The startup influence in Oil and Gas industry and the shift to cloud computing.
Oil and gas companies are seeing an influx of these savvy startups disrupting the industry much like they did in manufacturing, financial services, retail, etc. The spry startups mean extremely quick integration with the ability to capture, understand and actionize big data with cloud computing for superior business operations.
Startups are known for bootstrapping and having a hustle mentality to get things done on a small budget. They’re also known for being huge economic drivers for innovation. In oil and gas, the startup mindset will become increasingly important as these companies seek reliable and consistent ways to maximize cash flow by way of big data analysis.
Shale 2.0 will rely heavily on the startup mentality to run efficient operation. Shiva Rajagopalan, founder and CEO of Seven Lakes Technologies, advises that every member of the team be versatile:
“Startups place a large focus on resilient team members from the fruition of their company, but they also need to focus on utility players who can be thrown to pitch a PR article just as quickly as a financial value brief for enterprise level sale. These players then continue to grow with the company and are groomed to function in specific roles as the team grows.”
The most influential way big data startups are influencing the oil and gas industry is through cloud computing.
A forecast from the UK-based Oil and Gas Council, argues that the oil and gas industry stands to benefit particularly from cloud computing. Using a hybrid version of the technology that combines software as a service (public cloud) and software infrastructure as a service (private cloud) could not only bring IT costs down, but could also improve the way the business is managed.
The hesitation oil and gas companies have in adopting cloud technologies has to do with data security, access, and control. If something was to happen to their goldmine of data, oil and gas companies would have had no way to measure production and run mission critical parts of their business. That means there is a perceived risk associated with moving a multi-billion dollar business over to the cloud for the first time. A lot has changed for both the oil and gas industry and cloud computing technologies in the recent years.
“Cloud computing is far more sophisticated, proven and secure than ever before. The growing standard across nearly every global enterprise – from banking to e-commerce, to the government – cloud computing is the competitive edge oil and gas companies need to optimize production,” says Rajagopalan.