In recent times, the ‘innovate or die’ mantra has risen in not only the global energy sector but in most sectors that exist and thrive. Every presentation at the APICORP 2018, spoke of the need for innovation and be inclusive to technologies in the current mix of things. There were discussions about technology and the innovations that can take place around it. There were also talks about how companies can adopt new approaches to make their LOBs stronger and perched. Making service offerings nimble and resilient will keep them away from the volatility of the commodity pricing.
Just like the experiment in chemistry that looks at quantifying the concentration of a solution to basic or acidic. This is done by neutralizing it. When the solution reaches its apex point, the last drop on the beaker, it changes colour. The colour changing drop is the oil price surge. This has behaved like a catalyst and imbibed a shift into innovation with the help of data science and technology.
The need for innovation is constantly there since the current price of $70 can get on the move anytime and without warning. Companies need to focus on their businesses and make themselves profitable despite the fall or rise of the oil prices.
The Canadian energy sector is the one to suffer now since it has remained in silos from the rest of the industries around the world. They need to do a better job at connecting with the wider public at large.
On the other hand, the Canadian Oil Sands Innovation Alliance is working on the best podium today. They are set of collaboration within the industry. However, the time has come to venture over and beyond the Canadian borders and bring home a broader perspective when it comes to the energy business.
The world energy sector is monumentally shifting. The changes are rapid, and the expectations are high with every adoption or technology and technology-based solutions. The idea behind innovation is to innovate once and then continue from there. However, the biggest challenge one faces with pushing and bending the innovation curve is the fear of the unknown that lies deep within companies. This fear stems from 'trying something new and fail at it'. Experimenting with new processes and technology on a smaller scale can do away with the fear since the effort will be consistent and failing fast and trying on the newer paths will not seem very onerous.
Globally, Canada is far behind their US peers and other global peers, especially when it comes to recognizing the potential use of analytics and technology. Be it the data gather from oil rigs or coordinating that with data science and leveraging the results, all the factors are known to help optimize operations and need quicker adoption. Today, it is an age of augmented and artificial intelligence on one side and data science and cloud computing on the other.
It is time we look at the benefits these technologies have to offer and enable quicker adoptions.
References:
https://calgaryherald.com/business/energy/innovate-or-die
https://www.ibm.com/blogs/insights-on-business/oil-gas/global-energy-sector-innovate-or-die/
Just like the experiment in chemistry that looks at quantifying the concentration of a solution to basic or acidic. This is done by neutralizing it. When the solution reaches its apex point, the last drop on the beaker, it changes colour. The colour changing drop is the oil price surge. This has behaved like a catalyst and imbibed a shift into innovation with the help of data science and technology.
The need for innovation is constantly there since the current price of $70 can get on the move anytime and without warning. Companies need to focus on their businesses and make themselves profitable despite the fall or rise of the oil prices.
The Canadian energy sector is the one to suffer now since it has remained in silos from the rest of the industries around the world. They need to do a better job at connecting with the wider public at large.
On the other hand, the Canadian Oil Sands Innovation Alliance is working on the best podium today. They are set of collaboration within the industry. However, the time has come to venture over and beyond the Canadian borders and bring home a broader perspective when it comes to the energy business.
The world energy sector is monumentally shifting. The changes are rapid, and the expectations are high with every adoption or technology and technology-based solutions. The idea behind innovation is to innovate once and then continue from there. However, the biggest challenge one faces with pushing and bending the innovation curve is the fear of the unknown that lies deep within companies. This fear stems from 'trying something new and fail at it'. Experimenting with new processes and technology on a smaller scale can do away with the fear since the effort will be consistent and failing fast and trying on the newer paths will not seem very onerous.
Globally, Canada is far behind their US peers and other global peers, especially when it comes to recognizing the potential use of analytics and technology. Be it the data gather from oil rigs or coordinating that with data science and leveraging the results, all the factors are known to help optimize operations and need quicker adoption. Today, it is an age of augmented and artificial intelligence on one side and data science and cloud computing on the other.
It is time we look at the benefits these technologies have to offer and enable quicker adoptions.
References:
https://calgaryherald.com/business/energy/innovate-or-die
https://www.ibm.com/blogs/insights-on-business/oil-gas/global-energy-sector-innovate-or-die/
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