Cadeon recently sponsored and attended the annual Energy Conference on Big Data and IoT in Oil and Gas Canada. The conference had an intimate feel with the core oil and gas businesses in attendance including Shell, Suncor, Encana and Enbridge to name a few, and highlighted a handful of business booths that showcased their solutions as related to data in the oil and gas industry. With a big push for c-level executives paying attention or focus in in on operational efficiency in the next 24 months, the question of the day was how to implement new data technology to address operating challenges and create a business culture where analytics and effective data analysis is core to the maintenance and growth of complex infrastructure and information system.
Cadeon’s CEO, Phil Unger, had the pleasure of presenting ‘Big Data For Big Returns’ at this conference and the content really resonated with people in terms of the disruption that complex data has to a business and how the continued growth in multiple user devices and specifically the Internet of Everything is to blame for this impact on operational efficiencies and moving to a more agile and predictive model. Key points that Phil spoke to in his presentation included:
- The current state of large corporations is that they are drowning in data and starving for wisdom.
- Cisco systems is predicting that by 2020 there will be over 5 Billion Internet Users and over 50 Billion devices. This exponential growth is disrupting business ability to operate efficiently like never before.
- Specific to Oil and Gas, for the thousands of data points accumulated in 1 drilling project, the challenge becomes what do you do with that data and can you use that data to predict how long it will take to drill a well?
- Point on understanding what happened and why it happened is part of this methodology that needs to be looked at to seriously change your organization efficiency.
- The velocity of information is directly related to the velocity of profit. The answer to consolidating and driving organizational efficiencies is in the data. But if the challenge of consolidating information from multiple disparate systems is an issue and drowning in data, then it is imperative to implement a scientific approach to this program.
The Cadeon team also had the chance to interact with the audience at their designated booth and showcase real-time data visualization platforms that illustrate the effectiveness of their data management methodologies and consulting services.
Watch the video above for highlights of the presentation. In addition, our eBook called ‘Turning Information Into Money’ is available for free download.