Business Models for Economic Realities and Operating Environments

Challenges will continue in the future, but we shouldn’t panic. The best way is to have an integrated value chain in your business model.

Wafa’a Y. AlZaabi, Managing Director – Planning & Finance, KPC

The panelists identified HR as a big challenge as more companies push for digitization, which requires a different kind of person than the industry traditionally employed. Digital innovation is a big culture shift that needs software developers and coding experts more than petroleum engineers.

What I want to see is for my company to become a global player in every value chain across our business. Small but efficient. We want to play a major role for exploration and development.

Young-sang Kim, CEO & President, POSCO Daewoo

Greater standardization was also identified as a key requirement for helping customers be more competitive moving forward. But the HR issue was also linked there. The panel proposed that the industry needed to improve recruitment now to remain competitive in 10 years. Internal integration and strategic partnerships were also considered key to meeting customer requirements.

I hope we’re not talking about being stretched on capacity, having enough engineers, etc. I hope we can be more organized, and have a more systematic approach to the future.

David Dickson, CEO, McDermott