Big data to rescue oil and gas companies amidst lower crude prices

IDC-ormeWhile oil prices have dropped under US$50 per barrel, oil and gas companies are turning to big data technologies to save on costs and planning time

According to research and consulting service provider IDC Energy Insights, oil and gas companies plan to invest strategically in automation and analytics, big data and cloud to mitigate the impact of lower crude prices.

In 2016, the focus will shift to applying a more disciplined approach for evaluating and selecting IT products and services that improve business performance and help to reduce costs.

IDC Energy Insights research director Chris Niven said, “The impact of lower oil prices on oil and gas IT budgets is not as much as expected and job cuts are not across the board as companies are more strategic and disciplined about reductions. The challenge for CIOs is to understand the company's plans going forward and present the role of IT to help successfully implement these plans."

IT solutions provider SAP noted that technology is fast becoming an important commodity in the oil and gas industry as companies are forced to rely on oil sources that are more challenging and costly to tap into.

When decision making is supported by real-time analytics, organisations can react quickly and make the best informed decisions needed to lower costs and maximise profitably, added SAP.

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