Using Data Analytics for Developing Emerging Markets

Data Analytics, including that involving big data, is increasingly being used for decision making in a variety of organizations. Some of the data is embedded in new systems and some is gathered from the internet on, for example, social media and through the internet of things.

The essential task of big data analytics is to transform raw and structured data from a variety of disparate sources into actionable knowledge.

This process involves using new tools, often based on Hadoop, such as Google DataQuery and BigQuery. It makes use of contemporary computer capabilities such as high speed communications, massive storage capability and super powerful processors.

A good example of big data analytics in action is that of emerging energy markets, such as that in the Gulf of Mexico's Mexican region.

"Data analytics is being used through most of the lifecycle of offshore activities. During seismic and reservoir characterization studies, data sources with 3D seismic data, well logs and faults, are integrated and analyzed to support decisions related to achieving key targets in flow assurance, field optimization, drilling performance, well categorization and so forth. Benefits range from attaining optimal reservoir exploitation rate to forecasting the decline of new wells.

"For fixed, floating and subsea assets, data analytics starts with collecting data at the asset level, including operating parameters, equipment status, structural stresses and environmental data. For moving assets such as offshore support vessels and dynamic positioning floaters/vessels, data collection can also include location, direction and speed."

In this way big data analytics facilitates decision making in a difficult market. For more on this particular application, check out this link.