“Data is the new oil”,  you might have heard this many times before, however this statement has never made more sense than what it means in today’s world. Data is literally running the world, especially during the pandemic times, where we are living with a lot of unknowns and the only reliable source of information is what we make out of the data available to us. 

The year 2020 opened up a whole new world of possibilities for what data can do for us. Many countries could successfully contain the spread of Covid 19 by contact tracing and isolating the source much effectively due to the right use of data, preemptively saving a lot of lives. Same goes for the pharmaceutical industry, which gave us a vaccine in less than a year!  A process which typically takes 4-5 years between trials and retrials, it was with the help of advanced data processing that the entire process could shrink into a timeline that was unimaginable 5 years ago. Even now, when we have the vaccine, the challenges of vaccine supply chain management, with its temperature regulation and limited shelf life, couldn't be possible without the effective use of data tracking, monitoring and analytics. It is safe to say, data is saving the day, all round the world. However, just like oil, to derive true value out of the data, we have to break it down, process and analyse it. Once it becomes knowledge, it becomes powerful. Powerful enough to change the world, as we know it.

However, data is not oil. What about the real oil? Can data save this industry from its massive overheads, risks and challenges? The answer is a big yes! It can. The tech world has grown far more sophisticated to tackle the complications presented by this industry, both on and off the field. The large amount of data generated by the oil industry, when identified and analysed correctly, can provide meaningful insights to make the entire system much more efficient, reduce risks and have real impact in increasing overall revenue. 

Oil industry collects a huge amount of data throughout the oil production lifecycle, from the rig fields, filtration plants, supply chain to end consumer products. Computing this data fast enough to provide real time insights was challenging in the past years, but not anymore, with advanced data analytics, big data, automation and artificial intelligence , we can achieve a considerable shift in productivity and safety.

Here are few areas where advanced digital technologies can revolutionize the way oil industry operates and make their data a valuable asset to work in their favour. 

By reducing a lot of unknowns from the oil and gas exploration and production environment, data analytics can help minimise the fluctuating nature of this industry. Providing concrete information to take better and quick decisions, while increasing safety and operational efficiency at the same time. However, this does come with a challenge of defining the correct problem and preparing a solution design which addresses the needs of the environment. It is not a “one size fits all solution”, therefore oil companies need to be mindful in selecting the right partner for their data transformation. Correct interpretation, selection, integration and analysis execution along with placing the right talent on the job is imperative towards the success of such endeavours.