How Big Data Is Changing the Oil and Gas Industry
At present, big data is revolutionizing all sectors of the economy, streamlining processes, optimizing task and changing how different organizations operate. The oil and gas industries are not left out of this revolution; in the energy sector, big data is helping organizations analyze a large volume of data gathered from different sources which include social networks, sensors, sales transactions, digital images among others.
EnHelix, the maker of AI software for oil and gas industry, has built-in big data dashboard that helps oil and gas firms to uncover hidden patterns, unknown correlations, market trends, customer’s preferences, in order to make an informed decision.
The benefit of Big Data to Energy Companies
According to EnHelix, a lot of their energy clients have a lot of benefits to derive from the use of big data technologies. Some of these benefits include:
- Get more insights about Customers in real time: In the past, oil and gas firms made use of focus groups and questionnaires in gaining more insight into their customer’s choices and preferences. However, with big data, an oil and gas firm can quickly access all information’s about its customers in a relaxed and stress free-way; this information when analyzed can be used by the organization in making an informed decision and gaining a competitive edge over its rivals.
- Identify New Opportunities: Oil and Gas firms which deploy the use of big data technologies can significantly harness relevant information’s and identify new opportunities which will help them in making smart business moves, increase profit, and lead to more efficient operations.
- Cost reduction: Big data also helps energy firms to reduce operation cost significantly. This is because big data allows organizations to store and manage a large quantity of information and concentrate on their business issues while doing away with repetitive and mundane tasks.
- Efficiently manage risk and analyze structured transactions: Energy firms that deal with large quantities of data are always at risk, and these risks could hinder their growth. However, big data helps organizations to determine the risk category of various customers based on information’s available to the organization.
- Improve customer service support system: Oil and gas firms have a large number of customers in different parts of the world, monitoring and responding to these customers may be quite difficult. However, with big data technologies, organizations can monitor machines from a distance using telematics; each vibration and errors can also be detected efficiently providing an immediate warning to the service support team.
- Get a better understanding of their competitors: For every business, knowing your competitors is vital to succeeding and growing significantly. In the oil and gas industry, big data algorithms help organizations get a better understanding of their competitors, know recent price changes, make new product changes, discover the right time to adjust their product prices and remain competitive.
Finally, from providing new revenue opportunities, better customer service, improved operational efficiency and competitive advantages over rivals, big data offers endless opportunities to energy firms that deploy its use within the organization.