Select the Opportunity
What is the goal?
What will be required to achieve that goal?
How long will it take?
How much will it cost?
What is the potential value to the client’s business?
The next step is to make an informed decision as to whether a company or research provider should devote resources to exploiting n opportunity. The decision-making process should be objective and fact-based. Although an opportunity may be technically interesting, this is not an adequate basis for deciding to proceed.
Initially, it is important to have clear statements of both the overall goal and how it is to be achieved (the ‘mission’). These ensure a consistent message that can be communicated both within a company or organisation and externally to third parties. It is also important to ensure that the goal and mission statements do not get confused with each other. At Woodview, we use the following expression to explain the differences:
To do ‘X’ (the mission) in order to achieve ‘Y’ (the goal)
Having defined the goal and the mission, the next stage is prioritisation. We have a well-proven technique for this that can be carried out relatively quickly. It considers two key parameters: the chance of success and the business benefits. The end result is then a matrix showing the different opportunities assessed and their positions relative to each other. We have recently completed prioritisations in the following areas:
- Deepwater production;
- Sour gas;
- Coal seam gas.
- LNG liquefaction and regasification;
- Robotics for oil & gas applications;