As we explore technology in this issue, I thought about how rapidly technology changes in industries such as finance, legal, publishing, and retail. For energy, specifically oil and gas, the negative oil economy has forced companies to innovate and pursue product research and development. Being creative in your field is always a noble endeavor. However, many wonder why the oil and gas industry waited until the drop in oil prices to accelerate ideas for product improvement. During the high barrel oil prices there appeared to be plenty of resources to fund R&D, yet the emphasis was on solely getting oil to the market. At OILMAN, we’re trying out new techniques to deliver content to our readers while also discovering new ways to bring value to our advertisers. Some of our initiatives will work and many may not. We know part of the innovation process is to filter out ideas, services and products that morph into a bad experience for our customers. Keeping up with the latest tools in the publishing industry and what our competitors offer their customers is key to our survival. With R&D and innovation comes training and knowledge transfer. As with all new products and ideas, they need to be introduced to an eager team in order to successfully present to customers. Training is a key component and the downturn has provided oil and gas professionals the time to learn new skills, which in turn will place a company in a stronger advantage over competitors. To stay competitive in today’s economy, companies need to think about new products on a consistent basis and improve their service where appropriate. Customers are expecting it and the company with the best tools of the trade will win every time.
Oil and gas companies are regularly faced with many industry-specific issues to overcome. Such issues, including exploration and drilling, are often complex and intricate processes with many unique challenges to overcome. Data analytics can play a massive part in streamlining some of the most fundamental operations that are involved in the oil and gas industry.