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Predictive analytics used to cut costs in oil sector
This article is part of the IT in Europe issue of February 2012
In January, UK-based market research firm GlobalData estimated that capital expenditure in the oil and gas industry would increase by 13% during 2012 to reach $1.03 trillion globally (£650 billion at current exchange rates). As well as being a sign of the growing confidence about business conditions within the oil and gas sector, that level of spending demonstrates the scale of opportunity for using predictive analytics software to help extract maximum value from the high capital costs that mark out the industry. For more on industrial applications of predictive analytics Advice from Rick Sherman on SearchBusinessAnalytics.com on how retail, financial services and insurance pioneered predictive analytics Find out how predictive analytics empowers manufacturing industry on the Beye Network Read SearchCRM.com’s definition of predictive analytics Warren Wilson, the US-based leader of analyst firm Ovum’s energy and sustainability technology team, said avoiding unplanned downtime is the main driver for the adoption of predictive ...
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Features in this issue
Finance professionals are heavy users of BI and predictive analytics software. Find out how a variety of European finance functionaries are analysing trends, cutting costs and finding new business.
News in this issue
Predictive analytics is being used in the oil and gas industry to better manage asset maintenance on capital equipment. And a more enterprisewide adoption of the technology is predicted.
Master data management is a business discipline that transcends technology. But what are the advanced and emerging technologies that subtend MDM? Aaron Zornes quizzed; Volvo profiled.