Acronyms are funny things. Need an example? Try decoding this sentence: How is event stream processing (ESP), applied to electrical submersible pumps (ESP) in the oil and gas industry, like extrasensory perception (ESP)?
Even if you had extrasensory perception you would still need some clarification if that sentence contained acronyms only. Another humorous example is the importance of MDM for MDM in the utilities industry - or how master data management (MDM) is important to meter data management (MDM).
Now back to the real intent of this blog, which is to explain how embedding real-time analytics into sensor equipment for oil and gas producers can improve the operating efficiency of electrical submersible pumps in such a way that magic or extrasensory perception might be suspected.
Submersible pumps are very expensive to run, and any breakdowns can be costly from both time and money perspectives, as well as a safety perspective. Simple, if-then business rules applied in-stream can improve operations. However, when you add predictive and prescriptive analytics, you stop reacting to events and start proactively avoiding problems before they begin.
To read some case studies on how predictive analytics improves operations in oil and gas please see Keith Holdaway's presentation, given at the SAS Day at Texas A&M in Houston.
