Today, every industry utilizes a supply of data, including the energy industry. While other industries may have been faster in determining how to analyze and leverage data. The energy industry has uncovered several insights. Collecting data may be the first step in the data management process, but the real value of data is uncovered when it is analyzed and used to enhance business efficiencies and predict future performance.
Data can be used in the energy industry in a variety of ways. For example, It may start with the search for new oil sources. Geologists take samples of several variables that help determine new oil sources. They can then upload all the data collected to databases. Once the location is chosen and the drilling is underway, engineering and drilling crews track the location of gas and oil layers to help them bore more effectively.
The oil and gas sector is highly reliant on physical equipment, this is another area where the energy industry can benefit from data management. Analyzing data from infrastructures such as wells and pipelines can be a great tool for predicting maintenance. This can help determine what pieces of equipment are likely to fail or require repair. Understanding repairs help energy companies manage and save costs
At a refinery, crude oil is distilled and data is gathered that includes the amount received; where it was produced; and how many different petroleum products are created. Measuring the quality and quantity of the production can help the refinery enhance its production capabilities. The data can also be used to improve processes at other refineries as well.
The energy industry produces a vast amount of valuable data, but there are challenges involved with this kind of data management, including how data is collected and stored. Businesses also face challenges in data processing, and how to share and integrate data. Make sure to check out the infographic below for more information on how digitalization is changing the energy industry.
Infographic created by Resource Energy Solutions, an oil and gas drilling software provider