We’re very pleased to be joining our friends KCA at the Houston Energy Breakfast on September 17th, and looking forward to meeting with many of the leading lights in the Oil & Gas industry to discuss the latest insights, developments and perspectives on the current state of the global energy market.
As we were thinking about the theme for this months breakfast – ‘Creating Value along the Value Chain’ – it brought to mind the fascinating book by financial journalist James Surowiecki, ‘The Wisdom of Crowds’.
In it, Mr Surowiecki shows through a variety of examples from all walks of life that large groups of people are smarter than an elite few, no matter how brilliant–better at solving problems, fostering innovation, coming to wise decisions, even predicting the future those experts may be.
During Hess Corporations Q1 earnings call on April 29, 2015, COO Greg Hill noted that “Of the $550 million of initial savings we have identified, about $50 million comes from reduction in activity level, $250 million from what I will call self-help cost reductions … that are across the board and come from more than 1,000 different opportunities identified around the company.”
By any standard, it’s clear that Hess are taking advantage of the wisdom of crowds!
Join us Thursday morning at one of the Houston Energy Breakfast pre-event networking stations, and let’s talk about how Oil & Gas companies in today’s economic environment are capturing the best ideas from their crowd – their employees – and what are the best practices for acquiring, ranking and tracking those new ideas so they can be acted on quickly, creating value all along the value chain.