Energy Firm Powers Up Value with TIBCO Spotfire Analytics
Agile and transformative data analysis, understanding, and access
With many possible uses for its data, this energy producer wanted to make sure its methods were safe and sustainable and was creating value for its shareholders.
The energy firm chose TIBCO Spotfire analytics for its ease of use for business and plant personnel and energy analysts, and its ability to aggregate data from multiple sources and present it in dashboards and visualizations.
Agile and transformative data analysis
The firm's project funding curve was transformed. It can now analyze thousands of projects and look at their potential for increased net present value (NPV) or payback. Spotfire analytics has allowed the company to easily take static information from disparate sources and make it very easy to understand. Staff can tell which projects are creating value, which ones aren't, and quickly find how much those projects cost.
"Users can look at projects not on our forecast yet but that we want to do, and see how doing one of those instead of a project that might not be adding value impacts the NPV of our portfolio. They can also look at three different ways of doing a project and determine the best one,” said the director.
Broad adoption, better understanding of data
Spotfire software has provided the energy firm with data that is more timely, better understood, and used more than in the past. The company expanded use of the Spotfire tool beyond the core user group because a number of people began asking for licenses. At first it had stand-alone users, but now it has an enterprise solution.
"The ability for filtering, bookmarking, and diving deeper into the data is really powerful in the Spotfire tool. Whether you're senior management or somebody working at a plant, the Spotfire tool allows you to do that pretty easily," said the director.
Easy access to accurate data
The company's IT group placed a number of data sources in an operational data store that it connects directly to Spotfire, allowing it to present different visualizations to internal customers. It is able to bring in three to four data sources into one data visualization that anyone can easily access.
"We can show them information more quickly, and hopefully more accurately because of all the data wrangling we've done," said the director.