Companies across industries are searching for ways to adapt to new business models and global market forces. While big data seems to be another tech trend, it holds real promise for companies that are investing in new digital technology and carefully planning for the future.
The oil and gas industry has already started to adopt the new and innovative technology. The Cloud, Internet of Things (IoT), and Analytics are examples driving the need for open platforms built for integration. Incremental advancements can be found in many areas, such as mobile field data capture, automation and control through SCADA, and back-office ERP systems. But are oil and gas companies connecting the dots and seeing the big picture from big data?
By leveraging all of these components collectively, oil and gas companies can identify relationships, understand context, and analyze data across the energy value chain. Quorum refers to this process as “connected energy intelligence”.
According to the 2016 Upstream Oil and Gas Trends Survey by Accenture, 91% of upstream companies believe digital technologies are adding value today, 80% plan to invest the same or more in digital technologies over the next 3-5 years, and 66% believe that analytics represents a very important opportunity to transform their business. All respondents are searching for ways to improve their bottom line, some of the advantages to investing in digital technology are:
- Automating manual processes
- Eliminating operational and data silos
- Reducing downtime
- Minimizing risk
- Optimizing production
- Improving operating margins
At the heart of all these investments in digital technology is data; how to access big data and apply it to make quicker, more informed business decisions. Oil and gas is one of the most dynamic and critical industries in the world, and it continues to experience evolving challenges: economic, financial, geopolitical, and regulatory. Investments in digital technology must be made across the enterprise and considered part of a company’s long-term strategy. By applying digital technology throughout the enterprise, companies can improve business agility, increase operational efficiency, and adjust to the changing workforce. Just think - if the oil and gas industry can make $40 a barrel profitable by utilizing big data, imagine how profitable your operations will be at $100 a barrel.
Read the latest whitepaper from Quorum to learn how to apply big data technology across every segment of the oil and gas industry. Get your free Quorum Whitepaper today.