The Impact of Technology Advancement on the Oil and Gas Industry

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Technology Advancement in the Industry

Technology advancement is considered the main external issues facing the entire industry. There have been many changes in technology in terms of conducting business, communication tools, distribution, and learning. Technology advancement has been in existence for a long time. By using the term advancement, it is suggested that the innovation will increase within a given period. The oil and gas sector are among the sectors that will be affected by the new innovation. Moreover, the whole industry will also be affected by the increased innovation.

Positive Effects of Technology Advancement

The effects of technology advancement are both positive and negative. One of the advantages of technology advancements is the cost efficiency in terms of saving money, resources and time. Another advantage is the increase in production through the use of machines which have been introduced by the new technology. Moreover, production is improved through communication since the people involved in the production do not have to meet face to face to exchange information. The communication tools are in this case therefore used for communication. The new technology has also positively impacted the human resource departments by either using it to conduct training or using it to facilitate and expedite the employment process.

Negative Impacts of Technology Advancement

The negative impacts attributed to technology advancement include the increase in the knowledge gap between employees and increasing resistance among employees in some cases. The knowledge gap emerges as a result of the restricted knowledge access to employees and some senior employees who are not interested to continue learning and adapting to the new environment because they are close to retirement. It is evident the benefits of technology advantages outweigh the disadvantages. It is therefore imperative to address the issue of technology advancement given that the entire industry is affected by the new technology.

January 19, 2024

Business Economics



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