Over the past few years, drilling rig companies have started experiencing setbacks in terms of losses faced and low return on investments. Prominent players in the drilling rig industry are redefining their business models to improve their production capabilities. Moreover, the drilling rig industry is moving from a manufacturing-based business model to a more service-oriented business model. As a result, firms operating in this industry space have started adopting new technologies to identify potential value opportunities. The growth of the drilling rig industry is characterized by the increasing mining and oil and gas extraction activities around the whole.
Although the drilling rig industry is expected to exhibit substantial growth in the coming years, some factors may influence the growth of the industry.
- Innovations: Many drilling rig companies are in the early stage of growth and are relying on outdated techniques to meet the end-user requirements. However, companies have started using innovations in their production capabilities due to the advances in technology. As a result, it becomes essential for prominent players in this industry to stay ahead of the curve and meet the business requirements.
- The scarcity of raw materials: With the exponential growth in mining activities over the last couple of years, there are supply shortages for the products among the end-user As a result, firms are forced to maintain supply consistency in their products and services offered.
Many such factors are compelling drilling rig firms to leverage the use of competitive intelligence solutions. Competitive intelligence solutions assist companies in identifying competitive opportunities and trends to discover any potential functionality gaps to enhance their business performance. Additionally, these solution help firms increase their focus on benchmarking their products and services offered with that of their direct competitors.
The Business Challenge
- The Client: Drilling rig manufacturer
The client, a leading drilling rig manufacturer with business operations spread across the globe, wanted to gain a clear understanding of the competitor protocols and strategically position their product and service offerings. The client also wanted to gain recommendations on developing robust marketing strategies and look for promising solutions to achieve a surge in growth and increase profits. Additionally, with the help of competitive intelligence solution, the client wanted to minimize their exposure to risk and improve their overall commercial performance.
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To help the drilling rig manufacturer analyze the competitive structures and market environments, Infiniti Research’s competitive intelligence specialists carried out extensive interviews and research with prominent stakeholders across the drilling rig segment. The experts also gathered information from various secondary sources such as company presentations, industry forums, and paid industry databases to help the client refine their current product groups.
The Solution Offered and the Business Impact
The drilling rig manufacturer gained an accurate view of the competitors and their product and service offerings with the help of Infiniti’s competitive intelligence solution. The solution also helped the client gain insights into the competitive scenario of the industry to stay ahead of the competitors and strengthen their market presence.
Over the next few years, the drilling rig industry players must look to adopt technologies and processes to streamline their operations due to the rise in mining and oil and gas extraction activities. Additionally, the future of this industry is expected to be marked by innovations such as automation in discovery, exploration, extraction, and processing activities.