Recent market research studies state that offshore drilling companies who do not meet the regulatory requirements are at a risk of extended downtime owing to their inefficiency in software management.
The oil and gas industry is one of the most prominent industries in the world. Since the industrial revolution, oil and gas industry players have played a key role in bringing power to people across the globe and in shaping modern life as we know it.
It is a well-known fact that technological innovation is taking over the world, and the oil and gas industry is no exception. The ongoing investments that offshore drilling companies have made in procuring sophisticated software systems have not only benefitted them but also posed several challenges. Also, the rise of new technologies, renewable energy, and newer methods of extracting hydrocarbons have greatly impacted the business processes in the oil and industry.
The Business Challenge[spacer height=”10px”]
- The client: An offshore drilling company
To gain detailed insights into the competitive landscape, the client – a leading offshore drilling company – approached Infiniti to conduct a competitor research study. The client wanted to deepen their understanding of the strengths and weaknesses of their competitors. Also, since several large offshore drilling projects were awarded to their competitors, the offshore drilling firm wanted to analyze the pricing strategies adopted by them to reduce operational costs.
The offshore drilling client wanted to conduct a competitor research-based study to gain strategic insights into the global oil and gas market. Their primary objective was to identify and adopt the best strategies to gain a competitive advantage.
How Can Competitor Research Help Offshore Drilling Companies?[spacer height=”10px”]
Understanding the level of competition in the global marketplace is crucial for any organization. A few companies hire professionals to track and assess the competitive landscape on a regular basis. However, it doesn’t necessarily require huge investments in terms of time and energy. By investing in competitor research, businesses of any size can develop the basic framework necessary for- competitive assessments and business intelligence. Moreover, it not only helps in learning the best practices from competitors in the industry but also helps to avoid the mistakes they make.
Summary of our competitor research engagement
Client Journey[spacer height=”10px”]
Infiniti’s competitor research assessment helped the offshore drilling company to gain detailed insights into the competitive landscape by tracking the different aspects of competition on an ongoing basis. It included – price structures, products, R&D, and other similar aspects.
Furthermore, to help the client assess the competitive landscape and identify imminent market trends, the competitor research experts at Infiniti conducted a detailed assessment of the market and offered much-needed insights to help the client improve business growth. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the oil and gas industry.
Solution Benefits and the Business Impact
Infiniti’s competitor research experts helped the offshore drilling firm to assess and understand the current oil and gas industry landscape. Our solution also helped the client keep tabs on competitor’s pricing structure to develop an enhanced pricing strategy for the services offered. It also helped them understand the level of competitiveness in ancillary offshore drilling market segments.
The Future[spacer height=”10px”]
Though the global oil and gas industry is currently witnessing surplus production, dynamism in the market remains constant with several new markets opening up and paving the way for a variety of short-cycle products. The oil and gas sector is expected to witness accelerated growth in the coming years, which will be augmented by the shift to a more low carbon energy source.