Growing awareness about the worth of data is boosting the adoption of advanced analytics in the oil & gas industry. Leading companies are increasingly resorting to data warehousing and data mining solutions to better implement advanced data analytics and boost profits, especially during the dire situation such as now. For the oil & gas industry, data warehousing architectures are becoming an integral part of advanced analytics and other data technologies. In the coming years, the implementation of Big Data processing and data warehousing will emerge as popular trends indicating a significant rise of advanced analytics in the oil & gas landscape.
Though it heavily depends on traditional methods of operations, the oil & gas industry is not new to data analytics and Big Data integration. The industry began its data management transformation as early as the 1980s, mainly among the top players. Then, around the 1990s, the first wave of digital transformation of oilfield initiatives swept through most of the industry.
Advanced Analytics – The New Normal of the Oil & Gas Landscape
Before the advent of Big Data and advanced analytics, the implementation of data analytics in the industry was mainly restricted to applications such as ensuring health and safety of workers, discovering a reservoir’s resource and production potential, and for enhancing marginal operational efficiencies at oil fields worldwide.
However, with the recent advancements in data science and various other data technologies, leading players in the oil & gas industry have begun to invest heavily in digital assets. The industry is at the cusp of a new era, where advanced analytics are making their way through a majority of important oil & gas operations.
This transformation is mainly triggered by the rapid advancements in data science technologies, including Artificial Intelligence and other business intelligence solutions, changing end-user requirements and demands. Thereby, in recent years, this landscape can be seen to be moving towards the adoption of more advanced analytics and next-generation data technologies.
With the rise in adoption of Big Data management technologies and business intelligence solutions, oil & gas companies are witnessing profitable benefits of leveraging advanced analytics. The industry is witnessing immense opportunities with advanced analytics now more than ever, and leading companies are using modern business intelligence solutions to enhance the use of advanced analytics and Big Data management tools for amplifying business growth.
Data Warehouses: Strengthening the Data Assets for Oil & Gas Industry
Since the commencement of digital transformation in the oil & gas industry, the archive volumes of heterogeneous data have grown exponentially in this landscape. Furthermore, owing to the diversified nature of production operations, organizational structure is often complex in this industry. This makes integration and consolidation of data an even more difficult task for oil & gas companies, especially during the digital era where more of the organizational operations are driven by data.
Data integration is not the only barrier triggered by the organizational set-up of oil & gas companies, but it also creates hindrances in communication among several operational units. Leading companies are realising the importance of managing data with the help of advanced analytics in order to overcome these challenges, and ultimately boosting company’s business performance and productivity.
In addition to this, implementation of data management platforms for integration exploration and production practices in an oil & gas company has become another humongous challenge. This is mainly attributed to the large volumes of data entering the organization with such complex structure with legacy diverse systems. Thereby, companies are struggling to implement a decentralized/fragmented solution with advanced analytics for extracting business intelligence insights from the existing data.
Growing awareness about the power of advanced analytics in key areas of the oil & gas industry and business intelligence technologies is triggering leading companies to ensure that the flow of information and data is consistent across their organization. Companies are also concentrating their efforts on setting systems that will ensure the sharing of this data and information across all their business units.
Ultimately, improving the integration of heterogeneous data and information sharing across all operational branches has become a vital aspect of adopting next-generation data technologies such as advanced analytics.
Data Warehouses: Minimizing the Complexity of Heterogeneous Data
Thanks to the recent discoveries of data science and advanced analytics, data warehouses have emerged as a useful tool for oil & gas data entities for ensuring smooth integration of heterogeneous data and consistent sharing among business operational units. Data warehousing is being adopted widely for multidimensional modeling of data across the industry for constructing relational databases by reducing the complexity of the data coming from various sources.
A majority of oil & gas companies are experiencing tremendous benefits of the process of data warehousing in bolstering the power of consolidating and integrating data. This has further simplified the process of information sharing, making an ultimate impact on business performance. They are seeking new solutions to build a centralized platform for data integration, which is referred to as data warehouses.
Data warehousing has proven to be the most effective way of data integration, especially when structured data tied to data sources that are known, concise, and specific. Data warehouses are being widely used by oil & gas companies for various applications such as compliance check and regulatory reporting, where the consistency and accuracy of data is as important as information sharing to each and every business unit.
In the coming years – when the dependency of oil & gas companies on data will be even more amplified, the adoption of advanced analytics and data warehousing solutions will become inevitable for this landscape. Taking into consideration the upcoming trends in the data science industry, business intelligence space, and oil & gas landscape, real-time data warehouse architectures are expected to emerge as a useful tool for market leaders to consolidate their position by leveraging the power of humongous amounts of data.