Data is the new oil

Posted by Richard Link on Jan 16, 2018 10:55:16 AM

In the area of oilfield data, we know we’ve been sitting on a gold mine. We’re about to start mining all that in bold, new ways in 2018!

Well, sitting is not the right word, because we have been working on how to process all that information. But it has taken the oil and gas industry more than a decade of gathering data on wells, tanks, production and everything else to begin to fathom the depths of the treasure we have.

The question was always how to manage the information and how to train a computer to extract what’s useful so we didn’t have to eyeball millions of lines of data or respond to hundreds of inconsequential alarms.

In other words, how could we extract value from the data in the same way we extract value from oil and gas formations?

This is why I’m so excited about 2018. At Zedi we’re putting a major emphasis on exactly how we can partner with our clients to get them the data analysis they need to streamline workflow and to solve problems.

Of course, everything starts with Zedi Access. All the data we collect for you goes here. This is not the unique part. Everybody has a database.

It’s at this point, however, that we’re revolutionizing the conversation. We’re not going to start by telling you, “If you click here, it does this.”

What if you don’t need it to do “this,” but something completely different?

Instead, we’re going to start by asking you about the nature of your data—where it comes from and what you need it to tell you. Then we’re going to look at our software— Roughneck, Zedi Go, Zedi Vital and others—to see what combination works for you.

Here’s an example: Roughneck, our fixed-asset management solution, allows users to select and even create dashboards on their own. This way they can assemble the exact information they need. Each department can create their own dashboard. Nobody has to scroll past data that’s only pertinent to someone else.

Sharing Data

This new age of making data work for clients means streamlining a client’s workflow by sharing live data with their other software vendors. We call these value partnerships.

Here’s how that works: One of our clients puts our well data into an accounting system then exports it to the other software company. This is time consuming and repetitive.

So we’re going to start sharing our live data with the other company, and they’ll share theirs with us, all to streamline the process for the client.

Overall, our main data focus for 2018 will be on ways to summarize, analyze and make decisions to improve production and reduce operating expenses. Read that as: Make More Money.

I sort of feel like the guys on the ground at Spindletop, the January, 1901 southeast Texas gusher that made the oil industry what it is today. They knew that they were watching the revolution of an industry.

Today, all this data is pent up in computers ready to get out, just like the oil under that Texas formation.

This is the year we revolutionize the industry again, by taming and analyzing that data gusher. Step one is to refine our message around the true value of your data. Check out our new Software Solutions home page.

I’m ready! Are you?

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Topics: Data, Software, Analytics