Innovation seems to have become a buzzword nowadays. It is not a new concept in any industry, but within the oil and gas industry, there is a lot that can be done to innovate daily processes and products further. As the co-founder and head of business development for D & L Oil and Gas LLC, I see first-hand all the areas that we can work to improve this industry and help equip those who work in it with better and more useful tools.
Today’s business climate is characterized by constant growth and change. Technology has been barrelling into every industry without remorse and the oil and gas industry is no exception. While it may seem like a stagnant sector, but I can assure you that it is not! Though it has been able to get along without much change for many years, the time has come to change and innovate the standard practices of oil and gas.
This process will not be a once and done endeavor; it is something that will need to be continually improved and worked on every day. In this post, I will walk through some of the types of innovation that the oil and gas industry could most benefit from.
Introducing new products that seek to improve the overall user experience is something the D & L Oil and Gas LLC has done themselves recently. With the release of their Eco Pneumatic Pump that they are using in their drilling endeavors is a great example of fulfilling a need within the industry for product innovation. Lower purchase, installation and repair costs with the added benefit of a more compact piece of equipment make this a quintessential example of well thought out product innovation.
Product innovation is a great way to add value to your companies offerings. Probably the most recognizable and forward-facing change, it should not be thought of as the only area where improvement is needed.
Another critical piece of innovation for companies in the oil and gas field is brand innovation. Creating a wonderful and useful new product is a perfect first step, but it is also crucial that you have a recognizable brand to go with it. External communications, advertising efforts, and customer interactions are examples of pieces that are ripe for innovation and new angles. This area is one that can help provide you with quantifiable ROI and engagement.
In the oil and gas industry, this type of innovation goes hand-in-hand with product innovation since they are both intertwined with our daily work. Process innovations include areas such as the operational processes and activities that make up the everyday operation of your business. Starting to innovate in your processes essentially shuns the “this is how we have alway’s done it” rhetoric and begins to look at the ways that you can change your companies capabilities and functions to run the most efficient and profitable operation.
In the oil and gas industry, we are looking to not only innovate that product that we use daily but also the brand behind the product and the process by which it is used. With such a fast and forward-moving market, innovation is not an option anymore; it is a necessity.