Atanu Basu has seen the future, and initially he didn’t know what to call it. “We used to call it predictive decision management, and then we realized prescriptive analytics was a better phrase,” he said. Basu is CEO of Ayata, a 10-year-old company that makes software designed to analyze the present in order to predict the future and — here’s its claim to fame — prescribe how to benefit from what’s ahead. Think of it as the next evolution of analytics. Rather than describe the future and leave it up to us humans to decide what to do, prescriptive analytics just tells us. “It’s like a cooking recipe: Add oil, wait for five minutes, let the color turn brown; when the color turns brown, now you sprinkle the spice,” he said. Voila! Bon appetit!
Linda TucciPrescriptive analytics is coming to a future near you
For operators that rely on electrical submersible pumps (ESPs) to meet their production goals, a failed pump at the wrong time is a costly pill to swallow. While great strides have been made in improving well monitoring systems, independent operator Apache Corp. and software developer Ayata are taking it one step further.
Big Data—information sets too large to be effectively computed on desktop systems—isn’t just the buzzword du jour. It provides an unprecedented ability for business and industry to precisely model the effects of past managerial decisions on the bottom line. But an emerging analytical process called prescriptive analytics could help companies not only learn from previous decisions, but predict and plan for upcoming issues as well. It’s Big Data evolved, and could change how the world does business.
Andrew TarantolaHow Prescriptive Analytics Could Harness Big Data to See the Future
If you don’t enjoy working under pressure, spare a thought for the global oil industry’s electrical submersible pumps (ESPs). Powered by a high‑voltage electric motor capable of operating at temperatures of up to 300°F, the world’s fleet of 130,000 or so ESPs—located on land or under the sea bed—pumps oil to the surface at pressures of up to 5,000 pounds per square inch, from wells as deep as 12,000 feet.
Malcolm WheatleyUnderground Analytics – The Value in Predicting When an Oil Pump Fails
Ayata is a pioneer in the emerging field of prescriptive analytics: analytics that go beyond identifying patterns and trends (descriptive) and describing what will happen as a result (predictive), to recommend actions that will produce the desired outcome. Its algorithms, which can juggle thousands of variables, adapt over time to provide better predictions and prescriptions. The cloud-based technology, for which Ayata holds multiple patents and trademarks, has applications in many different industries. For now, the company is focusing primarily on the upstream oil & gas industry because it entails increasingly complex, interdependent processes and offers large opportunities for it and for its customers.
Warren WilsonOVUM On the Radar: Ayata – Advancing analytics from predictive to “prescriptive”