The real question that holds water today is: How do companies visualize data? The way oil and gas companies approach data can help bridge the gap between data access and data insights. Research reveals that over 83% of oil and gas companies are familiar with cognitive computing and will have a critical impact in the future of their businesses. Over 91% are just familiar with cognitive computing and have complete intentions to invest in the capabilities. Whereas; 94% of companies expect cognitive computing to play a disruptive role in society.
Cognitive computing is a computation paradigm. It offers various solutions like:
1. Building on knowledge from structured and unstructured sources of information
2. Understanding the human language and be able to interact naturally
3. Capturing expertise and bringing in the development of this expertise
4. Bringing in cognitive processes to help improve decision making
5. Raising the quality of decision making across the organization
There are two major themes on which cognitive computing works. One is capturing insights from vast amounts of data and further enabling decision making based on these vast amounts of data collected.
In order to navigate on disruption, oil and gas companies need to bring further focus on raising capabilities and discovering key insights that will help them make decisions on critical moments faster and better.
The ability to digest vast amounts of structured as well as unstructured data comes with the advantage of identifying new avenues with ease. Bringing in lesser ambiguity in the business and implementing newer ideas at high velocity. This requires tools which can help with synthesizing evidence-backed quantitative risk levels, along with supporting decision making at all levels.
Research states that more than 57% of organizations in the oil and gas field are actively looking into adopting cloud computing. Due to insufficient skills, complacency and funding there is lesser quality of data that they need to deal with. The greatest challenge that companies face, is to bring in innovation. Top CXOs feel that it is becoming more and more difficult to compete with smaller players who are much more specialized in their fields and can accelerate the ability to turn critical data into analytics that helps them stay abreast even in tough times.
Oil and gas companies deal with high levels of data, which are historical, technical and are not easy to decipher. Due to the use of traditional systems, precious data is being lost and they are unable to gauge the value of information, let alone fully exploit it.