In order to be relevant in the next era of digital transformation, firms in Nigeria’s oil and gas downstream sector need to be more customer centric to grow profitability.
Speaking at the 12th Oil Trading and Logistics Africa Downstream Week which was a convergence of leading players in Nigeria’s oil and gas sector, Abayomi Elebute, chief executive officer of Energy360 Africa Limited said firms today need to focus on technology, innovations and address issues concerning the dynamic nature of retail customers.
“The king of the retail space in the downstream sector by 2030 will be the oil and gas firms which are the most customers centric; who focuses on the needs of customers rather than just supply trends. According to Elebute
Elebute said with technology, firms will be able to keep track of how many customers come into their fuel stations to transact, what time and when they need their fuel, what their actual needs are and how to use customer’s feedback to grow revenue.
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“A digital culture allows people to drive results faster, it also attracts better skills; businesses who do not invest in digital transformation will start crumpling in the next few years” Elebute told the audience.
The CEO of Energy360 warned that if firms in the downstream sector continue to focus on the products and less on the customers it will not only limit their expansion but will also limit their profitability.
Abayomi Elebute noted that just as we have witnessed the tremendous growth in other sectors like telecoms, CEOs and business managers in the 21st century need to invest in digital transformation strategies that will help develop and transform them to meet the modern day needs of their customers.
He acknowledged that in the retail oil and gas space, Energy360 has competitively changed the dynamics of oil and gas businesses by allowing CEOs and stakeholders to instantaneously control their business without allowing fellow competitors beat them to it.
“Data is the new oil, if you don’t invest in understanding your data, you cannot grow; surpassing expectations,” Elebute said.
Energy360 said it’s well positioned to provide services for firms operating in the downstream sector which will protect their revenue and improve margins through elimination of losses from fraud and leakages.
“Energy360 provides systems that provide real time data from retail fuel stations, fuel points (dumps) and trucks supporting the growth of data driven decisions within organizations and fostering the optimization of business processes. Our systems allow businesses to change pump prices remotely, monitor inventory and sales remotely, track replenishment and supply processes and a host of other functions” CEO of Energy360 said.
DIPO OLADEHINDE
