Technology advancements are reshaping every industry in the world, leading to an increase in efficiency and performance. Also, digital transformation is a necessity to stay competitive in today’s market. Technological innovation and its application can provide a more stable and sustainable future for the ever-evolving oil and gas industry, especially with the global crisis and a significant drop in prices due to the Coronavirus pandemic.
Let’s take a closer look at six ways new technology impacts the oil and gas industry, one of the world’s largest industries.
Incorporating new technologies
The adoption of new technologies has the potential to improve the oil and gas industry efficiency and productivity. Smart oilfield technology solutions like artificial intelligence (AI) and automation have already been recognized as invaluable for this industry’s running and functioning. New solutions like making accurate predictions by combining big data analytics with AI to analyze vast amounts of data are a big step forward. Also, providing critical real-time data without any downtime is of great importance.
Connecting all systems and hardware platforms could lead to better and quicker decision making. Imagine if companies would integrate exploration, drilling, and production facilities, with video streams and useful data available to operators. These changes could help the oil and gas industry stay relevant and competitive in the global market.
Knowing when, where, and how to hit the gas is crucial for a company operating within this industry to succeed. To win this race, companies need two things: solid oilfield equipment, developing a plan and the proper intelligence to access the right moment to start drilling.
Equipment design and implementation are incredibly important, but these resources need to be supported by expertise. By combining the best-in-class equipment and top-notch operational expertise, oil and gas companies can secure reaching new heights in business.
Building an online presence and brand authority
More and more companies are understanding the importance and value of brand reputation and developing trust. Investing in building an online presence is slowly becoming commonplace for companies within the industry.
Due to issues like pollution, global warming, and endangering natural habitats, the entire oil and gas industry has been facing a lot of scrutinies. Many companies are doing their best to protect the environment and follow the regulations, so they have recognized the potential of digital technologies and marketing. Therefore, they are utilizing digital channels to create a more positive brand image and change public perception.
A greater understanding of the customer base
The digital age allows companies to gain an in-depth understanding of the customer base, and with the booming online trade, this is a major benefit. The key to providing outstanding service and products is knowing your customers. The customer-centric approach can help companies operating within the oil and gas industry retain and grow more customers. In reality, this means tailoring and personalizing your offer and your content around your clients’ needs.
Personalization works both in B2C and B2B interactions since it all comes down to a human making a final decision. So, having an elaborate analysis of your customer base and crafting your offer and message accordingly can help oil and gas companies elevate their businesses.
Embracing online trade
The global Coronavirus outbreak has affected many industries and motivated them to go onboard with e-commerce solutions to stay afloat. Manufacturers and other businesses have managed to preserve operational efficiency by integrating e-commerce and selling oilfield equipment online to vendors and resellers worldwide. With an entire branch of e-commerce trade dedicated to specialized oilfield equipment, it is now easier than ever to acquire vital components and replacement parts online.
New technologies, such as artificial intelligence and automation, are making online trade much easier. Automation email tools or AI-powered chatbots are just some of the resources the oil and gas industry can use to can the online trade to a whole new level. They have the power to support the industry in acquiring new, qualified leads and personalizing the offer to the customers’ specific needs, thus increasing the revenue.
Since the e-commerce industry has been on the rise even before the Coronavirus pandemic and continues to grow due to its convenience and speed, it is an excellent opportunity for manufacturers, vendors, and sellers to maintain and improve their revenue.
The potential of automation
Software and hardware automation are incredibly valuable in keeping the fuel flowing, especially in terms of improving efficiency, minimizing the risk, and lowering the financial costs. These technologies have revolutionized the oil and gas industry, with engineers and workers overseeing different processes or operating robotics and automated machinery on drill sites.
The future is already here, and embracing new technology solutions can help build a credible brand image and secure long-term success for companies operating within the oil and gas industry.
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