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Harnessing Predictive Analysis to bolster productivity in Critical Industries

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According to a survey, 58 per cent of utilities seek an effective and efficient mechanism for the maintenance of critical assets. This is required in all stages — from installation to decommissioning of the asset. As per a report by Brule, geoscientists and petroleum engineers spend 50 per cent of their time in data collection.

An increasing number of companies in oil and gas industry are also adopting big data solutions to simplify and streamline the entire process. These companies seek to fully digitalize their production in order to ensure steady growth necessary for Business Intelligence.

Since a major challenge faced by the oil and gas Industry is the physical inspection of the machinery and equipment, a multifaceted solution that not only facilitates predictive maintenance but also enhances asset tracking, becomes crucial.

Companies in oil and gas industries have around 80,000 sensors in their offshore drilling platforms. These sensors are expected to generate 15 petabytes of data throughout the platform’s lifetime. The assessment and analysis of the vast data ensures proper functioning of machinery and equipment, while preventing any damage caused due to failures or breakdowns.

Solutions like VIA (Vital Infrastructure Analytics), APM4O&G, Asset Data Management and Predictive Maintenance Analytics etc., incorporate offline and online equipment data to enhance workforce efficacy, contemplate plant performance and employ artificial intelligence (AI) for predictive maintenance and resolution.

Companies like Wynyard Group, IBM, and C3IoT offer business analytical tools which track the performance of critical assets and foresee failure, achieving zero unplanned shutdowns.

On the other hand, APM4O&G will be incorporated by Siemens Energy’s Omnivise digital technology portfolio to implement effective maintenance activities across multiple assets, such as gas processing plants and onshore compressor stations, as well as offshore production and floating production, offloading vessels and storage.

Predictive analytics is the latest piece of technology crucial for companies to retain their places in this competitive environment. The outcome will be disastrous for companies unable to comprehend this new reality. So leveraging latest technology and integrating these advancements in their functioning and operations seems to be the smarter choice.

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