Petroleum companies conduct R&D in dozens of major areas around new ways to discover, extract and process oil & gas. From heavy oil extraction to fracking to directional drilling, R&D and innovation keep the energy and chemical feedstocks flowing to power the world.
Oil and gas companies need to address four major challenges to accelerating deployment of technology.
- Aligning technology more closely to creating business Engineers and scientists are adept at exploring and creating technology ideas, but often have difficulty selecting projects that could create the most business value for the company.
- Tight budgets and long-development Corporate executives constantly demand “more for less” and expect R&D to deliver faster business results.
- Inconsistent project evaluations. To justify projects, managers often develop individual business cases with a bias toward optimistic When management finds it difficult to objectively compare projects, it often is forced to make “thumbs-up or thumbs-down” decisions.
- Slow development pipeline Too many projects languish in the pipeline long after they should have been killed, absorbing valuable resources that could be applied to more valuable projects.
SmartOrg works with oil & gas R&D and innovation portfolio managers to implement a value-based management process enabled by Portfolio Navigator® enterprise software based on meeting three key requirements:
- Accelerate development to create earlier business value
- Continuously improve the value created by the R&D and innovation portfolio
- Align the organization’s work tightly with corporate business objectives
Improvements in the quality and speed of decision making enables portfolio managers to achieve dramatic improvements in their organizations’ performance.
Value-based strategy consulting
Portfolio Navigator enterprise software
Support faster decisions at all levels
Dramatic increases in portfolio value
Substantial improvement in speed of moving projects to implementation
Significant increase in the number of new projects initiated
Identify and kill losing projects early