Taking a Look at the Future of Oil and Gas Industry

StrategyDriven Editorial Perspective Article |future of oil and gas industry | Taking a Look at the Future of Oil and Gas IndustryWhat is to come in the future of oil and gas industry? It appears gloomy, as it faces stiff competition and opposition.

Environmental concerns amass and foretell the demise of the fossil giant. Activists and politicians demand the modernization of energy production, supply, and consumption.

Sustainability is the new business benchmark. The clear focus is on reducing greenhouse gas (GHG) emissions and tackling climate change.

In the meantime, alternative sources of energy, such as solar and wind, are surging. In the US, they grew at a rate of 100 percent from 2000 to 2018. Figures there and elsewhere suggest they are the fastest-growing energy option on the globe.

But, the oil and gas sector has a few aces up its sleeve. Digital transformation is one of those trends giving the veteran a new lease of life.

The Green Revolution

Renewable technology is gaining ground left and right.

Public support and private funding are on the path of steady rise. Sustainable technology is getting cheaper as time rolls by. In a few years’ time, it may be on equal footing with gas in terms of competitiveness.

Thus, it’s safe to say disruption is real. In fact, it has already started to reshape the energy landscape.

Optimists argue the trajectory is set: a greener world.

There’s no going back.

However, the road to there will be thorny and there are two main reasons behind this. Renewable energy still isn’t readily available in abundance. It’s also not as scalable as fossil fuels.

This is to say it can’t supplement the energy needs of the world in the near future. For instance, it’s hard to imagine a viable alternative to fossil-fuel-based transportation right now. They will continue to propel global travel and commerce.

Notice that many world nations are heavily dependent on oil revenue as well.

Still Keeping the Lights On

The industry will harness the power of growth catalysts to stay ahead of the curve.

First of all, there are still untapped and undiscovered reserves out there. Developing economies are yet to reach their full appetite for fossil fuels. Rapidly-growing Asian economies need them to support their population and production boom.

Taking this into account, the energy consumption patterns will shift slowly and demand will fall gradually. We’re probably talking about a decline of several percentages in a matter of two decades.

What is more, the adoption of new technologies will facilitate oil and gas operations. They will make exploration, drilling, and other processes quicker and way more efficient. Even offshore drilling hasn’t delivered on its potential yet.

Technology also gives the oil and gas industry a chance to wash its face. It could contribute to climate change goals or at least stop acting as a green boogeyman. For this to happen, we’ll have to see more decisive emission-reduction plans.

The goal is to reduce the emissions by at least 3.4 gigatons of carbon dioxide equivalent and to it by 2050. This is a vital aspiration, but it doesn’t change one fact. The more distant future probably belongs to clean forms of energy.

The New Fossil Order Rises

As we’ve indicated, fossil fuel demand is showing no signs of slowing down.

The real problem is on the other side of the spectrum— supply. Experts predict there will be a severe supply gap in the future. It will be the result of the depletion of existing (known) fields and production.

Of course, it should be said the countries of the world won’t just sit idle. Despite major turbulences (like the one of 2014), OPEC has successfully managed the supply/demand in the past. The organization kept the prices from fluctuating too wildly.

The US is poised to chip away at the influence of these old fossil fuel goliaths. This is largely thanks to its tech-driven “Shale Revolution”, which brought forth a production burst. The geopolitics of fossil oil will look much different.

In other words, fossil fuel-funded countries will lose much of their leverage.

The US also established itself as a major exporter and a leader in liquefied natural gas (LNG). This form of gas is 600 times smaller than the natural gas in its original (gaseous) form. Hence, LNG is bound to revolutionize fuel shipping and storage.

These exciting changes bring us to the next key point.

The Bleeding Edge

We should never underestimate the potential for technological innovation.

Industry leaders will make sure to champion digital transformation and increase upstream capital investments. They will embrace cutting-edge digital platforms and cloud-connected tools. Adoption will take operational efficiency to the next level and across the entire lifecycle.

Companies will have to become more agile, automated, and data-driven in order to survive. Machines will take over many repetitive, tedious, and dangerous tasks. They will render manual processes a relic of the past.

Big data, for example, should work wonders for risk monitoring and prediction. Internet of Things (IoT) sensors and drones will enable remote monitoring of operations. Control of work will optimize management systems and help organizations overcome operational hiccups.

To find out more about this practice promoting safety and mitigating hazards, read on here.

All in all, expect to see software platforms and industrial robots to proliferate. These are the harbingers of the new dawn for the fossil fuel sector. Hopefully, they will make production safer and environmentally-friendly too.
Investors will certainly look to this frontier of innovation to find companies with profit potential. “Business as usual” can’t continue, not with the risks and uncertainties lurking around.

The Future of Oil and Gas Industry is Now

Fossil industries aren’t going to go down, at least not without a fight.

They span the globe and power the modern infrastructure of travel and commerce. The growing popularity of renewable sources is going to take a while to yield radical change.

Besides, there are ways to make oil and gas businesses future-proof. Namely, the word of tomorrow will be digital-first and automated. Countries like the US will spearhead the new wave of technological advancement.

Changes will revamp everything from exploration to filed abandonment Brands will have to become more operationally intelligent or risk going under. They will have to learn to swim in restless water of shifting supply and demand patterns.

So, we can conclude that the near future of oil and gas industry is fairly bright. It’s the long-term horizon that looks a bit bleak.

Check out our treasury of insights to educate yourself some more. Stay in-the-know!

3 Consumer Trends on the Rise in 2020

StrategyDrivenConsumers can be picky, but there are some trends from years past that are still on the rise in 2020. While there are plenty to choose from, the three on this list are seeing big profits that don’t look like they’ll be on the decline anytime soon. So check out these three products that are likely to be everywhere this year.

CBD Products

The cannabis market has become a big industry. Now that CBD has been reclassified as a Schedule 5 drug, it’s legal to sell it to consumers and can most commonly be found in a health food or e-cigarette store. This development came after CBD as revealed to have properties that stopped seizures associated with Epilepsy. Now, it’s used to treat many different things, from muscle aches to anxiety. Due to its versatility, CBD is estimated to bring in $20 billion in profits by 2024.

Plant-Based Meat Alternatives 

Meatless protein options are gaining in popularity, and not just with people who identify as vegetarian. In fact, only 7% of people who consume meat alternatives say they’re vegetarians. The biggest shift in the alternative protein market was the switch from a need-based market to a want-based market. More people want protein options so they can cut back on eating meat, even just a few days per week. This shift may have come as a result of a more eco-minded consumer trend that’s predicted to increase in the coming decade.

Wireless Speakers

Portable speakers have been popular since they came on the scene in the 1980s, so it’s no surprise that Bluetooth and other wireless speaker types are on the rise. This industry is estimated to generate close to $32 billion by 2023. The success of Bluetooth speakers can also be attributed to their affordability. These powerful little devices start around $10 each, making them a great purchase for holiday gift exchanges at the office or tokens of appreciation. On the other hand, audiophiles can purchase high-quality portable speakers, too, offering a broad market for the product.

Predicting Consumer Trends

There is no such thing as a sure thing, but if you watch the trends, you can try to foresee how consumers will behave in the coming year. Doing so helps companies and individuals decide where to place their investments. Of course, there are a lot of consumer trends out there, so do your research on a product before making a purchase.

How Close Are We to Developing Plant-Based Meat?

StrategyDriven Editorial Perspective Article |Plant-Based Meat|How Close Are We to Developing Plant-Based Meat?Eating plant-based meat isn’t just about being vegan. If you take the visitor and exhibitor data from Global Table, it will show a diverse set of tastes for each group. Health and food variety play a big role in the rise of plant-based meat. But is it here to stay? And how far along is the food industry with producing a suitable replacement?

It’s Already Here

Several companies have gone headfirst into the plant-based meat industry. This isn’t a flash in the pan, and led to a strong showing in new food innovations. The rush to create the perfect product happened around the same time that being healthy became profitable. Instead of making something that only appeals to a specific group of people, companies realized that plant-based meat can be an addition, or an actual replacement to real meat. There is still a long way to go in finding the right balance between healthy and tasty. While consumers are breaking down doors to get the Impossible Whopper, it is still considered a small minority (and star) of the entire plant-based meat industry. The B2B media campaign by PPR&C highlights some of the best features of pushing plant-based meat. Get to know more about plant protein and its benefits.

Branding Is Everything

The Impossible Whopper had a great marketing push due to its whopper roots. It already started on third base, while every other plant-based meat product had to start on first. This is the biggest challenge in the food industry for any non-established brand that wants to leave their mark.

Grocery store brands that have been selling plant-based meat products for years. After fighting for shelf space with meat products, brands began to be displayed side by side with their meat-based competitors. That made a big difference in certain areas where marketing a plant-based meat product doesn’t really stand out. Now, when you shop for meat, plant-based meat products are displayed in the same row. For the normal shopper mentality, this makes the difference between a buy or a pass. Without a large social media or marketing push, it is easy to miss some of the better choices in a store isle.

Pricing

Global leaders in the industry understand that pricing is the biggest roadblock to the mass acceptance of plant-based meat products. Healthy food has always been more expensive than regular food. When fast food chains add plant-based meat to their menu, it doesn’t suffer from a price hike. This makes it an attractive option to have with a diet soda. When shoppers go into a store or online website to find a similar fix, they are met with inconsistent pricing. This is confusing, but there are several reasons for this.

Plant-based meat brands uses natural, high quality ingredients. It is no different than the price hike issued on organic vegetables and produce. The other reason has to do with store placement, which once again, requires smart placement with regular meat. Companies that spend more for natural ingredients don’t get a discount on shelving space, so the price is sometimes passed onto the consumer.

Pricing woes can be avoided by buying from a plant-based meat website, or getting on a compatible food subscription plan. The awareness raised by the Global Table event touched on some of these issues, and offered some great alternative selling methods for new and existing companies.

Wrap Up

This is the best time to try plant-based meat and similar products. They work well together, and should fit the palate of a casual eater or hardcore foodie. Look past the normal options if you want to try something a little bit different, yet familiar.

10 Interesting Facts About Water That’ll Leave You Astounded

StrategyDriven Editorial Perspective Article |interesting facts about water|10 Interesting Facts About Water That'll Leave You AstoundedEveryone knows that water is critical for our existence. It covers approximately 71 percent of our planet and makes up around 60 percent of the human body. We use it to stay hydrated, keep clean, and as a fun way to cool off on a hot summer day.

Did you know you can also use water to impress your friends? It’s true! Learn some of the most interesting facts about water and you can “wow” them with just how smart you are.

Sound like a fun goal? Keep reading! You’ll be the smartest person in the room before you know it.

10 Interesting Facts About Water You Probably Didn’t Know

Some facts about water, like the ones mentioned above, are pretty cool. But, they’re also common knowledge. If you want to look really smart, you need to learn some amazing facts about water that are a little more obscure.

These 10 pieces of water trivia are a great start.

1. Most of the Earth’s Water Isn’t Drinkable

It’s true! Only about 1 percent of the water on Earth is drinkable in its present state. Although much of the planet is covered in water, it’s almost all saltwater.

In fact, only 2.5 percent of the Earth’s water is freshwater and 69 percent of it is trapped in glaciers and ice caps. While glaciers do melt and release some water during the summer months, it’s still not enough to bring this number above 1 percent.

2. Water Can Actually Cut Metal!

With a powerful-enough stream, you can actually use water to cut through metal! A waterjet is a tool used in machine shops to slice through metal and leave a smooth, clean edge. It does this by harnessing the power of pressure – a waterjet has about 30 times the pressure of a typical power washer.

Other waterjet cutting benefits include simplicity, accuracy, and the versatility to cut through other objects like tile and glass.

3. Americans Use an Average of 300 Gallons of Water a Day

In the United States, the average family uses about 300 gallons of water per day!

The biggest culprit? Flushing the toilet. This accounts for 24% of our daily water use.

The other ways we use water each day include:

  • Showers (20%)
  • Faucet (19%)
  • Washing Clothes (17%)
  • Leaks/drips (12%)
  • “Other” (8%)

An average of 30% of our water use occurs outdoors, mainly through activities like watering our lawns and topping off our pools. The other 70% of water use occurs from the indoor activities listed above.

4. Half of All Bottled Water Is Just Tap Water

Are you a water snob? If you prefer bottled water, you might be completely wasting your money. Turns out, about 50 percent of bottled water is just tap water that has been purified.

You can do the planet (and your wallet!) a big favor by just getting a filter or purifier for your home and drinking the water that comes from the tap.

5. The First Water Pipes in the U.S. Were Made from Logs

Water technology sure has come a long way! You might not know that the first water pipes in the U.S. were made from hollowed-out logs. Artifacts have recently been found that prove that this was a common system in larger U.S. cities back in the 1700s.

6. It Takes a Lot of Water to Make the Things We Need

Water is necessary to create almost all of the things that humans want and need. The amount required is sometimes astounding. Check out these facts:

  • It takes 37.5 gallons of water to make one egg
  • You’ll need 146 gallons of water to make a pound of corn
  • It takes 1,847 gallons to produce one pound of beef
  • The average amount of water used to make one pair of jeans is 2,900 gallons

7. Much of the World is in a Water Crisis

It might surprise you to learn that 785 million people (one in nine!) around the globe don’t have access to clean, safe water. In addition, 2 billion people don’t have an effective sanitation system.

This has caused a serious health crisis. Nearly a million people die each year from diseases related to water, sanitation, and hygiene-related diseases.

8. Women Carry Most of the World’s Water

In many countries, women and girls carry the responsibility of retrieving the water needed for daily living. In countries like sub-Saharan Africa, women spend a collective 16 million hours collecting water every day.

In Kenya, water collection accounts for approximately 4.5 hours of a woman’s average week. When women have to spend so much time meeting a basic need, it cuts into time that they could be working, expanding their education, or getting much-needed rest.

9. Water is Heavy!

If you’ve ever tried to carry a bucket full of water, you know that it’s pretty heavy. Although there are factors that can impact the weight of water – like temperature, atmospheric pressure, and gravity – on average, one gallon of water weighs about 8 pounds.

10. Frozen Water Weighs Less Than Liquid Water

The fact above only applies to water in its liquid state. Frozen water, also known as ice, weighs less by volume than liquid water. That’s why ice cubes float in your drink!

Keep Getting Smarter Every Day!

Now that you know the most interesting facts about water, you probably feel much smarter already. But, don’t stop there! We have plenty of great articles that can expand your knowledge even further.

Take a few more minutes to browse through our blog, then bookmark it and check back often. This way, you’ll never miss out on our best content.

7 Outsourcing Trends You Should Keep an Eye on in 2020

StrategyDriven Editorial Perspective Article | 7 Outsourcing Trends You Should Keep an Eye on in 2020Is your small business expanding? Do you wish to cut down on your costs without compromising your services? Then outsourcing is likely the answer you are looking for.

Regardless if you’re a small firm or an established one, outsourcing can help you in many ways. A key survey revealed that 59% of companies invest in outsourcing to cut down their expenses.

Though this is encouraging to hear, it is not enough for you to simply outsource on the fly. You must also look at the latest outsourcing trends that will shape the industry this year.

So what are these trends to look out for? Continue reading below as we discuss seven trends that businesses must be aware of.

The Outsourcing Industry: A Brief Overview

Before we discuss the latest outsourcing trends, let us first get a glimpse of the outsourcing industry today. Apart from its cost-cutting benefits, outsourcing helps companies focus on their core business. This helped the industry nearly double its growth over the past two decades.

From $46 billion in 2000, spending on outsourcing grew to $85.6 billion in 2018. Furthermore, the United States outsources around 300,000 jobs annually.

Companies are also starting to embrace cloud services to improve their outsourcing. This is despite the concerns on data security surrounding cloud technology.

Furthermore, 70% of transportation and retail firms outsource portions of their services. The same thing goes for 71% of financial service executives in the country.

Outsourcing Trends

With 2020 already underway, there are outsourcing trends that will make an impact this year. Let’s take a look at seven of the most important ones:

1. More Flexible Contracts

If it is your first time to outsource, you will encounter a contract that comes with stipulations. But unlike before, companies can expect more custom outsourcing agreements this year.

You will see more contracts that come with room for flexibility. This is important considering the different limitations and cost pressures that businesses face in regard to their outsourcing needs.

This flexibility covers service, delivery, and pricing.

2. More VAs and Chatbots

You can also expect to see more virtual assistants (VA) and chatbots doing the job for companies. Businesses will incorporate these technologies to interact with their customers.

This new form of outsourcing is evident in the chat boxes that you see on various websites. These chat boxes address customer inquiries without sounding too robotic.

The good thing about chatbots and Vas is that they offer consistency. Though real people can show emotional knowledge, there is a tendency for them to lose their cool. Moreover, chatbots can handle different tasks that don’t require human emotions.

These tasks include arranging schedules, finalizing meetings, and qualifying clients, among others.

3. The Cloud Effect

As we mentioned earlier, more companies are opening up to cloud services. Cloud-based technology increases connectivity. In turn, this makes offshoring more efficient.

Furthermore, the media and information industries will continue to invest in telecommunications outsourcing. They will continue to incorporate cloud-based systems to expand their reach without physically going out in the field.

Also, the cloud computing industry will likely continue to grow. In 2020, the market grew to $180 billion. By the end of 2020, observers believe the industry will reach the $411 billion mark.

This is because tech leaders like Google, IBM, Intel, and Microsoft will pour in more money to create a quantum computer. Experts also believe that the quantum computing market will reach a value of $8 billion globally by 2027.

4. Telehealth Market to Make Waves

The healthcare and medical technology industries will continue to outsource reduce their costs while improving their processes. The telehealth market will offer more online video calls in lieu of physical hospital visits to the doctor. You can expect to see more hospitals attending to patients living in faraway places through online services.

Moreover, hospitals will outsource wearables to improve their diagnostics. Examples of these wearables include smart eyewear, wearable patches, trackers, and heart bands. Observers project the medical industry will spend over $27 billion over the next six years.

Additionally, more doctors will outsource virtual reality tools featuring artificial intelligence. They will use these gadgets to diagnose more complex diseases like Alzheimer’s.

5. Small Businesses to Outsource Heavily

More start-ups and small businesses will outsource this year. These companies will increase their spending on software development from 6% last year to 9% this year. Moreover, small companies will look to use new technologies and approaches to improve their services.

Instead of building in-house teams to cover non-key operations and other excess workloads, they will opt to outsource since it’s the more cost-effective way to go.

Outsourcing offers financial respite for smaller companies that are working on a tight budget. It also solves problems concerning a lack of manpower.

6. New Outsourcing Destinations

You can expect to see new players for software development outsourcing. Though China and India will continue to serve as havens for IT and business process outsourcing companies, Eastern Europe will rise as the emerging provider for small to medium-sized firms.

Also, medium-sized companies in the US and Western Europe will continue to experience a talent shortage. This will prompt them to outsource employees who are technologically-skilled.

7. The Emerging Experience Economy

Last but not least, there is the emerging experience economy that will play a bigger role this year. This pertains to the companies’ needs concerning experiences affecting the overall client experience.

This involves outsourcing services that focus on intangibles and immaterial attributes. These include aesthetics, values, culture, and design.

Examples are services that improve the health and wellness of employees. Companies will look to outsource wellness solutions to increase employee retention and satisfaction. More businesses will hire coaches, trainers, doctors, and therapists who can provide these services.

Outsourcing and Beyond

By following these outsourcing trends, you can make better decisions about your outsourcing needs. You can invest in the right services that will improve your company’s overall efficiency.

But outsourcing is only one of the many tools worth considering. Check out our other articles to learn more about other solutions. We discuss topics that will help grow your business.