ConocoPhillips Taps Low-Code Software to Help It Adapt to the Times
Digital transformation -- the catch-all term applied to organizations updating their systems and integrating new technology into their day-to-day workflow -- was already moving fast. And then COVID-19 hit. Faced with shelter-in-place, work-from-home, and other related changes that may stick as part of a "new normal," digital transformation has suddenly gone from high priority to absolute necessity.
To that end, ConocoPhillips (NYSE: COP) and low-code software outfit Mendix -- which is a division of Siemens' (OTC: SIEGY) global industrial operations -- recently signed a new enterprise contract. At a time like now when energy prices remain under pressure and economic uncertainty is causing many companies to tighten their belts, why would ConocoPhillips dole out more budget on new tech? For many technology stock investors, it's all about the growth. But for companies making use of the tech itself, it's all about the cost savings and transformation of operations for a new digital age.
Image source: Mendix.
Source Fool.com
