To keep up with consumption, oil companies are constantly seeking fresh sources of petroleum and new ways to improve the production and efficiency of existing wells. Big Data and analytics may be new to some industries, but the oil industry has been dealing with massive amounts of data to make drilling decisions for a long time. In their pursuit to discover what lies below the surface and how to extract it, oil companies have invested in seismic software, visualization tools and other digital technologies.
STREAMING ANALYTICS IS NEW
According to Forrester Research Inc[i], “Streaming analytics is anything but a sleepy, rearview mirror analysis of data”. It’s about enabling firms to find and act on patterns in large volumes of fast-moving, real-time data coupled with historical, contextual data within microseconds in order to take advantage of opportunities, or avert potential threats. Imagine having the capability to find and act on patterns in the oil industry – in microseconds.
For an industry facing steadily increasing CAPEX and a rising cost of production, the savings could be counted in billions. According to Bain & Company[ii], analytics could improve production as much as 6% to 8%.
Well control provides an excellent example of where a streaming analytics solution coupled with process management could be implemented. Alerts can be developed to monitor drilling activity in real-time such as cementing operations, pressure tests, and other well conditions and activity – all with microsecond control.
Typically, oil companies have systems that look at historical data, which may provide insights that, at best, are an hour or more old. In an industry where applications need to respond to alerts, threats or opportunities in the moment, hour old data is simply not good enough. While traditional data management systems are still required, a new, complementary system is needed — one that lets firms use a “leave and layer” approach to their IT architecture allowing them to enhance their current operational systems.
And what does a fully integrated IT, streaming analytics and business process infrastructure generate for oil executives? Essentially, these executives gain dashboard-based insights with analytics and real-time data that better arms them with critical information that enables them to make smart decisions at the right time. When Forrester Research completed their study of streaming analytics, they ranked Software AG’s intelligent business operation portfolio at the top[iii].
Software AG (www.softwareag.com) enables organizations to transform into Digital Enterprises allowing them to differentiate from competitors and better engage with their customers, partners, and employees. The company offers big data, streaming analytics, integration, and business process technologies that help enterprises drive operational efficiency, modernize systems and optimize processes for smarter decisions and better service.