I would like you to reply to this peer discussion post. The post reply need to b
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I would like you to reply to this peer discussion post. The post reply need to be substantial and constructive in nature. It should add to the content of the post and evaluate/analyze that post’s answer. Normal course dialogue does not fulfill the peer reply.
POST:
The company I have selected is referred to as Saudi Aramco and was initially known as Arabian Oil Company. Saudi Aramco is globally known as a multinational petroleum and natural gas company located in Dhahran, Saudi Arabia. It also engages in the processing of mainly petroleum-based products such as petrochemical, natural gas and petroleum products. It was first established in 1933 under a concession treaty between the Kingdom of Saudi Arabia and California’s SOCAL company (Argaam, 2020). As a result, the company began to expand, leading it to become one of the most significant global oil and oil products compared to other substitute companies. Its oil reserves of up to 270 billion barrels of natural oil make it identified as having the largest crude oil reserves globally. The oil business that Saudi Aramco engages in has led to the tremendous growth of the Kingdom of Saudi Arabia’s economy.
In terms of utilization of new technologies, Saudi Aramco uses Artificial Intelligence and Big Data Solutions in order to optimize a variety of the company’s operations for improved efficiency and sustainability of the oil business. For instance, Big Data and Artificial intelligence are used in flare monitoring to prevent the emissions or release of hydrocarbon gases during combustion. The new technology identifies flaring sources, which generates potential solutions in advance, thus creating an air pollution-free environment (Aramco, 2022). The digital visualization of Saudi Aramco enhances reservoir monitoring leading to practical guidance of the decision-making process and achieving optimal development plans. The introduction of seismic technology is another technological innovation that has propelled Saudi Aramco Company to identify new areas that could potentially have natural oil for mining. The seismic technology uses artificial shockwaves, which are monitored closely as it indicates how far deep the location of oil or gas could be.
Regarding the use of technology in communicating with its stakeholders, Saudi Aramco has adopted new communication channels that are faster and more convenient. The COVID-19 pandemic opened people’s eyes by revealing another option for having meetings, even when it is not physical. The use of webinars and zoom meetings has gone a long way in ensuring that the stakeholders of Saudi Aramco, wherever they are, keep updated with the company’s performance, thus enabling them to make a well-informed investment, supply and purchase decisions. In addition, there is another channel of communication that Aramco Utilizes while communicating with its stakeholders through digitizing newsletters and magazines. Sitecore is another digital communication platform that improves its connection with the customers in the market efficiently and effectively, where their information is shared and feedback is received, thus fostering the loyalty of its wide range of customers (Sitecore, 2022).
The implementation of Information Technology comes with its benefits and also its setbacks. One of the benefits is improved performance in terms of productivity and the efficiency and effectiveness of processing Saudi Aramco products (Aramco, 2022). The setback could be resistance to change from the employees, which could pose a threat to the productivity of the company. In the case of Saudi Aramco, I believe that the implementation of new Information Technology has not caused disruptions in the organization that would have destructive liabilities. This is because the new technology has led to the company’s continuous growth and ensured that Saudi Aramco, in addition to increased revenue.
Diving deeper into the introduction of the technology in regards to the attainment of Saudi Aramco’s competitive advantage, new entrants in the oil business industry pose a threat to reducing market share (Aramco, 2022). However, modern technology such as Sitecore for communication and flare monitoring using AI and Big Data has created an edge for the company, which in turn enables it to have a competitive advantage over newcomers in the industry and existing oil-producing competitors.
