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Whether its global crises via minor mistakes or consumer-driven opposition to this vital sector, the oil and gas industry has suffered a high degree of contention of the years. And with the debate over the sector’s dominance reaching fever-pitch, instability in the sector will only do the same. The future is green - and it leaves no room for your business.
From reinvigorated operating models, to a wide range of marketing techniques that personalise the technological transformation your customers expect from a vital sector, the digital strategy that lies up ahead expects an overhaul that will not occur overnight. It’s not simply industry competitors you need to consider; it’s opposition from the business world that is forcing your firm to rethink every process you complete.
We know how to do just that.
Uncertainty is a business-killer. It strikes at the core of firms, leaving your customers fleeing to the latest innovations and guaranteeing that demand slumps, slows, and eventually ceases.
No better warning of this is the growing need for a digital transformation.
The most common way to prevail through industry-based disruption and wider instability as a result of changing consumer demand and global trends is via digitalisation.
Whether your business operates in the United States or in the Middle East, navigating price volatility is also essential to surviving the disruption. To do this, it’s time to reinvent your business model and rethink your operations in alignment with green initiatives - even if they go against the history of the sector. This taps into the need to deduce outlets for survival via sales and marketing.
Your solution doesn’t stop there however. Your success is dependent on a two-pronged approach.
A nifty slogan and new advertising campaign will not push your business to the fore of the industry via innovation.
Digitalisation runs far deeper than a PR strategy. Your business needs to access the innovations in the industry that challenge your operations and alter your processes. This is a constant process that expects a continuous evolution.
This evolutions begins by deducing the exact expectation of your customers. And - alongside a number of sectors harnessing in-depth consumer insights - your firm needs to consider Liquefied Natural Gas, Intelligent operations, commercial model optimisation, supply monitoring, and value chain optimisation.
These are by no means subtle changes. But the future of this industry doesnt expect minor alterations, either.
Director of Technology, Simply Brands
Like most sectors struggling amongst competition, the future of the oil and gas industry is unknown. And thanks to industry-based competitors entering the industry and disrupting the market, identifying the path to follow that negotiates success and security is no easy feat.
However, it starts by tapping into the latest tech aligned with your business, and utilising data analytics to access the insights required for real-time experimentation and product development. Unleashing their expectations for personalisation can specifically point out where your business needs to streamline. Furthermore, your business needs to go beyond renewable energy sources.
It extends to how you brand these new sources as a part of your competitive edge. By tapping into the demand for consumer-centric services and evaluating the future of energy value chains, your business rethinks its future.
That, or it might not survive far into it.
For those with an ear to the ground, this is also known as a Digital Transformation. A Digital Transformation is the rethinking of how you manage your employees, your clients’ and business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological rethink your business needs to stay competitive.
In particular, your business will need to consider automation technologies, analytics, blockchain, and cyber-security. Technology is the future - this sector doesn’t have such a stable forecast.
MARKET YOUR WAY TO SUCCESS
Innovation is no longer a product-based focus. Consider your customer’s experience by personalisation to unleash loyalty you won’t find on the shelves.
AUTOMATE TO IMPROVE EFFICIENCY
Robotic Process Automation is one of the most innovative pieces of tech to hit the market - and it is your future. Trade in repetitive, laborious tasks, and divert attention to the customer.
FUTURE PROOF VIA CYBER-SECURITY
Guarantee the future survival of your business and its success in this industry via in-depth security measures, that keep your competitive insights under lock-and-key.
UTILISE ANALYTICS FOR ACCURACY
This sector is unique - but, like other industries, it still needs to tap into data analytics to unleash a new level of accuracy regarding customer insights for product development.
ACHIEVE DIGITAL MATURITY
Personalise via the latest marketing channels that curate a funnel not yet utilised by your competitors. Meet your clientele at a whole new level by using the latest platforms for marketing.
INNOVATE BEYOND THE PRODUCTS
Match your marketing strategy with the latest products and services that put innovation at the fore of your business. This includes new fuels and power sources which requires the data-driven insights and connectivity with the wider industry.
BRING IN BLOCKCHAIN
Bring blockchain to your business via supply chain management and instantly respond to regulation changes as well as simplifying complex business processes.
REFINE YOUR OPERATIONS
Keep one eye on efficiency and another on safety with technology dedicated to managing your operations. Real-time analytics can help you identify areas of low efficiency and high risk.
STAY CONNECTED OUTSIDE OF SOCIAL MEDIA
Rethink how your team touches base. Streamline the supply chain via connected sites and operations, simplifying your processes and elevating efficiency.
+ What is the oil and gas sector?
Also known as the petroleum industry, this includes all firms that operate in the process of exploration, extraction, refining, transporting, and the marketing of the oil and gas products. It is segmented into upstream, midstream, and downstream.
+ Is the oil and gas sector growing?
Even before the Covid-19 pandemic hit, the oil and gas sector was forecasted to experience weakening economic growth as a result of falling demand, global political problems, and trade tensions. Coronavirus has only exacerbated problems as the commodity markets take a hit due to further falls in demand.
+ What is the future of the oil and gas industry?
The oil and gas sector is forecasted to experience a steady decline including growing uncertainty for fuel markets and falling demand of global oil, and investors have predicted increased inefficiency for the sector.
+ What are the trends in the oil and gas industry?
Specifically for this sector, the trends forecasted include growing an upstream capex, rising LNG demand, energy diversification, supply chain management in order to achieve resilience against uncertainty, and initiatives to secure collaboration.
+ How is technology changing the oil and gas industry?
The digital innovations experienced by the oil and gas sector include optimised maintenance, lowered costs due to higher efficiency, and the integration of upstream operations. Offshore solutions and remote condition monitoring lead the digitalisation of this sector.
Taking things technological might be set to shake this forward-thinking industry to its core, but with Lolly Co at every step of the way, weighing up the changes need be as simple as adding up a price change. In fact, with our tech-team assessing your business’ exact needs and walking you through each step, you don’t need a map, either! But, if you do fancy finding your way around tomorrow’s business technology, you can start here.
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