Digital Maturity and Co-Innovation Deliver Financial Gains, new report states

Co-innovation, AI and digital transformation are unlocking financial and operational benefits in the energy sector. The findings, drawn from senior industry leaders in the report ‘The Co-Innovation Partnership,’ A Model for Shaping Energy’s Future highlight the growing role of partnerships and advanced technologies in addressing the energy trilemma of sustainability, affordability and energy security and using digital to enhance financial performance.

Developed by Kongsberg Digital and the Energy Council, the report provides a detailed look at the energy sector’s priorities, strategies, and progress in areas such as digital adoption and performance improvements, alternative energy projects, and the transition to net zero.

Key Insights from the Report

• Close to 70% of executives identify external partnerships as critical to accelerating the energy transition, emphasizing the value of collaboration in achieving cost efficiency and innovation.
• A significant 83% of companies have made technology and supplier partnerships a core part of their digital strategies, reinforcing the importance of co-innovation in driving transformation.
• Organizations with advanced digital maturity report a 3–4% higher Return on Assets (ROA) than their peers, highlighting the financial rewards of investing in digital tools and strategies.
• 50% of companies are using digital technologies to improve direct asset performance, but many still face barriers in phasing out legacy systems and achieving full digital integration.
• Cybersecurity and data transformation lead the list of technology investment priorities, reflecting their central role in operational resilience and regulatory compliance.
• Carbon Capture, Utilization, and Storage (CCUS) is the most actively pursued alternative energy technology, with nearly half of respondents advancing these projects to piloting or deployment stages.
• Approximately 80% of companies agreed that applying digital will increase the quality and speed of decision-making, yet only 20% of respondents are doing so. Indicating an opportunity to improve financial performance by investing in this area.
• While 72% of companies have achieved advanced digital maturity during the design phase, only 28% have extended these capabilities into operational phases, pointing to opportunities for further digital integration.

The findings spotlight the growing reliance on partnerships with technology providers, operational suppliers, and public/private collaborations to tackle industry-wide challenges. Leaders agree that co-innovation is essential for achieving operational efficiencies, improving decision-making and accelerating sustainability goals.