KPMG Global Technology Report 2023: Energy Sector Insights

According to Rabra, this confidence is because “the energy sector has historically been at the forefront of adopting new technologies. We are seeing a lot of innovation in core business models right now.” One example is the industry’s adoption of low-code/no-code platforms that can speed up processes.

“Compared to a legacy platform, low-code/no-code platforms make processes up to five times faster,” says Rabra. “Which reduces time to market, value and turnaround.” Digital transformation projects involving low-code/no-code systems improved organizational profitability and efficiency for 72 percent of energy executives surveyed.

“Low-code/no-code platforms are being used to improve customer experience, service quality, ESG (environmental, social and governance) compliance and overall collaboration,” says Rabra.

This progress explains why 74 percent of energy industry respondents say their company leaders are confident in the resiliency of applications built on these platforms. The average across all sectors covered by the study is 59%.

“Energy organizations are aware that this is the way forward,” Rabra says. “They have seen first-hand the value of these systems, so they have no intention of going back to classic factory models of app development.”

That said, low-code/no-code platforms require coding from scratch, which can limit control over the code and how it is executed. But Rabra says energy organizations are trying to protect these systems. “Companies are using more standard cloud-based platforms,” he says. “They undergo extensive security and scalability testing, compliance reviews and third-party assessments.”