From what I've seen, the energy industries appear to be at a tipping point in their interest and adoption of advanced analytics. If there's any question about how analytics can be used to benefit these industries, consider a few examples:.
- How much demand for electricity will there be and when?
- Who may be stealing power?
- Which transformer may blow next week? (So let's perform maintenance on it this week.)
- Where should we drill the next new well for oil and gas exploration to achieve the best results?
- Which type of proppant (additive used in fracking) is better for a particular well, sand or ceramic and why?
Analytics can solve all of these -- and many other -- issues facing energy-producing companies. And since the whole world and much of the worlds' economies depend on energy, applying the power of analytics can truly help to change and (I would argue) improve the world to make it a better place for everyone.
To understand the widespread results of an improvement in this industry, remember, oil influences a lot more than the gas that goes into our cars and trucks. Petroleum products are used extensively in making plastics as well as in many manufacturing processes. In addition, the cost of gas impacts the cost of all our goods and services, including food. Think about all the other businesses and jobs that get impacted whenever there is a drop in the use/demand for oil, which in turn influences the amount of taxes collected by governments.
That's why I would argue the world is improved when energy companies are improving.