Having been a sales and business development professional for most of my career, I have worked with hundreds for firms…most of them large and some midsize as well as small firms. The one constant across the various sectors and industries that I have worked with is the impact that technology has on their business operations. The Oil and Gas sector is no exception. From large multinationals like ExxonMobil and Shell to service firms like Halliburton, Schlumberger and Cameron, the use of technology delivers competitive advantage.
Over the holidays, I had lunch with one of our analyst and friend who tracks the O&G sector for Gartner. As we discussed the market and the disruptive changes taking place, I asked him about how the various technologies were altering the future of Oil and Gas. He identified 3 business disruptors that will continue to alter the way the O&G sector operates. They are:
1) The digitization of the oil fields (sometimes called the “digital oil field”) and the impact that real-time monitoring and control is having on upstream operation practices.
2) The use of “big data” analytics beyond sub-surface modeling. In particular, the use of predictive analytics to help reduce cost, improve cycle times and increase growth.
3) Lastly, the ongoing convergence of petroleum operations driven by the business goal of optimizing assets over their entire life cycle. This is driving the integration of operational technologies (OT) with information technologies (IT), which is changing the role of the technology groups that support these systems.
The underlying theme here is that data and information is being used in many new ways never really imagined possible. And the amount of data continues to grow exponentially. These are great examples, among many other business innovations that are shaping the future of the O&G industry. I would be curious to learn what technology and business trends you see taking place in the O&G sector. Wishing you well until my next post….
Contributor Tom Rubenak works with the world’s largest and most prestigious research firm focusing on technology and its impact on business and society. In his current role as a Director with Gartner Invest, he help investment banks, private equity and VC firms identify and close more deals, save time and reduce risk associated with their deal flow and investments. Find out more about him at http://www.linkedin.com/in/tomrubenak