How Data Visualization Improves the Oil and Gas Industry
The dynamics within the oil and gas business endlessly ebbs and flows to the changing world. We can no longer simply “access information” to meet opportunities. We need to possess the ability to communicate quickly in a variety of ways and on a number of platforms.
The business model of the oil and gas industry is unique with its increased upstream capital investments. For better or worse, the traditional ways to get data insights are no longer quick enough to address the needs within the industry.
Data visualization can help maximize assets and optimize production without compromising safety. With instant images, data visualization translates information in an exciting way so that you can convey the core of your knowledge.
The ability to tap into critical data and convert it into colorful images can highlight priorities, offer meaningful information to decision makers, and build momentum for your projects.
Predictive Actions for Increased Energy Demands
The wave of information we’re currently experiencing is almost akin to “machines talking to machines.” By the time the data arrives at your desk it’s a tsunami of information that may or may not contain crucial data. It’s information overload at its finest. When you add the additional time that it takes to distribute the numbers and then wait for a response, days can go by. The time to take action has been lost.
The oil and gas business model needs to uplevel into visual analytics so that insights can get honed and refined. Immediate access to status is now a necessity to ensure the best customer service, while offering insights into predictive behavior. Data visualization dashboards bring forward the single-image view that:
1. Streamlines processes
2. Displays variations and changes, and
3. Allows for cause and effect influences to be seen with greater awareness
Do Away with Data Lag
It’s the ‘nature of the beast’ within the oil and gas vertical to experience delayed lag times. Between receiving the allimportant information and then doing the analysis for making decisions, delays happen often. This influences corporate strategies as well as a company’s mission.
Data visualization can end the lag and and allow you to access information. This means that you’ll:
1. Get insights across a broad spectrum of divisions
2. Communicate priorities effectively
3. Be more forwardthinking and accountable
According to infobrandz1, “Companies with successful analytics programs are proven to outperform their competitors and their own business goals:
5 times as likely to make decisions faster than market peers
3 times as likely to execute decisions as intended
2 times as likely to use data when making decisions”
Address risk management with data visualization
As you know, government risk and compliance is at the forefront of the oil and gas industry. Accommodating these needs often results in a fragmented approach with remediation. The costs associated with a traditional approach continues to escalate.
Today’s successful business needs to address a single path solution to access information in an immediate way. This brings clarity and the ability to work within the large enterprise environment. It also allows you to address risk management, monitor and prevent issues, and create images with clarity.
Data visualization allows you to enhance performance and take actions that can span the entire organization as well as pertinent individuals in visual images that make meaningful sense.
“Oil and gas companies list big data analytics as one of their top three corporate priorities. 31% indicate this is a top/highest priority. 56% within the top three priorities.”
– infobrandz.oil and gas2
But data analytics alone cannot provide answers. When you combine analytics with visuals, you can access information and convert numbers into digestible segments that can influence business.
Data visualization clarifies cost and profitability
Profitability relies on all available information. But when information arrives too late or simply doesn’t get there at all, the financial temperature of the organization can go downhill. Analyzing massive quantities of data can take time. This leads to a missed opportunity and it creates a red flag for everyone in your organization.
But when you use data visualization dashboards, various departments can access realtime information and identify truths that can affect your customers. This influences sales and allows management to more easily make decisions. Images makes the story come alive so that it clarity and efficiency are the foundation. Each picture can elevate the conversations that you’re having around cost management and tracking.
Streamline Views for a Variety of BI Needs
In the scope of business intelligence (BI), the intensity of the data has historically outweighed the value. Somewhere in the depths of data is value. But finding it in a timely manner and then communicating it to those that need it has been cumbersome, at best.
Additionally, once the data is found it needs to get translated in a way that people understand. In the majority of cases, very few take the time to read through the volumes of columns and fields to translate it into layman’s terms. This means that important information can fall through the cracks.
Data visualization allows you to cut through the numbers to display a customized view that for the appropriate people and departments. You can blend immediacy with value to offer a meaningful image that generates results. Building an organizational culture wrapped around data analytics ‘done right’ has a level of proven success in the oil and gas industry:
51% indicate fostered crossfunctional collaboration and cocreation
46% indicate it has enhanced capabilities
51% indicate increased confidence
– infobrandz.oil and gas
Let data visualization drive your success in Oil and Gas. Download The Ultimate Guide To Data Visualization.