BIG DATA ANALYTIC SOLUTION

O I L & G A S I N D U S T RY

INTRODUCTION

As we all know, the Oil & Gas industry is in a volatile state and as an oil and gas company, having insight into your data is vital in this market.  During exploration, you rely on as much data as possible in order to make heavy investments. You know that if your analysis of the data is not accurate, it can cause some very expensive mistakes.

BIG DATA AND OIL AND GAS PRODUCTIONA natural progression for data analytics is to go from exploration to production. It also makes sense because you already have access to thousands of data points. And with oil prices where they are, a modest 6% productivity gain could mean the difference between operating profitably or at a loss.  Data analytics does not stop at the oil rig or well. There are other areas that can benefit from analyzing the data available. The key is to start with a business problem and think of ways that your data can help you solve it.

ASSET MAINTENANCEImproved data insights can help increase the return on investment on all of your assets. This includes everything from your pipeline to your trucks. You can determine that a piece of equipment requires maintenance before there is a failure. You can also maximize utilization by knowing where and how every asset is utilized. The only limit is the data you collect.

BENEFITS FROM ENHANCED ANALYTICSSales, marketing, finance, and operations generally contain data silos. It is common that these systems do not communicate with each other very easily. This presents a challenge when you are trying to make business decisions as many of those departments are inter-dependent.  Organizations spend massive amounts of time and effort trying to access, compile, and understand their data. This is where a data analytics tool can save you time and help you make more informed decisions. You can start to ask questions of your data regardless of the source.

FUTURE OF ANALYTICS IN OIL AND GASThe oil and gas industry will stand at the forefront of the new age of business analytics. Data analysis has always played a major role in the industry and this role will only increase in the coming years.  It is estimated that a typical organization only uses 12% of their data. That is true across most industries. With the advent of the Internet of Things, those numbers are sure to increase through 2017 and beyond.