How predictive analytics trends in oil and gas could be applied to your industry
When it comes to health and safety, the oil and gas industry is often at the forefront of the latest developments given the large number of hazards that are exposed through the extraction and transportation of fossil fuels. This is indicated by the fields increasing use of predictive analytics in managing the health and safety of workers.
Predictive analytics concerns the statistical models that are used to analyse large amounts of gathered data and make predictions from it. There could be various ways to generate predictions through data analysis, however, to increase the productivity of a business, one can employ predictive analytics applications through a company such as OneStream Software or a similar service provider. Such software can create, maintain and deploy predictive models across financial and operational planning processes to generate a forecast report that can assist to expand a business. Here are some other benefits that predictive analytics have brought to oil and gas and how they could be implemented in your business.
- More efficient maintenance work
Getting equipment in a good enough to perform work on oil rigs and other extraction facilities is very important when it comes to managing health and safety. Previous manual processes and a reliance on industry knowledge often led to equipment falling into a poor condition which contributed to a dangerous environment from a workers perspective.
By utilizing open-source data analytics tools, or better known as predictive analytics, companies are now able to predict when and how a piece of equipment is likely to fail or require maintenance. To integrate the software with their business processes, they simply have to approach reputable service providers (for example, see this link https://www.knime.com/knime-analytics-platform). In the long run, this will not only allow for a better allocation of resources but will also mean that equipment will be generally higher quality, which means there will be fewer accidents caused by poor quality or damaged equipment.
- The increased safety level of old infrastructure
Predictive equipment maintenance is contributing to better infrastructure in the oil and gas industry. The old infrastructure used in oil and often comes without sensors that have the capability of producing predictable data. This means external sensors are now being applied.
Prior to the implementation, of predictive analytics, ageing infrastructure often led to an increase in incidents. This was down not only to equipment faults but also corrosion over time. With that in mind, it is worth stating that predictive analytics is only worthwhile if companies actually improve the equipment they know to be at fault.
- Less equipment downtime and greater operational efficiency
In addition to the safety benefits of predictive analytics, there is also a productivity bonus. If decision-makers are able to monitor their equipment and work out if there is a significant downtime during a specific period, they will then be able to tailor equipment usage and improve overall efficiency. Doing so would greatly help the people responsible for operational analysis in the organization (visit this blog from Grouparoo or similar pages for more information), and allow them to report high productivity and efficiency instead of having areas of malfunction.
How to harness the power of predictive analytics in your company
Predictive analytics is not only being used in oil and gas, manufacturing health care and the service industry are now using the tool to improve the operations of their business. If you are a business looking to implement better data analytics, start by gathering data that is reliable and from the correct source. This is the only way to make the predictions that come out the other end of the model reliable.