Businesses in the oil and gas market can optimise their data more efficiently so that it can reveal insights and help make smarter decision-making.
How does it work?
Data can be unlocked from all forms of media, including handwritten notes, digital discs, and tape recordings. With the right equipment and data recovery services, this can be salvaged and made understandable once more.
This information can then be transformed to new formats, so that it can be useful in providing analysis from a greater data pool.
Artificial intelligence solutions
Once the data has been made so it is fit for purpose, artificial intelligence (AI) solutions can get the most out of it as possible.
Next generation software can offer advanced data analysis, even with large volumes. This speeds up the process and accelerates insights, helping oil and gas businesses to have all the information they need as quickly as possible.
This can make it easier for them to make important decisions, as the patterns and trends have been identified more effectively and efficiently through AI models.
This data can also be leveraged to improve efficiencies within business operations and boost productivity.
Using this data can provide a competitive advantage by measuring performance, assessing processes, setting goals and deadlines, and directing actions.
By levering the data, this empowers organizations to make more informed decisions and improve their performance in the long-run.
Oil and gas companies can also take advantage of the Open Subsurface Data Universe (OSDU) forum with their data analysis.
This industry forum allows members of the energy industry, including customers, suppliers and providers, to collaborate with one another by sharing their data.
They can join forces on the development of new technology, particularly when it comes to creating greener energy solutions.
By working with one another, as opposed to against each other, this is likely to drive innovation and cut down on the time it takes to develop new technologies and solutions.
Indeed, the data platform is designed to speed up problem-solving for the energy industry, and encourage all members to work openly and honestly.
By leveraging historic and current data and using it on the platform, this can help move the whole industry along, while also raising awareness of the OSDU forum.
With so much valuable data, it is essential that oil and gas firms keep it organized well and stored safely.
Having different files in a clear and concise organization system will make the data more accessible. Therefore, it becomes more usable, and subsequently, more valuable to the companies.
Not being able to find the data easily, even though it exists, means firms cannot use the data when called upon or gain valuable insight from it when needed.
It is sensible, therefore, to have a data inventory and know exactly where files are kept, so they can be accessed whenever they need to be.