Oil and Gas Industries are Missing Out on Data Analytics

Epicor ERP Oil Gas

Epicor ERP for Oil and Gas Industries

Businesses in oil and gas industries are drowning in immense data lakes as information from drilling, exploration and production remain untapped. Afraid of changing their processes, many of these companies have yet to make use of software that would transform terabytes of data generated everyday into business insight. Only 13% of oil and gas companies have used big data and analytics to effectively steer their business strategies. This is a startling statistic, as big data and predictive analytics features are transforming industries. As their datasets rapidly increase, oil and gas businesses require robust functionality to effectively manage their data.

Fortunately, this business sector is slowly but surely embracing digital innovation. Early adopters of advanced big data and predictive analytics technology will gain the edge over their competition. Below, we explain how big data and predictive analytics tools from an ERP system drive success in the oil and gas industries.

Drive Efficiency with Superior Insight

Data powers business insight and success by identifying waste and mistakes as well as future opportunities. Oil and gas industries need to stay on high alert to a wide variety of datasets. For example, to maintain equipment, companies must capture pressure, volume and temperature data. Big data analytics can also bolster drilling and exploration processes, taking into account everything from historical data to weather patterns to drive smarter, faster decisions. One recent report even estimated that oil and gas businesses can enhance operational efficiency by 20% using sophisticated data analytics.

But data analytics can only drive efficiency if insight can be gained. . . well, efficiently. With Epicor ERP, big data transforms into readable reports. Furthermore, real-time data is available right from your home page to ensure users are always in the know. While real-time data is providing users insight into current operations, predictive analytics is using historical data to empower accurate demand planning and lean manufacturing.

Mitigate Risk

Expensive assets, tight economic margins and stringent regulations make it imperative for oil and gas businesses to always stay on top of their machinery, processes and reporting. Epicor ERP has the intricate data analytics functionality to prevent anything from falling through the cracks. Epicor’s predictive analytics will leverage data you didn’t even know you had for accurate forecasting. Additionally, real-time performance data identifies problems and inefficiencies to protect your projects from deadly downtime. By providing precise insight throughout your enterprise, Epicor enables reliable reporting and compliance.

Wrap Up

As data grows at an exponential rate, Epicor remains up to speed with constantly improving data analytics features. However, the oil and gas industry continues to miss out on the lucrative opportunities from this superior insight. At Datix, we’re committed to helping clients from a variety of industries modernize their business models and technology to become front-runners in their market. An Epicor Platinum Partner, Datix has premier ERP consultants who deliver robust implementations and integrations to power optimal business performance.

Reach out to Datix today, and find out how Epicor can boost your oil and gas business!


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