Demand for effective data management solutions in the cost-conscious oil and gas industry is growing, and is expected to reach $32 billion by 2027. Yet, many companies struggle to develop a comprehensive data management strategy, the next phase in their evolving journey toward digitalization. Overcoming this hurdle is essential for business expansion, and requires real solutions. Simply connecting IT devices and collecting data are not enough.
Oil & Gas
Unlock archived information to drive business performance
Robust data management has immense potential to reduce costs, optimize workflows and manage risk. So how can the oil & gas industry unleash this potential?Audit your data
About unlocking your archive
Unleash the potential of big dataOil and gas companies constantly face many industry-specific challenges. Lack of visibility into complex operational processes, performance improvement difficulties, and equipment life cycle management all come into play. When you pile on logistics complexity and environmental regulations too, you get the picture. Fortunately, big data analytics offers substantial rewards. O&G companies can transform their enormous datasets into sound exploration decisions, lower operational costs, longer equipment lifespans, and less environmental impact.
Digitize your archiveDigitally transforming a business overnight is not easy. It involves grappling with massive file sizes, navigating data silos, and justifying equipment investments. Moving to digital can be prohibitively expensive, and the process may be overwhelming. Becoming fully digital is the goal for the future, but many companies must worry first about today. Operations must continue, and without a strategic plan, upending current storage to a cloud-based system can backfire. Insights may emerge from old locked data to improve business decisions, but that same data may also present risks not yet fully understood. Before substantial benefits of new technology can be realized, both old and current data must first be organized.
Going digital is hard—but the payoff is worth itA good first step is to cut your data mountain down to a workable size. Quickly find data that matters, and identify data that contributes value and data that doesn’t. Then allocate capital and resources accordingly.
High reliability, low duplication, clear accountabilityMaintaining cloud security requires a rigorous, disciplined approach that begins prior to cloud migration. Understand your cloud vendor’s security strategy, resources and service level agreement before moving to any cloud environment.
A comprehensive data management strategy is vital
Your data management strategy is your roadmap to ensure that activities work together effectively and efficiently to prevent problems. Difficult issues could involve incompatible, duplicate, or missing data, along with avoidable costs and unnecessary loss of time and resources.
Understand your company’s overall objectives, and the types of data, insight and information that will help meet those objectives. Craft your data management strategy accordingly, and it will serve as a strong foundation for consistent progress, successful integration, and business growth. Create strong data processes for collecting and analysis, storage, security, access, and governance. Finally, determine if you have the expertise on hand needed to execute your strategy.
Select a digitalization partner
Searching for the right data management partner can be daunting. Several factors to consider include reputation, experience, technology fit, portfolio of service offerings, innovation track record, quality of the client experience, and partner relationships. You want a competitive, differentiated, and customized offering of services that solves your specific needs.
A full solution with a single point of contact and personal one-on-one interaction can dramatically lessen the burden of digitalization. Determine how your prospective data management partner leverages the latest technology of its own partners to deploy the highest level of innovation as rapidly as possible.
Consider the entire data lifecycle
Ovation’s suite of customized solutions provides the full end-to-end data management environment at every stage of the data lifecycle. Liberate and integrate your data effectively with our expert guidance and proprietary technologies. Here is how it works:
Audit, validate and verify data type and quality. Check entitlement so you can prioritize and evaluate your inventory.
Automated methods that allows information of all kinds, in all formats to be intermingled through accessible technology.
Sort, filter and aggregate by using advanced quality control and processing techniques. Interrogate and optimize data for cloud and analytical tools.
Custom-built systems that apply machine learning & Al to accelerate insights and drive innovation.
A highly secure, scalable, on-demand network that delivers any data anywhere, at anytime.
Protect the safety and integrity of your data through secure accessibility. Maintain and preserve the longevity of your digital inventory.
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Your checklist of pre-requisites
You will be glad that you’ve done your homework before a deep dive into digital transformation. Here are key elements to have in place:
- Data strategy
- Data governance models
- Data standards
- Data integration
- Data management
- Data clean-up