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Halliburton Partners Accenture to Enhance Digital Revolution

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Halliburton Company (HAL - Free Report) and Accenture Plc. (ACN - Free Report) announced collaboration to enhance the former’s digital transformation for its supply chain management and to promote digitalization across its production system. Per oilfield services major Halliburton, it plans to introduce a global hub-and-spoke supply chain and manufacturing service model, installed with new technologies, by early next year.

Under the terms of the partnership, consulting service provider Accenture will provide advanced analytics and enhanced business intelligence tools to its support teams to improve services and operational activities. Notably, Halliburton will apply Accenture’s SynOps platform to accelerate the transformation. Accenture will deploy scalable technology to operate procurement processes to enable no-contact invoicing and improve data accuracy. It is also expected to improve operational efficiencies and raise productivity for Halliburton, allowing the company to focus on its activities and operate at lower expenses.

Notably, the partnership is expected to bolster Halliburton’s aim to accelerate digital deployment and incorporate its systems across the supply chain to ensure improved customer services and shareholders’ returns. It also builds on the company’s recent five-year agreement with Microsoft (MSFT - Free Report) and Accenture to boost its digital prowess in the Microsoft Azure cloud platform.

It must be mentioned that Halliburton is not the only oilfield service company to focus on digital capabilities for efficiency gains. Its peers, Schlumberger (SLB - Free Report) and Baker Hughes, are also expanding the use of digital technologies to ensure business continuity at a time when the coronavirus pandemic has wreaked havoc on the energy industry by driving down demand and engineering the worst-ever crude crash.

Company Profile & Price Performance

Headquartered in Houston, TX, Halliburton is one of the largest oilfield service providers. Its shares have outperformed the industry in the past three months. The company’s stock has gained 12.7% compared with the industry’s 7.1% growth.

 

 

Zacks Rank

Halliburton currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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