Oilfield Service Companies Scheme To Pull Off In Robust Industry
It is common for people to think that the only companies involved in the drilling and discoveries of petroleum are drilling firms only. This is a misplaced belief since some rarely mentioned oilfield service companies are actively participating in the industry by making machines and giving other services to the drillers. They are indeed the most important players in the oil industry.
The oil industry is very tough and only firms which have the determination and muscle to go on survive and make profits. It is a risky and very profitable industry. Africa being a hot spot currently for exploration means more business for machine makers targeting that industry. The oilfield services are set to be big beneficiaries but only if they know the ways to make it.
The services usually offered by oilfield services companies include Seismic testing. It involves studying geological structure below the surface as well as mapping it. They also assist the drilling firms in transporting rigs on road and water. Another key service they give is determining the angle which the drilling will be done since most drilling is not done vertically down.
To stay in business, the oilfield company should be innovative. The technology of yesterday will be obsolete today in a very dynamic industry like the oil industry. Just because one has the best technology today does not mean it will be the preferred one tomorrow since competitors are not sleeping on it. They will research harder to create a new one that will beat yours flat. Innovation is the key to stay in business, therefore take each day as a new day for new innovations.
Also, they should be great decision makers due to the price swings in petroleum products which always affect the profits of the company. For the customers to be satisfied and good returns for the company, a reasonable decision made at the right time is involved. In fast changing business industry, bureaucracy should be averted in making decisions due to waste of time which can lead to unwanted consequences.
The firms should be ready to spend to bring in new experts and to tap new young talents and help them grow. The inquisitive nature of young talents usually leads to new innovations and as they grow to high positions they feel they are a part of the team for as long as they are treated well. The talent brought in should be maintained in order to effectively compete with competitors.
A customer will always come back if they are treated with respect. Therefore companies should establish a customer care desk to handle any issues from the customers. After sale services should be offered to the customers such as free machine maintenance and machine and transport.
There are other ways which oil field firms can use to stay in business. On top of that as they handle an industry widely credited with global warming they should consider using green technology which will win their support from public. A publicly loved company will always be in business.
The oil industry is very tough and only firms which have the determination and muscle to go on survive and make profits. It is a risky and very profitable industry. Africa being a hot spot currently for exploration means more business for machine makers targeting that industry. The oilfield services are set to be big beneficiaries but only if they know the ways to make it.
The services usually offered by oilfield services companies include Seismic testing. It involves studying geological structure below the surface as well as mapping it. They also assist the drilling firms in transporting rigs on road and water. Another key service they give is determining the angle which the drilling will be done since most drilling is not done vertically down.
To stay in business, the oilfield company should be innovative. The technology of yesterday will be obsolete today in a very dynamic industry like the oil industry. Just because one has the best technology today does not mean it will be the preferred one tomorrow since competitors are not sleeping on it. They will research harder to create a new one that will beat yours flat. Innovation is the key to stay in business, therefore take each day as a new day for new innovations.
Also, they should be great decision makers due to the price swings in petroleum products which always affect the profits of the company. For the customers to be satisfied and good returns for the company, a reasonable decision made at the right time is involved. In fast changing business industry, bureaucracy should be averted in making decisions due to waste of time which can lead to unwanted consequences.
The firms should be ready to spend to bring in new experts and to tap new young talents and help them grow. The inquisitive nature of young talents usually leads to new innovations and as they grow to high positions they feel they are a part of the team for as long as they are treated well. The talent brought in should be maintained in order to effectively compete with competitors.
A customer will always come back if they are treated with respect. Therefore companies should establish a customer care desk to handle any issues from the customers. After sale services should be offered to the customers such as free machine maintenance and machine and transport.
There are other ways which oil field firms can use to stay in business. On top of that as they handle an industry widely credited with global warming they should consider using green technology which will win their support from public. A publicly loved company will always be in business.
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