Tieto Corp. CEO Kimmo Alkio. (Tieto).

In the speech named “the industrial effect of digitalization,” Alkio addressed how oil and gas companies should further advance digitalization to create competitive advantages during a time when reinventing business has never been more important.

– We all recognize that the oil and gas industry is in a paradigm shift, creating a stronger need to increase business IT alignment and consider further ecosystems collaboration. The speed of digitalization will continue to increase and the borders between industries will open up in an unforeseen manner, creating interesting opportunities, predicted Alkio, head of the Nordic IT software and services company.

Alkio presented examples on how digitalization is now revolutionizing industry after industry and how the expectations from companies and consumers force innovation. As a result, new ecosystems of industries are emerging through collaboration – all enabled by technology. The development is fuelled by consumers’ willingness to adopt new services faster than ever before, as well as the exponential developments in technology. Because of these technological developments, everything will happen much faster, more efficiently, on a smaller scale and in a more intelligent way.

Data-Drive Society

– We are in the middle of the digital age, in which companies are exposed to the constant pressure of reinventing themselves and rapidly adopting new technologies. Now we also need courage from companies and organizations in taking the next step. It is necessary to step out of the traditional modes of operation and embrace a culture of testing and trying much more than before, as well as promote practical collaborations, just like start-ups do, Alkio suggests.

The society is continuously getting more data-driven. Digital innovation is speeding up in numerous fields. Tieto has high expectations for the development of cognitive intelligence, a combination of artificial intelligence, machine learning, and real-time decision-making.

– Currently, cognitive intelligence is being applied by only 1% of enterprises worldwide. By 2020, it is expected that 50 percent of enterprises will be applying cognitive intelligence to enhance either their own business performance or their customers’ experience, Alkio highlighted.

Tieto is the largest Nordic IT software and services company offers several market leading products and solutions to the oil and gas sector, including Energy Components, an end-to-end hydrocarbon production data management and accounting software, ProArc, a solution for Technical Document Control and Delivery Management and DaWinci, an industry solution for personnel logistics and POB management.