These days, everybody says they are doing it or thinking about it. It’s really the “in thing”. Few people know how. Still fewer are actually doing it right! As it pervades various industries and all facets of business, companies and analytics experts struggle to keep pace with “big data analytics”
There is a huge pressure and expectation on big data investment returns from Energy industries. So, what are we doing about it? Companies can transform the way they do business by unleashing the power of big data. Here’s a quick preview into a recently published Bloomberg report.
Did you know that one of the world’s largest liquefied natural gas producers is using predictive analytics with in-memory computing for better performance in cutting operational maintenance costs?
One of the observations that the report makes is that only a minority of companies is spending large amounts on big data; most spend very little. This provides a clear opportunity for certain companies to break away from the pack and differentiate themselves to their customers and investors. However, challenges to getting business value from Big Data are as much cultural as technological, confirming how the adoption and utilization of Big Data technology is a shift in paradigm.
But this change is not too scary to implement, and usually has very positive results. It goes back to my original premise, learning to do it right is more important.
Here’s some recommended read that provide some ideas on how to get it right!
·Big Returns from Big Data in Energy and Process Industries – Research Paper Link
·Drilling Into Operational Metrics in the Energy Industry – Continental Resources Case Study Link
·A “Smart” Approach to Big Data in the Energy Industry – CenterPoint Energy Case Study Link
·Utilities, Oil & Gas and Chemical companies can extract big returns from their investments in big data and predictive analytics – Infographic Link