Major E&P challenge: Fully exploiting data’s extraordinary value

Posted by OilVoice Press - OilVoice



Understanding data & its potential

E&P companies are finally seeing data as a powerful asset, with decision-makers recognizing that the value from data can be game changing. For any company, however, it begins with getting on the same page with what data actually means. Unfortunately for many E&P companies the data definition is focused on structured data (machine sensor data). In Silicon Valley, data is viewed much beyond that.

Data also includes an important key subset, “Human-Generated Data,” which is unstructured and richer in context. Human-generated data can be defined as e.g., images, pictures, videos, comment and texts, which often generate insights far beyond traditional machine data only. Today this subset of data is either shared primarily in peer-to-peer discussions via texting and/or in emails.

The problem with this mode of communication is that the key insights remain between peers only and/or at some point may end up in an internal share point portal.  As a result, a huge challenge exists at E&P enterprises which will not let them fully exploit the value of data. Why? Most human-generated data is either largely being ignored due to complexities of accessing it and /or needs of on-premise systems to mine/pull it requiring huge upfront investments.

What's the solution to move data value into the next dimension?

Growth platform fully unlocks potential

Innovators view data as both machine-generated and human-generated, hence creating a Fully Integrated Growth Platform to closely knit an enterprise user community and fully unlock the human potential.

What is a growth platform?

  • A platform which supports a diverse set of participants and offers opportunities for creating value in many distinct areas;
  • Scales up by accommodating a large user base without eventually adding unacceptable cost/issues;
  • Generates increased returns as participation grows;
  • Evolves continuously in functionality over time, providing incentives for participants to engage regularly and share learnings;
  • Provides development leverage (investment required to build additional functionalities) and interaction leverage (effort and cost for diverse set of participants to facilitate interaction), and;
  • Defines practices to eventually guide the activities of a large number of participants at the enterprises.

An example of a successful growth platform is the smartphone, which accomplishes nothing less than collapsing all previous inefficiencies in daily workflows and making users more productive to focus on things and decisions that matter.

Growth platform in action

Redefining data's value proposition is the ProMPT growth platform which allows enterprise users from any discipline to effortlessly and seamlessly start to share contextual insights. They can share from ProACT, ProFRAC or any third-party internal applications through their mobile phones or PCs. This makes it a collective knowledge platform holding not just structured data (machine/sensor data) but also unstructured data (human-generated data).

 Over time, the platform starts to “learn” information about users, posts, decisions, discussions, pictures, videos and more. Then, it mines that data to give recommendations, generate reports and simplify workflows, enabling “big judgment” in the era of big data. ProMPT also aims to reduce the knowledge insight deficit, which frequently plagues enterprises as they add new talent and expect them to ramp up and make decisions especially in the fast-paced agile environment.

The ProMPT growth platform is backed by highly mature Data Quality Management processes which ensure all the data is actually an asset vs. assumed to be an asset. What does this mean? Today wide-ranging sensor data is sitting inside clients and/or client vendor databases; both in real-time and/or historical format it is not good quality. Hence, running this data through even the most advanced Machine Learning algorithms will not generate anticipated value.

ProMPT Platform, ensures the data is first converted into an asset by running it through hundreds of advanced algorithms to identify and fix anomalies on the fly. The data is then available to download via web services for clients as “clean data” for analytics internally behind their firewalls and/or consumed in ProMPT applications for drilling engineers and ProFRAC for completion engineers to get insights which can be trusted/acted upon.

The ProMPT platform further pushes the envelope of consumerization of the oil and gas industry as a “single source of truth,” putting power literally in enterprise users' hands. Today, when the power of technology (e.g., Big Data, AI, Cloud) is heralded, human beings still drive a company's competitive advantage and this growth platform helps decision-makers do exactly that.

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