Advanced analytics create big opportunities
THE RATE OF TECHNOLOGY INNOVATION and change in the petroleum industry is unprecedented. Just as unconventional resources have transformed the North American oil and gas industry, breakthroughs in software technology have provided drillers, producers, refiners, processors, traders, and transporters with innovative tools to increase their efficiency and provide an improved rate of return on their investments.
On the business and back-office side, executives are reacting to changes in the marketplace due in no small part to the vast increases in data available to them and the complexity this presents in making effective, real-time decisions.
As Stephen Baker, CEO of Attivio, says in his article in this issue, "The promise of Big Data to harness a wealth of information and turn it into business insights looms large…Nowhere is this more evident than in the oil and gas sector."
These are big challenges, says Baker, but the benefits are game-changing. They can give executives the edge they need to seize opportunities and act with certainty. Obviously knowledge and information can have a significant impact on revenue generation.
Some believe that shale operators today may be reaching the limits of efficiency possible through innovations in horizontal drilling and hydraulic fracturing technology. If so, it is necessary to look across the entire business to improve efficiencies in all areas in order to achieve the return on investment that companies and investors demand.
The good news is that even small operators now have access to advanced analytics and business intelligence tools that enable them to harness data and use it to their advantage.
Read on for more information about these transformational technologies.