Steve Coates, Co-founder and CEO at data analytics company Brainnwave, has commented on the role of data analysis in the energy sector. “It is no secret that businesses in the energy sector are increasingly seeking to unlock the value in data, and it is already making a real impact on the sector, being used for a range of activities from improving customer service levels to replacing high-risk, high-cost physical processes with faster, more efficient data driven, virtual processes.
“One example is the creation of digital ‘twins’ for physical assets, which typically take one of two forms; either as virtual replicas of the assets and components with monitoring sensors that inform the health of the assets, or ones that model processes and enable simulations of different conditions.
“Energy businesses are also looking at data science to enhance their intelligence and stay ahead of their competitors by using analysis to find new opportunities for growth and positioning their solutions and services as driven by confident, data driven decision making.
“Companies in the sector have access to high volumes of data, but as is the case for many businesses looking to use that data to create competitive advantage, it can be difficult to know where to start.
“The first thing to consider is the resource that a business can dedicate to data analysis. Depending on the size of the company, human resource could range from no dedicated data scientist to a full team of individuals.
“With or without a team of scientists, one of the best things any business can do is instil a culture of analysis throughout business operations.
“However, a common misperception is that data science is a one-size-fits-all job. Data science is a very broad field of study and just as one lawyer does not specialise in all areas of the law, one data scientist may not fit all requirements. Building the right mix of talent within a data science team is therefore critical to the success of that team, and ultimately, the success of the business.
“By making all employees data explorers and providing them with the tools to enable them to ask questions of company data that deliver insightful answers, decisions that positively impact across all areas of business can be made based on fact rather than gut feel.
“The power of data analytics tools is that they allow people to visualise and explore data to quickly discover insights that were previously hidden. Behind these tools, data scientists engineer the data and create algorithms to manipulate, discover and enrich information.
“We support our clients to bring together all elements of a modern Business Intelligence digital process, to identify opportunities to automate and predict through machine learning and connect it together into a platform that enables decision makers to operate with confidence at lightning speed.
“The more a general understanding of data science penetrates into the front end operations of businesses in the energy sector, and the more businesses are using the right analytics tools, the better data-driven decision making can be no matter the scale of an organisation – and that has to be a good thing.”
Read the article online at: https://www.worldpipelines.com/business-news/01082019/the-energy-sector-is-unlocking-the-value-in-data/
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