While organizations have to digest a higher volume of data every year, more companies seem to struggle to deal with this situation. That is why focusing on analyzing data is important, especially for the oil and gas industry.
Due to the combination of increasing operations and lower oil prices, taking advantage of valuable data is crucial, not only to reduce costs, but also to minimize risk and improve safety.
Oil and gas organizations need to be fully productive and reduce downtime to a minimum to stay relevant and successful in the competitive global economy. Companies need to understand the return on investment of managing data, and therefore prioritize the process, for example, by defining possible obstacles and difficulties. According to a study from Oracle, poor data management can cost major oil & gas producers up to almost a quarter of their annual income.
Handling the overflow of data in the right way can help drive more growth. The ‘lack’ of efficient data management can have multiple causes; organizations may have significant gaps in human resources, processes, and tools to cope with such an increase. An example for that are business managers who don’t have access to important data and need to consult IT-departments to search information, or managers without proper training in complex systems.
There is also a lot to gain on data quality. Incomplete databases, important information stored in different systems within the company or poorly updated documents are problems that have a great impact on decisions that companies make, and increase the risk of operational mistakes. It should be clear that efficient performing data management systems are crucial for the profitability and market competitiveness of the oil and gas producers. It will help companies do smarter moves and could push the boundaries on asset and operational optimization.
With this year’s theme ‘Investing in the future of Energy’, Offshore Energy 2015 will save a spot for a Technical Session about Data Management. In this session, presented by Michael Nord from Shell, we will discuss how technical data management can lead to better informed business decisions in oil and gas, with a particular focus on offshore.
This Technical Session takes place on Tuesday October 13th from 2PM until 4PM. For more information about attending this session, or an overview of the complete program, check www.offshore-energy.biz.