Developing a Business Maturity Framework (BMF) for As-sessing the Business Maturity and Improving the Organization Management in the Oil and Gas Industry

This paper examines the use of business maturity models as a tool for achieving business maturity and improving organizational performance in a rapidly changing business environment. Specifi-cally, the paper evaluates existing maturity models and methodologies, analyzes their effective-ness, and develops a novel and enhanced model tailored to the oil and gas sector. The authors highlight the importance of considering fundamental factors that underlie the implementation of maturity models and the need to evaluate their fit with organizational goals and values. The pa-per concludes by emphasizing the ongoing nature of business maturity and the effectiveness of theproposed Business Maturity Framework (BMF) model in enhancing operational excellence, competitiveness, and sustainable growth in the oil and gas industry. The paper makes a notable contribution to the specialized literature precisely through the differ-ent approaches to the business maturity process and through the proposed business maturity model itself as a base of strategy formulation, which includes a new dimension. This dimension analyzes whether the market and customers are ready for the level of digitization that the com-pany wants to achieve in a future state.