Quantzig, a pure-play analytics solutions provider, has announced the completion of their latest article on the top benefits of advanced analytics in the oil and gas industry.
With the recent revenue decline in the oil and gas industry, companies have started seeking ways to sustain themselves in the competitive market. As a result, they are leveraging advanced technologies to upgrade their production and operational processes. This dire need to boost efficiencies has forced companies to implement the data collected through different sources for their benefit. Advanced analytics proves to be of great help in this context since it helps in effective decision making by enhancing operational processes across the oil and gas value chain.
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Advanced analytics based on AI helps in automating the process of segregating, gathering, and classifying content and data for companies in the oil and gas industry, says an advanced analytics expert from Quantzig.
Benefits of advanced analytics:
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Information delivery in real time
The oil and gas industry involves complex processes like seabed drilling, which requires proper planning and precision in execution. Advanced analytics assists in managing this process by communicating valuable information to the experts in real-time. This helps in monitoring the drilling process remotely and addressing issues that can arise in the future.
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Analysis of runs
Tools used during downhole operations have IoT sensors installed in them, which help in availing the data related to the status of the operation. Advanced analytics helps in predicting the success rate of the operation by analyzing a huge amount of data obtained in this process. This makes it easier to predict the failure of any such operations. Get in touch with our analysts to know how other companies are leveraging analytics to their benefit.
Predictive maintenance of tools
Many of the equipment used in the drilling process have IoT sensors, which can store and transmit data. This helps in predicting the maintenance requirements of tools and equipment once they have been used. Moreover, advanced analytics applications assess cumulative exposure and condition of each tool beforehand. To access the complete list of benefits associated with the advanced analytics, view the full article here.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/get-more-info
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