Economic Effects of Digitalization and IT Technologies on the Efficiency and Competitiveness of the Energy Sector

This article analyzes the process of digitalization in the global energy industry, and describes the use of digital IT solutions, new achievements in technology, as well as modern marketing tools. The objective of this article is to assess the impact of new digital technologies on operational activities efficiency, investment appeal and competitiveness of energy sector companies. The analysis uses econometric techniques to industry-level data and the financial performance of leading natural resource firms. The findings reveal that the applications of IT are closely related to enhancements in operational productivity and business process transparency. The digital elements help establish more developed management practices which are centered on accountability and data driven decision-making. Digital marketing instruments and analytical tools also enhance customer engagement and loyalty, as well as enable more precise energy demand predictions. In the end, digital energy transformation acts as a stimulator of investment scaling and sustainable development in the sector, but also provides impetus for technological and managerial innovation. Practically, implications emphasize that energy firms need to concentrate when implementing IT and marketing strategies, indicating interrelated use of them could directly improve firm performance while indirectly enable innovative practices, and sustained development in the long run for energy companies.