Why oil and gas sector should adopt big data and cloud computing?
Oil and gas industry- the well-known engine that drives the world economy! It’s true. Instead, the companies producing the most valuable resources suffer from either improper exploration methods, inefficient refining, manufacturing practices, or disconnected supply chains that directly impacts revenue generation.
Moreover, handling dozens of excel file manually is like a herding cats and evaluation of huge data is a hard nut to crack for the oil and gas companies. Plus, getting access to the real-time data from the oil field or drilling platforms to collaborate, analyze and make quick decisions or instructing the workers at remote place where petroleum operations are carried out are the different challenges that oil and gas companies face. But, the sole problem that all of them find is in making the right choice for the technology.
The unique technology that has potential to wipe out all the worries of Oil and gas industry is Big data and cloud computing. The spectacular technology that’s shaping the future of every industry vertical along with fulfilling industry-specific needs would enable companies to operate more efficiently even during a downturn.
According to a Dell survey, companies using cloud, mobility, big data enjoying 50% faster revenue growth.
Incorporating Big data and cloud computing would allow oil and gas companies work highly automated, increase collaboration, build enduring customer relationships and improve speed. Before we begin counting the advantages of embracing the oil and gas IT solutions, let’s understand first what the Big data and cloud computing is.
With big data, business would gain insights from the collected data and encourage data driven processes. Cloud computing reshapes the IT infrastructure of traditional data centers to compute data in the virtual world and bring out the actions.
Let’s take a look how the IT solution is a perfect fit for the oil and gas sector.
1) Reduce IT costs
For any IT solution, companies are required to procure the necessary hardware or software setup on their company premises, which requires good amount of investment. With cloud computing, oil and gas companies can extend their existing IT capabilities without installing any hardware. Companies would work on pay by use basis where hosted services are offered over the internet and cloud is built over the premise company is running in a virtualized world where virtual computing is done on big data files.
The complete process requires just a thin client device like- iPad, laptop or desktop, zero down the maintenance costs, and significantly reduces capital expenditure requirements. Big data and cloud computing would transform the economics of IT by reducing IT expenses and complexity.
Plus, oil and gas software solutions would be helpful to the small operators, independent software developers, and consultants as the cost-of-entry to cloud-based computing is low.
2) Empower the communication and collaboration
The work of oil and gas companies is not limited to the walls of the oil and gas offices while experts need to collaborate with employees on the oil fields in the remote areas and sometimes required to instruct upstream and downstream petroleum operations as well. It demands getting real-time information which requires huge investment in IT infrastructure.
With cloud based systems, regardless the size of an organization, partners, employees, stakeholders and individuals outside the company firewall can collaborate hassle-free. Experts can analyze the data, take quick decisions, and then inform the same to the person at oilfields or drilling platforms. The modern solution made oil and gas assets mobile and more connected.
To know about the rewarding benefits of the enterprise mobility in oil and gas sector, click here.
3) Making operations greener
Increased Server efficiency leads to less energy usage for the same amount of work done. For highly efficient operations, data centers try to cool the equipment by passing outside air or isolate the hot air expelled from the servers. While, with the virtualization of the server, server efficiency heightens up to 80%, carbon footprint and energy consumption get reduced, and money is saved that otherwise spent on energy.
According to the Carbon Disclosure Project, by 2020, large US companies that use cloud computing can achieve annual energy savings of $12.3 billion and annual carbon reductions equivalent to 200 million barrels of oil.
4) Data storage with zero security threats
Safeguarding the information by locking down the files behind the office locked doors is inconvenient, if the company is having multiple branches around the world. How files can be shared? Plus, how to recover the files if destroyed in some local catastrophe like- flood or fire? The enclosed information is at the potential risks and it demands to keep the backup of data.
Instead, storing all the information in the cloud would eliminate the need to manage on-site storage, take complicated data back-up and maintain file security as data is secured behind the dedicated firewalls. Moreover the data access security can be customized by enabling authentication to the network, applications and other files.
5) Centralization of data
Oil and gas industry is a large industry where work is done in multiple steps across several locations and that’s managed by different rank of workers from managerial level employee to the field worker. All the processes and people involved requires access to a distinct set of data. Traditionally, manual management of data at multiple locations and by multiple people would heighten the chances of error, redundancy or data loss.
Incorporating big data and cloud, the complete information gets centralized at the server from where the staff could have immediate access to the data. Centralized system automates the process with no security threat by providing restricted access to the data to different level of employees and eliminates the file versioning and management frustration.
With unmatched capabilities of big data and cloud solutions, increasing number of oil and gas organization are migrating their existing legacy system to the cloud. Credencys professionals have the necessary expertise and a wealth of experience to offer a higher level of efficiency, and secure and controlled access across complex cloud implementations. Our consultant will discuss and suggests industry-best oil and gas software for your oil and gas company.
Enhance the value of your business and address the challenges you face by driving a new level of innovations with our big data and cloud engineers.