Is Your Data Working for You?

We are in the age of big data! Today we, as a human race, produce more data than we know what to do with. In fact, it is estimated that we produce over 2.5 exabytes of data every day (SG Analytics, 2020), that’s equivalent to approximately 9.8 million 256gb storage iPhones! So how do we take this data and interpret it into information that can be used to drive the business forward?

Let’s understand how a global Fortune 500 oil and gas company utilized its data to gain operational insights and predict cost.????

Predictive Modeling using Next-Generation Data

The company’s first initiative was to evaluate their facilities’ energy usage?and combine real-time, geolocated weather data with readings from smart thermostats, publicly available weather forecast data, and the technical specifications of the facilities’ HVAC systems. This information was used to develop an energy cost predictive model based on the outside temperature and the thermostat set point.?

The predictive model resulted in the business being able to forecast future costs and through automation, proactively adapt IoT devices based on future energy demand. The company is considering additional use cases for this innovative model framework one example being monitoring and predicting water consumption.?

Automated Data Pipelines and Visualization

The second initiative was to combine the predictive model energy data with established operational data (e.g., production metrics, workforce data, etc.)??to provide greater insights into business operations and costs. This was achieved by taking data from disparate sources and creating a centralized data repository, including automated end-to-end data pipelines. The Databricks platform was used to ingest, curate, and publish data for user and dashboard consumption.?

Dashboards provide consolidated visualization of the data pipelines and enable insight-based decision-making, filtering and drill-down exploration capabilities, customizable profile views, near-time updates, and alerting.???

Let’s Connect

There is no one size fits all data solution for any company, and not all solutions work for every area of the business. That’s why we are here to help you navigate your data transformation journey.?

Looking for ways to leverage your data? Contact us at [email protected] to learn more.??

#data #dataanalytics #businessanalytics

References

Durairaj, J. (2020, August 14).?2.5 quintillion bytes of data generated everyday.?SG Analytics.?