The integration of advanced technologies has played an instrumental role in changing the fortunes of Oil and Gas industry, as it was facing a number of industry-specific challenges and various enterprises were unable to tap their potential due to the lack of visibility and performance improvement. Management of equipment life cycle only added to the problem, when it came to managing operations in the most vulnerable sectors like Oil and Gas, before the advent of data analytics.
The advent of new technology is all set to streamline key Oil and Gas operations, including exploration, production, maintenance, etc. It can ensure operational efficiency, increased asset performance and improved profitability. Processing and analytic tools are proving their worth by reducing downtime and vulnerability, while looking after the maintenance costs of equipment to bridge the gap. For instance, a critical infrastructure protection company ACSG is capable of building analytics software for the Oil and Gas industry that can gain insights into manufacturing operations by using existing data to identify recurring patterns, helping improve the overall efficiency of the firms.
ACSG’s Data analytics tools can transform enormous datasets into Oil and Gas exploration decisions, reducing operational costs, extending equipment lifespan and lowering environmental impact. With innovative techniques like route optimization, it can help Oil and Gas companies reduce service delivery costs. By utilizing this model, enterprises can identify alternative routes and cargo mix to cover the maximum number of clients across the route and decide the right set of stops in the route. This way, the total distance and transit time is reduced significantly.
On the other hand, Qlik, a data analytics solution provider, is assisting Oil and Gas firms in maintaining asset integrity, track health, safety and environmental incidents through the supply chains. Qlik has built applications to empower enterprises for making faster and informed decisions, enabling them to access timely, accurate and consistent data from multiple sources, analyzing maintenance, repairs and outages for improved performance and efficiency. Similarly, Tableau, an interactive data visualization software company, assists manufacturing companies in the Oil and Gas sector to increase the output and productivity by analyzing the data, paving the way for maximization of profits and minimization of upstream costs.
Reducing risk and ensuring better decision making is imperative for the success of enterprises in the Oil and Gas sector. The ability to draw useful insights from the data on a continuous basis can make the sector more profitable and efficient in the long run. Data analytics can also be used to ensure proper functionality of the equipment, tracing breakdowns and failures. The need of the hour is to explore all the possibilities with such technology to create a flawless structure.