IHS Markit Delivers Data-driven Customer Value
Predictions and automated processes that increase customer ease of use, production outputs, and analytics time savings
IHS Markit needed analytics capabilities integrated into its applications for geology & geophysical data interpretation, engineering reservoir characterization, and directional drilling. It wanted to provide answers for every stage of oil & gas exploration and drilling workflow.
Implementing TIBCO Spotfire analytics, IHS provided breakthrough data-driven benefits to its customers, differentiation in the market, and time savings.
Predictions that increase production outputs
IHS Markit integrated TIBCO Spotfire software with its Kingdom Analytics package, which provides geological and geophysical data and interpretations, and its Harmony Analytics tool, which provides engineering and drilling production information and analytics. These applications have been tightly integrated with Spotfire analytics for understanding the relevance of each variable and predicting production outcomes. Clients can identify where they want to drill, how best to optimize the value chain from reservoir characterization, and can run analytics at the well to improve drilling efficiency.
"Spotfire software takes our tools to the next level," said Camilo Rodriguez, associate director of project management. The results of a proof of concept for an operations company confirmed the value: "We showed our tool and how we can integrate analytics in every stage. The comments from the clients were that the integration and analytics mixed with the geological and geophysical interpretation workflow is a key differentiator for us."
Ease of use for customers
IHS Markit's customers can now see data in new and different ways. It is easy for them to apply advanced algorithms or machine learning without having to connect tables, import data functions, or edit scripts. Customers are able to perform computations by just pushing one button, bringing the data from IHS Markit's tools, and supplying the output in Spotfire software.
"Customers are making production improvements against the data they collect," said Leanne Todd, vice president of product management at IHS Markit. "Then with the applications (Kingdom and Harmony), value is created through visual analytics and modeling the interpretations."
Automated processes, reduced analytics time
Before implementing TIBCO, it would take IHS Markit Kingdom customers days to look at seismic attributes on hundreds of conventional reservoirs, comparing the attributes one by one. And, in unconventional reservoir workflows like well distance computations, they were doing those calculations manually on thousands of wells. Now with TIBCO, IHS Markit customers can reduce the time to an hour, or even minutes, depending on the resolution.
"With Spotfire software, the user can start the computation running and go to lunch and come back and have everything ready. The solution has reduced the time needed by about 80 percent."