The oil and gas industry, historically, has been fueled by innovation. Reflection seismography, which first revolutionized petroleum exploration in the 1920s, prompted oilfield discoveries worldwide and filled billions of barrels of oil. Fluid catalytic cracking, discovered in 1937, served to advance refining and still produces most of the world’s gasoline. More recently, horizontal drilling and hydraulic fracturing (fracking) led the commercial exploitation of massive, unconventional oil and gas resources that were once considered uneconomic.
As the industry faces continued pressure to streamline operations and reduce costs due to overcapitalization, budget overruns, and production oversupply, our multi-part assessment will help you to understand where you are now and where do you want to go and in defining or executing your organization’s innovation strategy.
What and how we assess Oil & Gas Innovation?
How the scores are calculated by our assessment?
The above exercise is pretty quick. It can be completed by any stakeholder in about 15-30 minutes and results in a visual way to represent where one’s Innovation Program technology sits in comparison to industry benchmarks. Additionally, it can be completed by multiple individuals within an organization to calibrate a mutual understanding between their collective Innovation Program departments and/or other internal stakeholders. Maturity (scale of 1 to 10) is explained below.
- Just realized – Process not in place, however, there is a realization of the need.
- Initial (chaotic, ad hoc, individual heroics) – the starting point for use of a new or undocumented repeat process.
- Repeatable – the process is at least documented sufficiently such that repeating the same steps may be attempted.
- Defined – the process is defined/confirmed as a standard business process.
- Capable – the process is quantitatively managed in accordance with agreed-upon metrics.
- Efficient – process management includes deliberate process optimization/improvement.
- Innovator – Started challenging status-quo and incremental innovation started at the edges.
- Disruptor – The tangible impact of the innovation has been proven, started institutionalizing sustainability.
- Market leader – You are nailing it.
- World-class – The true north of all.
And the final Report is:
** Blue bar represents Innovation Minds benchmark baselined from 25+ companies we worked with, and the black line represents where you may stand.