Shifting away from the traditional analysis of data, big data is a new, data-driven approach which focuses on coming up with solutions based on a large set of data. Seizing the potential of big data is essential in today’s environment. Analytics can unlock the promise of big data, bringing to light new analytic insights at all stages of the industry value. Mass quantities of gathered data can help in activities from planning better activities and financial budget to executing better marketing campaigns. In 2018, advancements are expected to humanize big data, to project it in a more visualized and accessible way. And while analytics powers performance for better business outcomes in the energy industry, challenges such as poor data quality and integration, fragmented use of analytics and patchy ownership of data across processes have created a “missing middle” for the organizations.
If connected machines, the primary components of the Internet of Things (IoT), are to be the backbone of industry in the near future, organizations will have to figure out how to manage the data coming from an avalanche of sensors, integrated equipment and platforms and faster information processing systems. Upgrading technical capabilities, bundling a variety of services enables by connectivity and data, including condition-based maintenance can enhance customer retention and lead to deeper and more lucrative commercial engagements.