Using Big Data & Analytics Best Practices for Oil & Gas

smallforblog_shutterstock_74847667As we head to the SAP Best Practices for Oil & Gas conference in Houston, we should recall Peter Sondergaard’s remarks from 2011. The Gartner SVP said, “Information is the oil of the 21st century and analytics is the combustion engine.” He was speaking metaphorically, but the Oil & Gas industry knows very well how important information is to their success. When Sondergaard made that statement, West Texas Intermediate Crude (WTI) was trading at $90 a barrel. Today, it’s now hovering around $40. That sort of price volatility defines the industry. Yet, data, analytics and reporting can mitigate the risks of the economic environment.

The notion of “Making More Informed Decisions,” which is one of the “Hot Topics” at the SAP conference, is essential to understanding why Big Data & Analytics can help Oil & Gas companies control costs, achieve productivity and efficiency improvements. Data is at the heart of making decisions that improve operations.  The report published for the conference, which asked Oil & Gas leaders about their top priorities in 2015, noted that, “Cost control, productivity and efficiency improvement are enabled with accurate data…As organizations continue to grow both organically and inorganically, the focus is on how best to aggregate data from across disparate sources to drive a single source of truth that leadership can rely on to make accurate and timely decisions.”[1]

Similarly, the report highlighted a need to achieve “data driven situational awareness” as a top issue. This might mean working with massive data sets to detect anomalies in enhanced seismic data, managing inventory or trading crude oil futures, or using data for predictive asset maintenance to ensure safety of overall operations.  Not that this is an easy proposition. Correlating data from multiple sources and turning it into situational awareness is challenging given the level of interdependency between companies, people, assets and “things”.

Getting started with Big Data & Analytics can be a daunting task, but we can help. Our teams of data scientists, with specific Oil & Gas industry experience, are skilled at shaping the best use cases to meet your business objectives. They  provide deep expertise and proven methodologies in data strategy, data management and predictive analytics to fast-track putting your Big Data to work. Part of our focus is avoiding infrastructure issues that slow down big data projects. When you work with us, you can select from on-premises, cloud and hybrid deployment options on our hosting and network infrastructure services. Our deployment options provide reliable, fast and secure access to your data framework and analytics tools. Ultimately, though, there is no one right way to do data analytics, especially in the complex business landscape of the Oil & Gas industry. Our approach is always custom, based on your unique business and technology requirements. We work with you to align our solution process based on your company’s distinct mix of data science, implementation, technology-framework and infrastructure factors.

If you’re attending the SAP Best Practices for Oil & Gas show stop by to see CenturyLink at booth #11 or contact Devyani Sharma to schedule a 1:1 meeting. If you can’t make it to Houston, you can schedule a 1-hour consultation to see how you can put your data to work.

[1] Eventful Group – Best Practices for Oil & Gas, 2015 Hot Topics Research Report

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