How would the major technological transformations unfolding in other industries affect oil & gas?
Unless you have been living under a rock – no pun intended – you have experienced the buzz in today’s business media about the Internet of Things and Big Data Analytics. Some of you may have even wondered how would these macro trends impact finding and extracting more oil faster, cheaper and safer. This article explores how a technology that sits in the middle of these two trends is poised to transform oil and gas operations, with a focus on unconventional oil development.
Atanu BasuMachines Prescribing Recipes From ‘Things,’ Earth And People
Currently used to improve fracking, prescriptive analytics can not only show future outcomes, but it can also recalibrate algorithms to make better and better predictions for any industry.
Knowledge is power, according to Francis Bacon, but knowing how to use knowledge to create an improved future is even more powerful. The birth of a sophisticated Internet of Things has catapulted hybrid data collection, which mixes structured and unstructured data, to new heights…
Atanu BasuIntel and Ayata Joint Article – Prescriptive Analytics: An Adaptive Crystal Ball
Predictive analytics tells you what will happen; prescriptive analytics tells you what to do about it.
Predictive analytics predates big data, of course, but the two complement each other nicely. According to Gartner, more than 30% of analytics projects by 2015 will provide insights based on structured and unstructured data.
Jeff BertolucciPrescriptive Analytics And Big Data – Next Big Thing?