Blue River Solves Analysis Paralysis with Spotfire
Time savings, increased productivity, deeper insight, and security
“We saw a great need in the oil and gas industry to help customers learn how to maximize their use of TIBCO Spotfire®,” says Analytics Director Andy Lathrop. “It’s very important to have good analytics maturity in oil and gas because it’s directly related to finding ways to increase production and reduce cost.
“There are tremendous risks and costs of not developing strong analytics maturity, of not taking full advantage of a tool like Spotfire. There’s a lot of competitive pressure given today’s commodity prices, so these companies have to very quickly and efficiently get to the most important insights and quickly make very important decisions. It’s more important than ever that they understand the relationships in their data.
“Without a tool like Spotfire, they might be stuck in inefficient workflows using a wide variety of tools. They risk falling behind. Whereas with Spotfire, they can standardize on one tool and become much more efficient in their decision-making.
“We started our relationship with TIBCO several years ago,” says Mr. Lathrop. “Another co-founder and I were actually TIBCO employees, and we liked Spotfire so much that we decided to start our own company. We saw a great need for taking the product, which was great in itself, and extending it to very specific uses for oil and gas.
“Our objective is to enable a broad spectrum of Spotfire users, from beginners to very advanced data scientists. We deliver three types of services: training, templates that give users a vision and an advanced starting point for applying analytics to very common business use cases, and very advanced data science techniques.
“Our customers are getting a great experience with Spotfire. We have great industry background across many disciplines, and we bring ideas on how our customers can improve their business.”
Time Savings for Production Forecasting
“One example of great business value was a company that went from paper-based forecasting of production costs, to spreadsheets, to then using Spotfire with a very specific application we built for this purpose. Forecasting time went down to just minutes or hours. They’re doing a lot more work in a lot less time for a very critical process.”
“One of the challenges in oil and gas is the wide variety of data sets—geologic, production, operations,” says Lathrop. “It’s really important to be able to connect and bring it all together in one place, then analyze and interrogate to get the most powerful insights for some of these really high-value decisions.
“Our customers love that Spotfire can enrich their data. They get a data set, and then they can add custom calculations or advanced data science, like clustering. It then becomes a part of the data that they can use in visualizations going forward.”
Broad Capabilities, Advanced Analytics
“Spotfire does things that no other analytics platform can do,” says Lathrop. “It’s just very easy to use, very visual, but it also combines a very powerful statistical engine for advanced modeling. And our team provides great depth and breadth of experience to help.
“It’s very important for our customers to have a platform for advanced analytics, and that includes integrating with the R programming language. R is a platform for advanced statistical computing, and Spotfire includes it. It’s right there, you don’t have to do anything to get it setup, and it provides just a great extension from the visual, easy-to-use interface to a really powerful, unlimited statistical engine.”
“It’s definitely very important for our customers to know that their data is secure,” says Mr. Lathrop. “They spend a lot of money on exploration and production, and they can’t have that data fall into just anyone’s hands. IT departments are very happy when we tell them that Spotfire integrates with their current security protocols.”
“We developed a really strong foundation in our first year with our current customers and Spotfire. We’re looking forward to developing even more advanced training solutions, tools and products to really spark ideas for solutions in oil and gas, and advanced data science techniques like machine learning and multivariate analysis. We’re really excited about this broader offering,” concludes Lathrop.