From the smallest independents to the supermajors, margins are under pressure for oil and gas companies. Now is the time for companies to look across upstream, downstream, chemicals and regional units to instantly dig through vast amounts of data to reveal savings.
Data mining produces clean and reliable data for value. Consider these brief scenarios of data mining:
Invoice compliance analytics
Know with certainty, and without delay, if a vendor’s invoice is compliant to their contract. Data mining can help procurement organizations not only know if vendors are compliant, but also understand the cost implication on an enterprise-wide scale.
Payment terms analytics
How can working capital be optimized? When organizations have multiple contracts spanning across multiple systems, ensuring they are receiving the best terms can seem impossible, especially when payment terms tend to be time sensitive. By ensuring favorable payment terms, companies can unleash even more working capital for production, planning and maintenance projects.
Process mining brings full transparency and more efficiency to complex workflows. Consider these brief scenarios of process mining:
Process mining allows the correct and adequate amount of technology to be utilized. This aids human interaction and optimizes business processes. By having a person on the other side, client satisfaction increases due to the personal touch, and technology ensures the pace and quality are enhanced by the digital tools used by both parties.
Process mining dashboards
Monitor key performance indicators using dashboards in real time. These dashboards consist of different process models that interact with each other in a single process mining panel. The dashboard is a 'one-stop shop' for all process mining and automation discovery needs.
Mine the opportunities
This is not a matter of 'if' savings are untapped. Value is locked in these unwieldy processes. New data mining tools dig out the information.
Considering the volatile nature of the energy market, oil and gas companies are shifting focus from top-line growth to margin enhancement through internal operations and shared services.
For the oil and gas industry, data and process mining would enable the following:
- Discover previously unknown and possibly useful relationships in data, thus improving the understanding of the plant equipment, systems, operations, people, etc.
- Forecast usage patterns and determine sustainable modes of operations at a granular level. This helps with accurate modeling, estimating and calculating plant throughput.
- Track and predict oil and gas demand by using macro indicators, such as weather and production units/volume at a given time period.
- Provide an objective, concrete, consistent and repeatable approach to analyzing the data continuously.
Oil and gas companies can perform analysis to uncover patterns and modes of operation for any forthcoming critical events. This can enable predictive maintenance and prevent large upkeep costs, which feeds back into procurement decision-making.
More advanced organizations can identify phases such as primary recovery, secondary recovery and enhanced recovery, and the best extraction modes for each phase in a more efficient manner. Also, by developing a baseline extraction model, companies have the ability to detect critical events that may occur. Such a model can be used for budgeting and planning purposes, as well as uncover typical patterns and modes of operation within the various phases.
Why data and process mining today
More than ever before, companies are dealing with significantly larger sets of data with more varied content, and therefore, need a big data strategy. Similarly, processes have grown complex with bottlenecks, deviations, long throughput times, and other roadblocks.
Data and process mining has been around for a long time. What’s different today are the tools for doing it. Incredible advances in artificial intelligence (AI), machine learning and statistics now make it possible to see critical procure-to-pay information in minutes, not months.
The yesterdays of long, arduous reporting are over.
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