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Written by: Peter Minkoff
The world is anything but stagnant, and each industry is vastly different today than when you think back to its earliest days. Even though it’s apparent that this very same world is rapidly shifting towards more eco-friendly, renewable natural resources, the oil and gas industry is rapidly changing to accommodate the shifts in the market and consumer needs.
This sustainability-centric mindset of the modern buyer and business owner is far from the only factor changing this particular industry. There’s an internal revolution happening on its own, affected by a myriad of external factors, but also caused by the mindset shift among the largest, most prominent industry players. Here, we’ll tackle a few of those core business trends that are changing the oil and gas industry as we speak.
Cloud computing changing the game
Cloud tech is far from new in town, but oil and gas companies might not have been so open to embracing it early on. The immense benefits of cloud technology in this field have changed the way companies use their digital presence internally as well as externally.
Oil and gas businesses are already beginning to utilize the cloud for smart and secure data storage, but also to leverage powerful CRM and ERP tools. The integrations available and the simplicity of monitoring makes the cloud a perfect way for these large-scale ventures to keep their businesses in check.
E-commerce expanding the industry reach
The pandemic isn’t the only driving force of doing things remotely. While the actual process of oil and gas extraction cannot be changed, companies have started leveraging the online marketplace to find everything they need within a few clicks or taps.
E-commerce has brought on a number of relevant process simplifications for companies. Today, it’s possible to purchase quality sulfatreat for removing unwanted elements from the extracted gas, as well as all other essentials for the business to run smoothly. Online shopping comes with reviews, as well, making sure that suppliers carefully manage their reputation and invest in quality to preserve industry relationships.
Sustainable tools for green goals
Everything from the smallest valves to the most intricate drilling equipment is now being designed, created, and delivered with the idea of sustainability in mind. The oil and gas companies have taken notice and they are quickly opting for manufacturers, suppliers, and all other partners who do the same.
In fact, many have also started using solar panels and similarly renewable energy resources to cut their electricity use, while water recycling has become more refined and advanced thanks to such dedication to sustainability.
Customer analytics to the rescue
Once strictly focused on the product, oil and gas companies are quickly switching to the contemporary, client-centric mindset. Just like many have switched to selling their equipment online, the oil and gas companies are building relationships based on data.
Relying on various analytics and reporting tools helps these businesses understand not just the current state of affairs, but also make smarter forecasts and thus smarter decisions.
Elevated on-site safety with smart tools
Robotics, AI-driven tools, as well as automation across the board are all contributing to the oil and gas world in their own ways. In addition to the changes we cannot see on the front lines, such as the ones related to client relationship management and cloud computing, these tech-based solutions are changing how the oil and gas giants are operating in the field.
We now see a rise in contactless IDs and employee management to reduce the risk of contracting the virus. Risk assessment tools primarily based on advanced AI help companies determine how best to approach each part of the business, the drilling process included. Tech in general is making oil and gas a safer workplace than ever.
The gas and oil playing field is getting more competitive by the minute, but technology advancements and sustainable innovations are making it possible for early adopters to stay ahead of the game. These and other trends are a reflection of how the society at large is changing, helping businesses position themselves better and stay successful for the long term.