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Oil and gas companies are currently facing big challenges. Extraction costs and international policies make it increasingly difficult to explore new reserves.
In order to tackle these issues the leading oil and gas companies are making Big Data an important part of their strategy.
Big Data is the name given to the technology which enables the analysis of the large flows of information which are available today thanks to the Internet. Big Data makes it possible to analyze all this information and to collect and store all business-relevant data. Oil and gas companies have now realized just how invaluable this data can be for their market strategies.
According to a recent study by Accenture and Microsoft around 90% of the oil companies questioned believe that leveraging more analytic capabilities, mobility and Internet of Things would increase their business opportunities.
Ineffective and failed exploration and drilling strategies can cost companies up to one hundred million dollars as these projects require a great deal of material, labor and logistics, especially when it involves deep sea drilling.
Applying Big Data technology and using seismic monitoring to determine the probability of the existence of oil improves the efficiency of exploration strategies. Furthermore, adding Business Process Management into the equation will optimize all processes including work force efficiency.
Indeed, Business Process Management software with integrated Big Data and analytics turns investment into optimal operational efficiency for example, a more efficient workforce, wiser decision-making based on real-time and reliable data, improved safety and maintenance of facilities and equipment, etc. whilst ensuring strict regulatory compliance.