Data Science and Visual Analytics for Operations in the Energy Sector
Blog: The Tibco Blog
In recent years, Oil and Gas Companies have been challenged to adapt to lower crude prices. With the recent crude price increase, there has never been a better time for energy companies to transform their operations.
From upstream exploration and production to logistics and downstream refining, energy trading, and the portfolio investments; there are opportunities for optimization. All of these areas benefit from today’s advances in data science and visual analytics. The past few years many companies were forced to reduce costs or consolidate; it was a period of survival. Now, the successful companies of the future are digitizing smarter.
Driving business operations from analytic insights applies to many facets of the digital energy business including:
Modernized Grids and Smarter Oilfields
With TIBCO Systems of Insight:
- Analysts can create self-service analytic apps to deliver insights into all aspects of a process, quality, and costs.
- Data scientists can develop machine learning intelligence into sensors, processes, and equipment to reduce data bottlenecks and take action at the point of impact.
- Operations and IT developers can empower more users and scale complex, computationally intensive workloads in the cloud.
Asset Portfolio Value Optimization
Using Spotfire, analysts can invoke smart data wrangling, data science, and advanced geoanalytics to develop accurate valuation of assets and resource plays for optimal capital allocation. Spotfire community templates for decline curve analysis and geoanalytics enable these sophisticated calculations to run with point-click configuration, invoking Spotfire’s powerful inbuilt TIBCO Runtime R engine.
Predictive Maintenance, Process Control, and Process Optimization
Spotfire and TIBCO Statistica can readily analyze large amounts of data from internal and external IoT data sources. The combination of your industry expertise with TIBCO’s latest visual, predictive, and prescriptive analytics techniques enable you to address all of your process and equipment surveillance challenges.
Business Operations and Supply Chain Management
Provide managers, engineers, and business users self-service access to data, visualizations, and analytics for visibility across the entire value chain. Respond to evolving needs and deliver actionable insights that enable people and systems to make smarter decisions. Reduce time spent on compliance reporting and auditing.
Develop insights faster and bring clarity to business issues in a way that gets all the traders, managers, and financial decision-makers on the same page quickly. For companies trading in multiple commodities, TIBCO Connected Intelligence can be deployed as a single analytics platform that brings a consolidated view of risks and positions, compliance, and results. Read more about it.
Learn More Firsthand
Listen to TIBCO’s Chief Analytics Officer Michael O’Connell explain how companies are leveraging the latest Spotfire innovations, optimizing exploration and production efforts and investments, and gaining a decisive advantage. And hear Stephen Boyd from Chevron present a real-world case study on TIBCO Connected Intelligence. Register now for the quarterly Houston area TIBCO Spotfire® User Group Meeting taking place on Thursday, June 14th, at the Hilton Garden Inn. Or find a Spotfire Meetup near you.