Market share is a key factor in protecting a business from the vagaries of the world economy. Each business therefore competes for the largest possible share of the market.
Supply limits demand in some markets and this has been the case for the resources industries for many years. The success of businesses within such markets becomes driven by the rate of growth and the industry in general becomes inefficient as a result of the pursuit of scale above efficiency.
Market downturns due to economic events or increases in supply due to technology advances disrupt markets leading to the heightened pursuit of efficiency to protect market share or merger and acquisition activity until supply and demand adjusts.
The hydrocarbon industry is now adjusting to a carbon constrained future alongside the electrification of the mobility market. While the demand for energy will only continue to grow with the population the diversity of the energy mix will change and businesses will have to adjust accordingly.
Whilst not unusual in more competitive markets, technical excellence as a driver of competitiveness will become increasingly important to the resource industries. The pursuit of automation in Mining and Minerals to cope with falling commodity prices is indicative of the issue.
The rapid advance of technology supports and is driven by these opportunities to improve productivity and those of us who have pursued technical excellence through the application of technology over long careers will be more valuable than ever.
These articles share our knowledge from our combined centuries of learning through application, not theory and not data regression: