Digitalization & Advanced Oil and Gas Analytics: A New Era for US Oil and Gas Companies
Since the fourth industrial revolution, US oil and gas companies have played a crucial role in the economic development of the country. Today oil and gas companies have the opportunity to improve their margins through the use of advanced oil and gas analytics. After a period of constant decline in crude oil prices and frequent budget and schedule overruns, together with climate change accountability and difficulties in attracting talent, the oil and gas industry can now address complexities with the help of oil and gas analytics. While digitalization holds the potential to act as a key enabler of business transformations, there are several challenges that US oil and gas companies need to overcome to realize its full potential.
Though few have benefited from digitalization, a majority of oil and gas companies have faced several challenges with the benefits being inequitable and not reaching the key decision-makers of businesses. At the same time, the exponential data growth has created new risks around data management, and US oil and gas companies are now grappling with challenges related to dynamic customer expectations, ongoing technological developments, business transformations, and talent shortages.
US oil and gas companies are witnessing several changes in operating models, customer requirements, and pricing structures which have made it quite challenging for businesses to sustain a leading edge.
Contact us to learn how advanced oil and gas analytics can help you overcome these challenges.
About the Client
The client is one of the leading oil and gas companies in the US. Operating in the downstream oil and gas industry segment the client’s operations revolve around the processing and refining of crude oil. Like the other downstream oil and gas companies, their offerings include lubricants, chemicals, and gasoline which they sell to distributors, wholesalers, retailers, OEMs, and, ultimately, customers and end-users. Having expanded its service offerings and market footprint over the past years, the company today employs more than 4,000 employees and operates a network of 150+ BUs and manufacturing hubs globally.
As a global leader in the oil and gas industry space, the client recognized the need to embrace analytics & digitalization to seize new opportunities, which is why they placed their digital transformation initiative at the heart of their business strategy. It was within this context that the oil and gas company decided to analyze its downstream oil and gas processes. This is when they identified that margin improvements of not just their business but other oil and gas companies were being repressed by current technologies, as well as organization and skill set requirements. To identify and further analyze their challenges the client conducted a detailed evaluation of its current processes and technology. After a detailed analysis and several stakeholder interviews, they decided to adopt Quantzig’s oil and gas analytics solutions to standardize their processes and outrank other oil and gas companies in the US.
Having analyzed their challenges, our oil and gas analytics experts revealed that to unlock the full potential of the digital transformation efforts, oil and gas companies need to tackle a series of structural & transformational inhibitors, including:
- Lack of standardization
- Data security
- Maintenance and assurance
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As part of their strategy to leverage oil and gas analytics to optimize downstream processes and succeed in their digital transformation initiatives, the client engaged with Quantzig to implement a solution based on advanced statistical techniques and machine learning. Working together with a team of well-seasoned oil and gas analytics experts and data scientists, the client succeeded in achieving the desired results through their transformation initiatives.
To help the client tackle the complexities, we leveraged oil and gas analytics and powerful insights that combined performance optimization and dynamic simulation capabilities in one package, empowering them to enhance decision making & drive outcomes. The three-pronged approach adopted by us is as outlined below:
Phase 1: Data Integration and Standardization
The first phase of Quantzig’s oil and gas analytics engagement revolved around creating a single, consistent information source. To do so, our analytics experts consolidated and standardized all relevant information regardless of location and format.
Phase 2: Predictive Modeling and Pattern Detection
In the second phase, we leveraged advanced predictive models and oil and gas analytics solutions to detect hidden patterns and anomalies in data sets. Leveraging advanced data analytics models helped identify particular events by sifting through streams of complex, unstructured business data.
Phase 3: Leveraging Insights to Maximize Business Impact
In the final phase of this engagement, our oil and gas analytics experts devised a holistic analytics-backed framework to ensure the availability of insights to key decision-makers and to maximize the business impact. Using oil and gas analytics solutions, the client was able to analyze customer needs and align it with that their business strategy to improve organizational performance, build stronger customer relationships, ultimately succeeding in the digital transformation initiatives & outranking other oil and gas companies.
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Collaborating with Quantzig has helped leading US oil and gas companies deliver excellent results and measurable improvements in business processes. Similarly, in this case, the client successfully tackled their challenges and succeeded in their digital transformation initiatives with the help of advanced oil and gas analytics solutions.
- 45% margin improvements were achieved through advanced oil and gas analytics solutions that focused on improving refinery optimization processes
- Efficient predictive analytics models helped improve assurance and maintenance. As a result, the client’s models are now more accurate and can be updated with the most recent information quickly due to the unified nature of our oil and gas analytics solutions
- Standardization of data and enhanced data security
Owing to the notable improvements and results achieved, the oil and gas company continues to partner with Quantzig to leverage oil and gas analytics to bring about continuous improvements in their R&D efforts and digital transformation processes. Partnering with us has also helped several other US oil and gas companies to focus more on discovering innovative ways to increase efficiency and drive profitability across the company’s global portfolio.
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