People do not often think of data points as having dire consequences, but it could mean the life and death of a business. In every realm of business and sector of life from politics, economics, society, the environment, to technology, there are big data complications. Without the blend of analytics and integration solutions, there are growing risks of security threats, need for efficiency and cost reductions, and a desire for more collaboration. Big data is not just big because companies and organizations collect large volumes of it, but also because it has real and lasting implications on everyone.
Energizing for Energy Data
Take Energy and Petroleum (E&P) companies as an example. It is not just their responsibility to make a profit – that is the end game of the business. It is also their responsibility to leverage their data that could result in political action for cleaner air, a more green environment, and even a healthier and safer lifestyle for every person and living thing on the planet. With big data comes big responsibility.
“Data contributes between a quarter and a third of the total value generated each year by all the activities of a typical E&P company.”
-Value of Data Management, study conducted by Schlumberger and commissioned by Common Data Access Ltd. (CDA)
The data is out there, but that does not mean companies like E&P can simply just aggregate it and stop there. They must have an analytic software solution that does not just let them makes sense of the information data can provide, but make actionable decisions. Integration is the next step in actually making sure these decisions are implemented. Big data incorporates both the planning and the operational cycles for risk assessment, triage, preventative measures, and much more. Energy companies need to be able to make and execute better decisions quicker and this is possible with the use of real-time data, a collaborative tool and multidisciplinary workflows.
Imagine Figure 8 Efficiency
They say that ignorance is bliss, but in business, it could mean disaster. For energy companies, they need to be able to detect abnormalities, analyze trends that could indicate new models need to be built to test out different scenarios, and continue the cycle over again. Complex event processing (CEP) is the operational part of the process that takes automated actions, but this engine needs to start somewhere and that is where data analytics comes in. In order to combine CEP and data analytics together for a complete figure 8 of efficiency, integration is key.
An analytics solution allows a company to plan and understand what needs to be done, but without integrating, it will never be done effectively. The chain of events then follows because if energy companies don’t get it right, it could have dire consequences for everyone else. Big data has never been so big before.
For more, listen to this webinar titled “Big Data Means All Your Data: Integration is Key” featuring Forrester Research principal analyst, Mike Gualtieri.