Big data analytics could help oil and gas organisations increase their profitability and enhance business opportunities, revealed GE and Accenture report
According to the report Industrial Internet Insights for 2015, nearly 49 per cent of the companies represented in the study said that they planned to create new business opportunities that could generate additional revenue streams with their big data strategy while 60 per cent expect to increase their profitability by using the information to improve their resource management.
The report further added that 62 per cent of the companies have implemented network technology to help gather vast amounts of data in dispersed environments such as remote wind farms or along oil pipelines.
However, less than one-third or 29 per cent of the 250 executives surveyed for the study have been using big data across their company for predictive analytics or to optimise their businesses, stated the report.
Matt Reilly, senior MD of Accenture Strategy, said, “The big data analytics has the potential to drive trillions of dollars in new services and overall growth. But to reap those rewards, industrial companies will need to use insights about their customers and their customers’ use of industrial goods to build new offerings, reduce costs and reinvest their savings.
“To get there, many must work through a multitude of issues to use their machine data for more advanced forms of predictive data analytics, including sourcing the right analytics talent to ensure effective execution and scaling of analytics programmes.”
Despite the sense of urgency to use big data for oil and gas industry, there are roadblocks to its realisation, stated the report.
More than one-third of the executives (36 per cent) said that the system barriers between departments prevented collection and correlation of data.
Bill Ruh, vice-president of GE Software, noted, “The tally of success for industry is evidenced by the greater visibility and speed-to-decision across operations and asset performance management. But data alone won’t generate value. To make information useful requires an investment in new capabilities and talent that will serve as a catalyst for extracting value quickly.”
To register for Big Data Analytics for Oil & Gas, please visit: http://www.oilandgasbigdata.com/register
