After September of 2014, the oil and gas industry has endured the deepest price cuts in over a decade. This has resulted in over a half a million early retirements and mass bankruptcies across the board.
Going from the old saying “doing more with less” has given way to “doing more with less a lot longer.”
To support the mantra, operational excellence (OE) comes to the foreground to meet the needs of the future sustainability.
This is where Data Visualization comes in.
Big Data alone is not the answer
“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
With the advent of big data, and its indoctrination among oil and gas CEO’s as a hopeful panacea to optimize resources, what has instead happened is a deluge of data that can drown out any meaningful analytics.
Data Visualization has now taken foothold as the dominant delivery method for the insurmountable river of data collected by oil and gas research.
The benefits are wide reaching in scope in how they maximize assets, leading to higher production. By visualizing data, information is easily translatable into actionable operations management.
Looking at the stats, it is readily apparent the effect of big data visualization has on 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
By using Data Visualization dashboards, oil and gas companies have now been able to gather valuable insights into predictive behavior models within a single view. By displaying variations and changes to cause and effect influences on production, data visualization dashboards provide a snapshot of crucial and relevant analytics derived from research data.