P. Sangvai, D. Sagar, and K. Singh
Oil & Natural Gas Corporation Ltd., India
ABSTRACT: (R)e-Shaping Energy Business
A business siege is taking us to creative crossroads in this 2001 and beyond. The energy business needs to take more risks and defend them with more conviction. In search of a solution to questions like "What makes the business successful?"; "Where will the modern energy company concentrate its resources in 2001 and beyond?" new rules of the game are being written and new players are moving onto the field. The companies want instant internal and external communications and they seek to enhance their business potential through electronic formats. Regardless of the industry, companies have to admit that they are in information business and to flourish, they have to become IT company. The energy sector realized that the IT is the critical asset on the corporate balance sheet. Moreover, the rapid development in IT & communication brought in the awareness to the customer and more choices to access new energy suppliers. Companies have not only to retain their customers but attract new customers too. As a result, fundamental nature of decision-making will change to become more cooperative, collaborative and transcending the traditional boundaries of individual organization. They need to break down geometric limitations and find the new ways to communicate with customers. Since the popular appearance of the Internet & developments in IT the energy industry has been striving to (r)e-shape itself in the new economy and searching the means to bring proven economic benefits of derivatives trading to the energy marketplace. Companies have to change and adjust their business plans and respond to this changing market place for successful transformation or (r)e-shaping and adopt e-business. To cut cost, raise efficiency and broaden their market reach, companies are forming new alliances and flocking to the Internet. The online benefits like e-procurement, e-retail, e-wholesale, e-services and e-enablers boost their growth. The solution is e-commerce.
In view of these changes in global energy business scenario the paper attempts to look for a business solution model for national oil company of India. To evolve such a model it is essential to look at global, Asian and Indian energy business in the light of IT revolution and review the approach of the company.
AAPG Search and Discovery Article #90906©2001 AAPG Annual Convention, Denver, Colorado