- by kq4ym, Data Doctor
- 7/12/2015 4:17:32 PM
While the impact of a failure in an oil rig or associated infrastructure means many tens of thousands of dollars of potential losses, in smaller industries and companies the losses would not be so great of course. I'm wondering if there's been a study looking at acomparison of ROI for analyitics in various industry applications as a guideline for who should or maybe might pass on real time analytics.
- 6/30/2015 11:51:47 PM
"A lot of people forget that activism and education is just as integral a part of the free market as plain old dollars and cents written down on a ledger."
And that education responsibilities rests on government. Rarely private sector does that. Often public interest monitoring bodies are the ones who educate corporates and general public but usually they are reactive in nature rather than preventive.
- 6/30/2015 11:49:49 PM
"Can they apply analytics to identifying the safest places to drill, based on environmental impact and likelihood of a spill?"
From how I understand oil and gas exploration and production companies, they are only concerned about the quality and quantity of oil available in wells. All they will do is drill without monitoring the impact and then subsequently will place measures that do damage control. Usually governments are also subservient to these giants who have representations in parliaments too.
- 6/30/2015 11:46:34 PM
Maryam, yes the environmental impact is high if there is a disaster in any of the process of oil and gas. But for companies concerned less about ethics, even governments can't force them to deploy analytics for monitoring the risks of such undesirable events. All governments can do is define objectives.
- 6/30/2015 11:43:18 PM
The kind of fund oil and gas companies have is remarkable. And that means analytics applications/systems being smaller as a % of revenue than that in the case of FMCGs and other sectors. They can experiment to the fullest potential of analytics without being bothered much about the failure of the project.
- by Zimana, Blogger
- 6/30/2015 11:35:14 PM
Moroever, the market is seeing more niche solutions that are tailored to industry needs. I just picked up an IDE for R that is suited for biological data analysis. I am not sure of the problem being solved, but given the concepts for biological synthesis explained at the Solid conference, I am not surprised.
- by impactnow, Blogger
- 6/30/2015 11:30:08 PM
Jim this is a great example of how analytics is changing lives and businesses for the better. I still remember the tragedy of the Exxon Valdez spill and the environmental implications for years if analytics could avoid such a tragedy in the future it would make life better for our planet!
- by Jamescon, Editor
- 6/30/2015 9:14:50 AM
Right, Seth. Analytics can play a key role in preventing oil spills and limiting damage when those spills do occur. While the oil companies are applying analytics in preventive maintenance, which can help to prevent spills from equipment failures, I can think of at least one other important application that I don't know if they are using. Can they apply analytics to identifying the safest places to drill, based on environmental impact and likelihood of a spill?
Plus, society as a whole can benefit if we use analytics in an intelligent manner to minimize the need for carbon fuels, whether through efficient management or better use of renewables.
- by Joe Stanganelli, Blogger
- 6/29/2015 11:42:19 PM
With all of this discussion about "there should have been" and "I wonder if" and "why isn't there," I'm curious if anyone out there reading this who actually works in the oil and gas sector could enlighten us as to why these situations happen and what obstacles exist in your industry to having 24/7 smart meters giving near-live readings in real time.