The struggles of adapting technology in the downstream industry

NOTE: The sponsor of this content may contact you with more information on this topic. Click here to opt-out from sharing your email address with this sponsor. (This link will not unsubscribe you from any other BIC email list).

As downstream demand returns, producers are laser focused on maximizing output to meet customer expectations and capture profits.

The race to safely maximize plant output must be balanced against the need to futureproof facilities and start to embed sustainability at the heart of every decision. 

Successful technology adaption is key to meeting these multiple priorities. The competitive business environment demands that companies remain on top of the ever-changing technology world. Making smart investments leads to cooperation among actively engaged employees, better decision making, and increased profitability over time. 

Sounds simple right? Unfortunately, it’s hard to make sense of tech solution provider’s silver bullet rhetoric to ascertain actual ROI and if it is right for you and your team.  

Here are five tips to help you –  

  • Understand your needs – this is harder than it sounds, but spending time talking with your employees about what they plan to use the technology for, what they need it to do for them, and the improvements they expect to see could save you a fortune in the long run.
  • Create partnerships early – most tech needs are individual to the company and most one size-fits-all solutions will not be adequate to serve your needs, which will cost you overall. Partnering with solution providers early in the process can lead to better development and adaption and will leave you with a solution that is more likely to  meet all your needs.  
  • Test technology thoroughly and early - A lack of preparation can quickly turn that dream into a nightmare. Before introducing new tech, you should address any inefficiencies and potential flaws during a testing phase. If you fail to thoroughly test your new technology solution, you may run into logistical headaches down the road. 
  • Ensure you have correct supporting infrastructure - Logistical headaches down the road Exhibit A. Unfortunately, most tech will not slip in effortlessly to existing plants or projects. Other aspects of your operations may need to change or be updated to make the most of your investment decision.  
  • Train your staff – Do not fall at the last hurdle! Invest in your employees with hands-on, interactive education. If they don’t completely understand how to use the new technology, you run the risk of reducing employee productivity and morale.
  • Remember that failure is an inescapable, but important part of innovation – speak to any leading innovators in any industry. They will all agree that they learned more from their failures than their successes.

There is another easy step you can take to serve most of the points above … attend the Downstream USA Expo (June 7-8, Galveston) for FREE. We are shameless, I know, but this is not something you should miss. Why?

  • Join 3,500+ of the most important downstream decision makers and budget gate keepers exploring 150+ interactive booths, showcasing the latest trends to meet all your procurement needs for the next 5 years in just 2 days. 
  • Explore the latest ROI boosting solutions and meet the innovators behind them to get hands on try-before-you-buy experience to cut through silver-bullet rhetoric and deliver confidence in investment decisions. 
  • Utilize our jam-packed schedule filled with dedicated expo tours, exclusive product demos, product launches, and prize give aways to network with likeminded peers and get exclusive hands-on experience before your competitors with brand new solutions, tools and equipment changing how the industry smashes ROI goals.

For more information, visit Reuters Events or email Bridget.Robinson@thomsonreuters.com for more details.

Tags