seamlessly in the cloud," said Olivier Thierry, Chief Marketing Officer. "Our myQuorum platform does just that, and more. Our latest AI technology adds a cognitive services layer to myQuorum business applications, empowering customers and users with new approaches to solving problems. By breaking parts of the organization out of silos, Quorum continues to make its customers a part of the broader digital transformation of the oil and gas industry."
"Not only has Quorum rapidly transitioned from a services vendor to a software company with a unique industry platform model, but it has a recent acquisition strategy that seems to define where the company is heading," said Kevin Prouty, VP of IDC Energy Insights. "Whether it's through building out new apps themselves, acquisitions carefully targeted at expanding the myQuorum ecosystem, or developing a partnership strategy that expands the app ecosystem - Quorum has one of the most innovative approaches to the market and continues to generate a lot of buzz."
According to IDC, "IDC Energy Insights has been following the land management system and hydrocarbon accounting space for years. The myQuorum platform is the first development that puts digital transformation into those areas. Other software companies have very functional upstream and midstream systems. But user executives need to look at their entire operation and assess their ability to break down silos and break the pattern of building operations around relatively rigid software systems."
Download Quorum's white paper, "Evolution not Revolution: Digitally Enabling the Modern Energy Workplace" here.