Indian Oil And Gas Industry Turn To Predictive

Analytics

Joining in the ever increasing line of industries, incorporating data analytics in their inner workings is the

Indian Oil and Gas Industry, which has decided to incorporate the concept of predictive analysis in their

operations. This change came in as a result of the industry being deadlocked with various problems like

fluctuating prices, economic downturn and wild competition. In terms of the workings of big data, the

bigger an industry is, the larger the amount of data would be produced and the same would have to be

processed on a large scale, so as to deal with problems faster. The industry of oil and gas figures in few

of the core industries, which tend to have an impact on all the other sectors of the economy. Statistics

state that around 80% of the Chief Information Officers, working in the Oil and Gas Industry, believe that

a rise in their big data capabilities can result in optimizing their businesses.

These companies generate explosive amounts of data, which is not really proportionate to the speed

with which the data gets processed, hence making it a little difficult for interpretation. As markets

expand and the demands shoots up, this industry in specific has been finding it difficult to tackle various

challenges like rising costs, difficulties in exploration, untamed competition and most importantly, the

turbulent state of international politics. All of these problems tend to have a significant impact on the

industry, which is why a lot of players in here are embracing predictive analysis in the hope of finding

solutions. Alok Khanna who is the Director General of Management at Indian Oil Corporation sates that

he believes, the use of big data analytics if not data driven, just becomes an academic exercise, having

certain monetary impact. He further states, “The Oil and Gas Industry is going towards a more customer

centric approach and therefore, it is required of them to have advanced analytical tools to understand

patterns and customer behaviors. We, at Indian Oil, have started taking gradual steps towards the same

and are slowly extending it to relevant business lines.”

This move has come through due to the fact that predictive analysis and big data are revolutionizing the

way companies analyze huge volumes of data, at faster speeds. Apart from this core function, they also

find their applications in monitoring equipment, identifying patterns and enabling proactive

maintenance. This has opened up new avenues in understanding operations and risks, making influential

decisions, keeping the losses to a minimum and opening up new opportunities while increasing the oil

production. There are a lot of experts in the Data Science field, who agree that the most successful O&G

companies would be those, that are able to understand the importance of leveraging big data

technologies. They even go further to state that big data analytics can prove to be a key investment

priority for both large and small O&G companies.

With this development, data analytics seems to be penetrating every single industry sector out there

and thus in turn, the demand for professionals who are experts in dealing with data also increases. With

its rising popularity, there are a lot of candidates aspiring to get into this field, who are always on the

lookout to get trained in the various data analytics tools. This is where institutes like Imarticus Learning

come to play an important role, with their various offerings in the data analytics tools training programs,

like SAS Programming, R Programming, Big Data Hadoop and others.