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Harnessing insights from data

In the oil & gas industry, the sheer volume and complexity of data present unique challenges. (Image source: Adobe Stock)


In an exclusive article for Oil Review Middle East, Karl Crowther VP, MEA at Alteryx, discusses how oil and gas companies can manage and analyse vast amounts of data to ensure compliance with environmental and safety regulations

“Nearly every company, large and small, has become its own super-productive data factory,” Crowther says. “In the oil and gas industry, the sheer volume and complexity of data present unique challenges for ensuring compliance with environmental and safety regulations. But as data complexity rises, the only way to shorten the path to insights and harness its value is to automate the process of data discovery, preparation and blending of disparate data. However, while oil company officials agree on the importance of data and digital technologies for the energy transition, an IBM survey found that less than half of oil and gas executives use data to drive innovation.

Numerous challenges

“Numerous challenges such as fluctuating oil prices, geopolitical instability, strict environmental regulations, and the demand for sustainable practices plague the industry. Luckily, with the rise of automation in data analytics lies a solution. Automation in data analytics can enable firms to empower domain experts to discover insights from data, rather than turn to IT or hire experts, to establish a single source of truth for compliance purposes, enhance efficiency, mitigate risk and deliver more predictable outcomes.”

Crowther goes on to discuss how automated analytics can enable deeper insights; facilitate predictive maintenance; enhance accuracy and safety by continually updating models; enable performance forecasting; and detect problems before they escalate. He also highlights the importance of upskilling and automation.

“Automated, self-service analytics allows business users to focus on value-added activities and accelerates the delivery of high-value insights,” Crowther concludes. “While C-suite executives aim to create value from data, many lack a clear definition of value and struggle to link data investments to specific outcomes. Value can be defined through measurable enterprise value and upskilling. A crucial but often overlooked step is ensuring accountability for high-impact decisions enabled by reducing time and process waste. This shouldn't stop at measuring time savings; it should also involve recognising talent and highlighting innovative decisions an empowered workforce can make through automation. By doing so, executives can showcase their potential and drive continuous improvement in their organisations.”

The full article can be read here