Oil and Gas Goes High-Tech
When you think of the oil and natural gas industry, you might think of windswept prairie and pump-jacks before you think of cloud computing. But you might be surprised to learn just how much investment is made on data processing, storage, and analysis within the industry. To provide some reference, the oil and gas industry spent over $700 million on high-speed computing alone in 2014, according to a report by IDC.
Data Quality and Analytics Mean Higher Profits
As margins tumble, oil fields become increasingly more expensive to extract oil from, and world demand for affordable oil and natural gas increases, companies within the industry need to be able to make smarter decisions. Data quality initiatives help executives make the best decisions possible based on the most accurate information.
And using new and innovative data quality and analytics are paying immediate dividends. According to a PwC report, companies found to be in the top 20% of innovative analytics, data quality, and other technological innovations grew at a rate of 16% higher than those in the 80% range of the study not utilizing innovative technologies.
Data Quality Enables Cloud Computing and Storage
With new data quality capabilities, oil and gas companies are now able to adopt cost-saving Cloud computing solutions without having to worry about losing legacy data in the implementation. Solutions like Naveego are able to pull data from multiple databases and display the clean data in one place, meaning data is more accessible by more people within the organization. The companies that can give their employees access to clean, accessible data will have a competitive advantage over those companies who rely on less than innovative methods of data storage, data quality, and data analytics.
To learn more about Naveego’s industry-leading data quality solution, be sure to schedule a one-on-one demo to see how our DQ solution can help you with your unique data quality challenges.