Predictive Analytics Will Help Oil Companies Forecast The Future
In recent years predictive analytics has matured as a technology with practical applications for the oil and gas industry. The next stage in analytics development is the application of prescriptive capabilities.
“Big data analytics are no stranger to this industry, and companies have long understood the potential value that predictive capabilities can bring them,” McCollam adds. “Along with our clients and partners, we believe that the use of predictive analytics can lead not only to improved performance but also to enhanced safety and risk management.
There are differing opinions surrounding when and how such capabilities will manifest themselves in oil and gas operations. Many would argue that predictive analytics are already here with examples of machine learning. However, although heads of technology at many oil and gas firms are bullish about AI, most agree that it will not begin to be applied beyond niche applications for at least another three years.
For now, however, oil and gas companies have much to discover about the benefits predictive analytics can bring them. After all, 43 of the industry’s top 100 companies have yet to demonstrate publicly that they are integrating predictive tools into their operations.
This article originally appeared on Forbes.com. To read the full article, click here.
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