The oil and gas industry have improved yields through innovation in extraction and drilling processes for oil. However, new technologies like solar, wind and other self-generating technologies will become mainstream and impact the demand for oil. These factors will contribute to a perfect storm of oversupply when it meets a world that is moving away from its dependency on oil. Instead of chasing low margins and dwindling opportunities, it is time for Asian offshore oil and gas companies to harness their unique engineering skills and think about exploring another path to survive the coming storm and possibly shape the future. Here are three ways you can emerge as the next Elon Musk for the offshore oil and gas industry:
- Redesign the Model for Success – Focus on opening up new channels of revenue generation through intellectual property or proprietary design. Dedicating time for internal knowledge development and codification will act as an investment for the future.
- Re-organise for innovation – Many Asian firms lack the time to develop a knowledge-based culture because most of it is spent on pursuing and fulfilling contracts, but building an organisational culture that offers a nurturing collective process of idea development and a more holistic measurement framework will help create more well-rounded solutions.
- Be disciplined in how you communicate your business vision – Communicating the value of your company as a solutions provider instead of a typical contractor can increase the perceived value of the brand and hence open doors to higher-value opportunities.
Lawrence Chong is the CEO of Consulus, a company specialising in helping Asian firms rebrand and redesign their organisations to be more innovative through business design. Consulus has begun operations in Sri Lanka in partnership with Hummingbird International. Shiraz Latiff is the CEO/Lead Consultant of Hummingbird International, a regional knowledge house specialising in coaching, consulting & outsourcing through global partnerships & collaborations.
This article is part of a weekly column called Shaping the World where Lawrence and Shiraz share insights and ideas about building innovative Asian Brands. It is published by one of the leading dailies in Sri Lanka, Ceylon Today.