Challenges faced by Companies in Energy & Resources sector The World is marching into the decade of decline in oil prices & oil producing countries are taking a dent in the revenue & profits. Pressure will only mount further with no signs of price recovery. The main source of energy, fossil fuels (oil, coal & natural gas) is fast depleting. The price of identifying, accessing & generating energy from other sources is extremely costly & requires new technologies. Governments across the planet are resorting to cutting the carbon emission, thereby forcing companies in energy space to cut down the emission. Data science experts forecast that urbanization will increase by a whopping 1.1 billion urbanites by 2030. This means more skyscrapers, more electricity, more vehicles, adding oil to the fire of problems the energy & resources firms are facing.

How will Analytics solve these problems? In these difficult times & mounting pressure on energy & utility companies, “DATA ANALYTICS” is finding its roots extremely strong in providing insights to counter these global issues. Right from predicting on where should the drilling happen (onsite or offshore), to optimizing the crude oil transportation to a factory, to predicting the machinery breakdown, to optimizing the resource utilization to achieve the highest productivity given the price constraints. Oil producing & exporting countries are also reaping the benefits of big data analytics by forecasting the demand for energy utilization & thereby tweaking their government policies to carefully match the oil production volumes to ensure that prices do not drift down any further. Solution to these problems is a very carefully crafted, domain-expertise-driven energy analytics, which is the new norm of the day. Big data analytics in energy & utilities is changing the thought leadership from reactive to proactive, from gut-feel based decision making to data-driven decision making.