As in other industries, oil and gas firms are also flooded with all kinds of data that are generated by a great number of sensors and machines found across distant value chain. Most oil and gas firms struggle to improve their functional and business capabilities.
Most businessmen in the oil and gas industry consider collecting and connecting data as the most important area in Internet of Everything that must be improved in order to get the most of connected technology. Their common problem is to convert that data into insights that can be acted upon. They admit that they do not have the capacity to capture and analyze information so that it can bring improvements to physical and administrative processes.
Connecting Data to Capture Insights
- Integrating data – Oil and gas firms find it a challenge to integrate data from different Internet of Everything sources especially when these sources are varied in nature and distributed highly to different sections of the organization. Data virtualization is a new innovation to integrate a wide diverse and dispersed data. It makes assorted set of data sources appear like one consistent database to users and applications. Data sources need not be stored locally. They can be stored anywhere.
- Automated data collection – Once data is captured and integrated, organizations within the oil and gas firm find difficulty in placing the data in the right place at the right time so that it could be analyzed. It includes assessing the data to see whether it needs to be moved to the data center or analyzed where it is, at the edge of the network. Edge computing enables the extension of data computing and services to the edge of a network. Edge computing creates a platform that provides storage, networking services and computing between devices and data computing data center.
- Analyzing data collection – Whether it is in the data center or at the edge of Internet of Everything, data must be analyzed carefully to identify insights that are implementable so that it can be used to produce better outcomes. Without analyzing data collected, data will remain just data and will not be useful. Whatever insights can be gathered, they need to be embedded into the different processes of the firm or the organization. To deliver genuine value, data insights must be connected to the different process and outcomes of business.