IDC Energy Insights Evaluates Worldwide Professional Service Firms in Oil & Gas in New IDC MarketScape
Majors and super-majors insist on value; trusted service providers must have oil and gas subject matter expertise
FRAMINGHAM, Mass.--(BUSINESS WIRE)--IDC Energy Insights announced today the availability of a new IDC MarketScape report intended to provide oil and gas companies with insight into the current capabilities and future strategies of professional service firms and guidance on how to approach building a stable of trusted service providers. The new study, Worldwide Professional Service Firms in Oil and Gas (Doc #EI249425), provides a vendor assessment of providers offering professional services to the Oil and Gas industry through the IDC MarketScape model. Vendors evaluated in this report include: Accenture, Capgemini, CGI, Deloitte, IBM, Infosys, KPMG, L&T Infotech, PwC, TCS, Tech Mahindra, and Wipro.
- ClicktoTweet: #IDCEnergyInsights Evaluates Worldwide Professional Service Firms in #Oil&Gas in New #IDCMarketScape -Majors & super-majors insist on #value
A new cost consciousness has oil and gas companies looking to professional services firms to help them reduce costs. Even leaders that have the strongest asset bases know that they need to make changes in order to maintain position, but are not willing to sacrifice quality. The majors and super-majors continue to insist on value, and have set the bar high for their service providers to have oil and gas subject matter expertise for high-value projects and ongoing services. National oil companies look for their professional service providers to use local partners and develop local talent.
According to the report, Leaders in professional services in oil and gas are defined by a:
- Commitment to the oil and gas industry that is backed at the executive level of their companies.
- Set of well-developed solutions that are specific to oil and gas.
- Stable of experts in oil and gas industry disciplines and extensive experience working in oil and gas business-related IT.
- Strong set of disciplines to enable the global workforce at the firm to access a common set of best practices.
- Demonstrated capabilities in incorporating Third Platform technologies into their services.
To help oil and gas companies evaluate professional service firms, IDC Energy Insights provides the following recommendations to guide buying decisions:
- Determine which attributes are most important in project-related initiatives and in on-going services. Depending on the assignment, the level of importance will vary. Attributes that are consistently important are security and protection of information and excellence in meeting service level agreements and timelines.
- Look for vendors that are able to deliver repeatable solutions, but still accommodate unique requirements. Ask to understand what commitment the service provider has made to investing in "productizing the solution".
- Ask vendors to demonstrate how they have helped their customers reduce the cost of IT. Cloud-based services are one way to achieve cost reduction and reduce capital investment. In addition, vendors should be able to help automate processes or provide templates to speed implementation.
Jill Feblowitz, IDC Energy Insights Vice President, Oil & Gas, and author of the report notes, "Successful professional service firms have programs in place that support a multipronged strategy to contribute to the overall development of SMEs and oil and gas IT experts. A demonstrated ability to grow local expertise to leadership positions will help meet local requirements and provide a career path for employees that will help reduce turnover. For oil and gas companies, the selection will be primarily based on what these firms can do to improve performance, achieve IT-enabled business benefits, and reduce costs. For this industry that means speeding time to first oil, mitigating drilling risk, optimizing production, adapting to new delivery channels, hedging risks, leveraging opportunities in the commodities market, preventing accidents, streamlining refining, and serving the retail customer."
This IDC study represents a vendor assessment of providers offering professional services to the Oil and Gas industry through the IDC MarketScape model. The assessment reviews both quantitative and qualitative characteristics that define current market demands and expected buyer needs for professional services. The evaluation is based on a comprehensive and rigorous framework that assesses how each vendor stacks up to one another, and the framework highlights the key factors that are expected to be the most significant for achieving success over the short term and the long term. Emphasis is IT-related over tax or straight strategy advisory. As the fastest growing and largest area of investment, upstream is emphasized; midstream, refining and retail are also considered.
IDC MarketScape criteria selection, weightings, and vendor scores represent well-researched IDC judgment about the market and specific vendors. IDC analysts tailor the range of standard characteristics by which vendors are measured through structured discussions, surveys, and interviews with market leaders, participants and end users. Market weightings are based on user interviews, buyer surveys and the input of a review board of IDC experts in each market. IDC analysts base individual vendor scores, and ultimately vendor positions within the IDC MarketScape, on detailed surveys and interviews with the vendors, publicly available information and end-user experiences in an effort to provide an accurate and consistent assessment of each vendor's characteristics, behavior and capability.
For additional information about this report or to arrange a one-on-one briefing with Jill Feblowitz, please contact Sarah Murray at 781-378-2674 or email@example.com. Reports are available to qualified members of the media. For information on purchasing reports, contact firstname.lastname@example.org; reporters should email email@example.com.
About IDC MarketScapes
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of IT, telecommunications, or industry-specific suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT, telecommunications, or industry-specific vendors can be meaningfully compared. The framework also provides technology buyers with a transparent foundation to allow companies to independently compare the strengths and weaknesses of current and prospective vendors.
About IDC Energy Insights
IDC Energy Insights assists energy businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the utility and oil and gas industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc.com/energy, email firstname.lastname@example.org, or call 508-935-4400. Visit the IDC Energy Insights Community at http://idc-community.com/energy.