Oil and gas business magnate Faisal Fareed highlights key success factors in the industry

At the forefront of Prozone International Oilfield as the Managing Director, he speaks on certain crucial factors important for staying competent in the industry.

So much has already been spoken about a few business owners and entrepreneurs who never left a stone unturned to realise their visions. Still, there is a lot more about them that needs to be discussed for the world to know their genius. Apart from thriving off of great business plans and techniques, a few entrepreneurs also thrive on their passion for doing things and their strong resolute with which they build their businesses and companies, highlights Faisal Fareed, a high-performing and purposeful entrepreneur himself, who also holds great passion for motorsports and has remained a notable National Rally Driver across the UAE.

Faisal Fareed (https://faisalfareed.com/), who is the Managing Director at UAE's Prozone International Oilfield, has proved his mettle in the vast and ever-evolving oil and gas industry, and now he has reached out to us to discuss a few key successes factors, according to him, for the industry. He says that key success factors (KSFs) are a combination of understanding customer demands and competitive analysis.

Speaking on customer demands, he says that customers are oil companies and drilling contractors, and they select suppliers based on - lead time, availability of equipment and spares, competitive rates, industry contracts and technical competency. Faisal Fareed further explains how competitor analysis works, highlighting how the competition in the industry is intense and driven by high customer demand and relatively few suppliers. He says that competitive advantage can be achieved by - the availability of inventory on the ground, brand new API management equipment, an experienced management team both in terms of commercial and technical knowledge, industry contracts and industry supply chain procurement with over 40 years of experience.

To become more profitable, the business development strategist and entrepreneur says that companies must follow other KSFs, like the technical expertise of professionals with industry-specific technical prowess and knowledge, and financing with affordable and flexible sources of capital to cover upfront operational and fixed costs. Lastly, regulatory awareness expertise for navigating regional regulatory requirements.

Faisal Fareed (@faizee_5c) has come a long way in the oil and gas industry with Prozone International Oilfield and aims to do much more in the coming years.