With the fluctuation of oil prices lately, it’s natural for organizations within the oil and gas industry to worry about the uncertain times. As oil and gas producers examine questions about locking in demand and thriving during a period of oversupply, questions of efficiency improvements and business model adjustments are at the forefront.
A common mistake that companies make during difficult times, is to focus on cost-cutting measures. Typically, employees and the knowledge they possess is often the first casualty of any downturn. In order to succeed long term, an organization must protect the institutional knowledge that is critical for continued success and growth.
The oil and gas industry has demonstrated the ability to be inventive by integrating new technology to address this problem. As an example, many organizations are using the current downtime to implement a knowledge management system to capture and archive important process and procedures information. As the industry recovers, these systems will guarantee employee learning and productivity improvements from the field to the boardroom.
Simply stated, are you prepared to thrive in a business environment that is volatile and uncertain?
While there are real challenges within the industry, opportunities exist to adjust and prosper into the future. For more information on how Accupoint can help you manage these uncertain times, contact us today.