As U.S. oil production breaks records this year, the industry must focus on content, analytics, and digital transformation to maximize potential, according to the founder of the Global Trade & Development Group Mark Stansberry.
Energy companies are starting to grow again after long periods of layoffs during a significant market glut, which means the industry will have to prepare the next generation of workers and the general public by embracing and providing fact-based data and analytics, said Stansberry.
"We are going to be left behind if we don't step up on data collections, data content, and have it analyzed," he said.
Technology-driven change has increased rapidly in the industry, but it's still not where it needs to be, according to Stansberry. Midstream and pipeline companies need to be investing in robotics, drones, and cybersecurity, among other technological transformations.
Oil prices are not significantly moving anytime soon, so energy companies need to be aware of how they are doing business and how they are implementing digital transformation into their processes as a way to become "better and more efficient," said Joey Mechelle Stenner, director of the Tulsa-based Pipeline & Energy Expo conference.