Upstream businesses must make investments in data management processes and technology to increase efficiency and profitability, according to report from IT consulting firm Wipro
The Oil & Gas Journal Online Research Centre and Wipro had conducted a survey among upstream industries to develop industry insight on the current state of data management practices and to identify leading practices that could be shared with the global industry.
According to the IT firm, organisations with the ability to manage and analyse the data quickly and accurately across functions have a competitive edge.
The study revealed that a high percentage of people do not believe that their organisation’s upstream data management initiatives were successful.
Anand Padmanabhan, CEO for energy, natural resources and utilities (ENU) at Wipro, said, “More than half the people surveyed indicated that there was a need for greater alignment between IT and business. It has become imperative to adopt IT standards, processes, technology and the active sponsorship from leadership so as to align business, IT and operations to manage data more efficiently.
“The benefits of adopting such a strategy need to be communicated throughout the organisation so that employees at every level are conscious of the big picture.”
Apart from the concerns that relate to data processing and management, there is a need to improve quality of the data that is available, added Padmanabhan.
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