How Oil and Gas Companies Can Tackle the ‘Black Swan’ Event with Advanced Business Contingency Plans | Quantzig
To tackle the short-term disruptions of the crisis, oil and gas companies should focus on implementing contingency plans.
Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of its free resource that highlights how oil and gas companies must respond to the crisis in order to ensure business continuity. The COVID-19 crisis has not just resulted in severe demand-supply disruptions but its long-term implications on the global economy have led to rapid price swings and dwindling margins that have made it challenging for US oil and gas companies to thrive.
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While the extent of COVID-19’s disruption to the global oil and gas supply chains and the industry as a whole hint at a paradigm shift, it already presents bigger opportunities for those who are well-prepared to thrive in the ‘new reality’. To tackle the short-term disruptions of the crisis, oil and gas companies should focus on implementing contingency plans. And to tackle the long-term implications of the COVID-19 crisis it's essential to focus on modifying supply chain strategies and operating models to mitigate single points of failure. Considering the current scenario and its impact on the US oil and gas industry, COVID-19 serves as a reminder that business operations and global supply chains are fragile and disruptive events can come from unanticipated sources. The crisis also presents an opportunity for oil and gas companies to rethink and remodel today’s paradigms, opening new doors to collaborate and establish stronger frameworks that can help build a more resilient future.
“Though typical contingency plans can help improve operational effectiveness to some extent, they generally don’t consider the losses due to long quarantine periods, travel restrictions, and other government-imposed restrictions to curb the impact of the crisis,” says an advanced analytics expert from Quantzig.
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How the US Oil and Gas Industry Must Respond to the COVID-19 Crisis:
- Develop business continuity plans and the potential impact of continuing with normal operations
- Automate processes and minimize manual tasks
- Plan for a supply chain overhaul and identify alternative suppliers
- Focus on mergers and acquisitions
Considering the current scenario and its impact on the US oil and gas industry, COVID-19 serves as a reminder that business operations and global supply chains are fragile and disruptive events can come from unanticipated sources. The crisis also presents an opportunity for oil and gas companies to rethink and remodel today’s paradigms, opening new doors to collaborate and establish stronger frameworks that can help build a more resilient future.
Contact us to get your free copy of this resource – ‘COVID-19: A Black Swan Event for the US Oil and Gas Industry?’
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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