Widening connectivity, rise in use of embedded devices, and ever-growing computing power have in more than one way contributed to the rise in data collected and analyzed by oil and gas companies across the globe. With data volumes growing with every passing day, it’s quite evident that oil and gas data analytics will play a huge role in helping oil and gas companies address key issues and achieve business outcomes. This is one of the reasons why top oil and gas companies have started leveraging oil and gas data analytics and also plan to invest more in new business initiatives that revolve around the application of big data.
However, most oil and gas companies have not always embedded big data and analytics into their current processes but are just adopting a piecemeal approach to drive positive results using technology. This inconsistency highlights how top oil and gas companies have not completely relied on oil and gas data analytics to make crucial business decisions.
Though technology holds tremendous potential to help oil and gas companies move beyond sluggish growth rates to deliver exceptional shareholder value and capture a good market share, it’s not always as easy as it sounds. Capturing the true potential of data is what helps oil and gas companies make key business decisions and this does not have to happen outside or in lieu of organizational priorities and, indeed, can play an important role in forming a cohesive response to the dynamism in the market.
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Oil and Gas Data Analytics: Paving Way for New Opportunities
The concept of oil and gas data analytics may be new to a few companies, but the oil and gas industry has long dealt with the complexities of data-driven decision making. In their quest to learn what lies beneath the surface of complex business data, analyze sensor data, and drive decisions, top oil and gas companies have invested considerable time and money in deploying seismic software, data visualization tools, and other technology. But today, the oil and gas industry is witnessing a rise in pervasive computing devices and affordable sensors that help collect and transmit machine data, opening up new opportunities for businesses to drive growth.
With market forces and digital innovations constantly reshaping the industry landscape, adopting just technology to drive outcomes may no longer suffice. Request a FREE proposal to learn how oil and gas data analytics can help oil and gas companies thrive in such a scenario.
How Big Data in Oil and Gas Helps Drive Business Outcomes
Top oil and gas companies depend on advanced oil and data analytics tools to drive outcomes. Here are three ways in which big data in oil and gas helps businesses improve efficiency and business outcomes.
Use Case 1: Upstream and Downstream Process Optimization
Challenges in upstream and downstream processes have curtailed the business efforts of top oil and gas companies across the globe. Oil and gas data analytics prove to be crucial in helping businesses improve outcomes through upstream and downstream process optimization. By applying big data insights and leveraging oil and gas data analytics solutions, oil and gas companies can improve their exploration efforts and drill down accuracy to achieve the desired outcome. Here’s an example of how our oil and gas data analytics solutions helped an oil and gas company to drive continuous process improvements and reduce operational cost by 37%, give it a read: https://bit.ly/39nkaMq
Use Case 2: Optimization of Oil Refining and Processing Approach
In the current oil and gas landscape, oil refining and processing is one of the major investments that top oil and gas companies continue to make to achieve a bigger impact, and oil and gas data analytics plays a pivotal role in this drive. In our recent engagement, we helped a client leverage oil and gas data analytics to enhance maintenance operations by analyzing sensor-generated machine data and taking the right actions, Here’s more: https://bit.ly/37pfh3X
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Use Case 3: Effective Data Management
With upstream, downstream and midstream datasets increasing in complexity, there is a growing need to deploy a robust data management system to collate, standardize, and store data obtained from disparate sources. Modern analytics tools and advanced oil and gas data analytics solutions not just help structure machine-generated data sets but offer comprehensive insights that help reduce environmental impact, improve drilling operations, and enhance recovery rates. Here’s one such example: https://bit.ly/2SR8afN