Energy trader sparks change with TIBCO
Clean, consistent, real-time data and a showcase for capability
Like many energy traders, the challenge at this company was the volume of its diverse data and difficulty processing it quickly. To stay competitive, it needed to be more efficient and quickly make effective business decisions.
A strategic partnership began when the company combined TIBCO's and a TIBCO partner's software to build a crude refinery research analysis dashboard. With TIBCO Spotfire software, staff could quickly see and understand results across the refinery, including turnarounds, capacity, and increased yields and margins.
Operational efficiencies from data visualizations
The market analyst describes how important Spotfire data visualizations are used to share insights. These visualizations prompt strategic conversations and truly positive business outcomes. Before TIBCO was implemented, this type of communication was not possible; information was stored in silos and communication was limited.
"Now, instead of talking to five people, we're talking to 20, and those 20 are all around the world. Improved communication means that regardless of what desk they're tied to, analysts across the platform can communicate about what they're producing and how it can help assist others in modeling, research, and market studies."
Clean, consistent, real-time data
Today, analysts can easily mashup data sources, produce an analytic profile of the data, and apply statistical quantitative modeling integrated services, such as MATLAB and Spotfire analytics. With 70 data sources and five terabytes of data, analysts have all of the specific data that they need in one place. The data is no longer considered incomplete, so confidence in it is building. A reduction of inconsistencies now allows the company more accurate and consistent real-time analyses.
A showcase for capability
The energy giant plans to expand its use of data analytics to data pattern recognition, multi-dimensional analyses, and trending, with the intention to bring insights that weren’t possible before.
"Our analytics will show clients what we are capable of, and our thorough understanding of how we can help them thrive," said it market technology analyst.