Better business through big data and analytics: oil, gas, energy and utilities
All businesses, irrespective of their size, in the market today strive to make most use of all their available data resources to ensure greater business value and success. Seemingly big data and analytics is a proven answer to this. A fine combination of the excellent tools and technologies available for big data in general and analytics in particular have made it a possibility today to use the ever-growing and abundant data to be crunched into meaningful insights to arrive at better business decisions.
Organizations have begun to recognize the value of data they have accumulated over a period of time and are continuing to generate the same in various forms be it machine data, transactional data, social media data, financial data, marketing and advertising data and so on. Analytics of this data actually drives the outcome of many key business processes in industries today. More so, analytics in real-time yield much better results to base their investment and business decisions.
Early adopters of big data and analytics in the oil, gas, energy and utilities companies have great insights today with the power of analytics from their big data sources. In the oil and gas industries, the analytics of real-time streams of data from a huge number of deep well sensors from the field wells has resulted in unattended, automated, real-time monitoring of pressure, temperature and other complex events. This eliminates error-prone assessments from these complex events which are usually a manually intensive effort. This in turn results in better production yield while improving waste reduction. These analytics have also tremendously helped businesses in proactive problem resolution by driving alerts and improving safety, efficiency and responsiveness, thereby saving millions of dollars in costs.
In the energy and utilities industries the challenges are different and huge. The world evolves to become smarter everyday—so do we. Smart grids for power distribution consist of a network of smart meters and cell towers known as take out points (TOPs) which relay data between these smart meters and the communication and control systems connected via WiMAX backed up with a fiber optic internet connection. Analytics solutions today can process data from more than 200 million smart meter readings per day in real-time providing current customer power utilization trends and improved issues resolution. The analytics for these companies have also largely benefited in predicting and preventing failures, reducing their fuel consumption and carbon emissions while providing cyber security risk management and instant root cause analysis.
Other big data and analytics solutions for these industries also serve them in their day-to-day customer service enhancements. Speech analytics solutions based on the customer calls, historical and real-time ongoing, along with marketing campaign calls have tremendously improved customer retention by understanding their customer much better during the customer calls. The analytics surrounding customer emotions, sentiments and word trends have provided immense insight into these companies as they evolve customer relation by providing customers with the best of their services and offerings. The solution can handle hundreds of calls simultaneously in real-time, providing insights on agent performance, customer call handlings and untapped sales. The solution goes a step further in converting all the audio calls from the customer interactions into text based transcripts containing all the emotion, sentiment, pitch and tone of the customers during calls, saving on storage costs for the companies.
The simple next step businesses looking to gain better business insights is to be an early adopter and implement big data and analytics solutions. These solutions can drastically improve managing risks proactively, smartly addressing demanding business needs, providing excellent customer experience & satisfaction, growth in sales potential, business privacy and security and overall decision-making for the organization.
To learn more about applications of big data and analytics in oil, gas and utilities, watch the recorded webinar on Big Data Analytics.
Wise Men Solutions - started in 1997 and headquartered in Houston, Wise Men is a global technology services and solutions provider. Wise Men forayed into the Big Data and Analytics domain in the year 2011 offering high-end Business Intelligence and Analytics services to our customers. We are one of the first implementer of IBM InfoSphere Streams and streams computing with solutions for oil, gas, energy and utilities companies.
Please visit us for more information on big data and analytics – www.wisemen.com