Leveraging Visual Analytics in the Oil and Gas Industry
Oil prices are at the lowest in history these days. A major challenge being faced by oil exploration and distribution companies is maximizing profitability – and many oil wells have shut down as a direct result of dried-up profit margins.
In such a scenario, engineers are always looking for ways to optimize the drilling and exploration process. The precision and timing of oil and gas machinery matter a lot. By leveraging the use of Visual Analytics, oil and gas engineers are able to assimilate a vast amount of data into an organized database.
Because of this, with a click of a button, they can generate visual representations that assist in optimizing their exploring techniques, making the process more profitable and sustainable even in these tough economic times.
How Visual Analytics make a difference
Visual Analytics plays a role at different levels of oil and gas hierarchy. Engineers and operations staff do not have to mine through all the excel sheets and formulas to derive a conclusion and prepare graphical representations of data.
Visual analytics tools that are dedicated to this field come built-in with industry best practices and templates that make the job of company staff easy, helping them focus on optimization techniques.
Benefits of using Visual Analytics Software
Visual Analytics has played a vital role in optimizing Oil & Gas industry operations and technology management. While drilling for oil, there is a huge amount of data that is being sent back to the database every second.
Using Visual Analytics, software engineers can visualize the geological patterns such as depth of the well, surrounding pressures, and temperatures. All these measures help engineers make sound decisions for best results making the exploration process more profitable and efficient.
Business Managers working with oil companies need to constantly monitor the financial health of company projects, and although income and expense numbers give them a sense of project viability, a visual representation of data helps them analyze growth trends and prepare future forecasts.
Visual Analytics Software that is specially designed for oil and gas companies, help the top management make important decisions based on data that gives them a clear picture of company operations and financial situations.
Analyzing the Visual Data
Use of visual sensors has been evolving for quite some time now. Shopping malls and hospitals have started using barcode scanners to streamline their inventory management process. Airports now divert the passenger luggage based on machine-readable barcodes on each bag. Oil and Gas industry has made its own share of progress in this field by helping engineers make most accurate decisions using Visual Analytics tools that analyze visual data received from cameras that scan the surrounding environment.
In these tough economic conditions in the energy sector, use of visual analytics has helped companies in taking precise drilling decisions that result in increased profitability and make the best use of available data. Companies can leverage visual analytics to drill wells that are more lucrative and avoid projects that may provide a negative return on investment.