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 for superior business operations. To stay competitive, leading operators are partnering with starts ups and leveraging innovations.
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:
“By leveraging innovations like smart data analytics, big oil has the potential to save billions,” says Shiva Rajagopalan. “Companies will save by having data that’s accessible throughout an organization, not siloed by departments. They can leverage this information to pump by exception and in return, see a reduction in downtime.”
Companies will save by having data that’s accessible throughout an organization, not separated by departments. They can leverage this information to pump by exception, and in return, see a reduction in downtime.
As global demand for oil continues to rise America’s shale fields generate a vast new supply, have more access to better data analytics has never been more crucial to the industry.
“Startups are built on vision, and it’s imperative to keep it steady and a bit nimble. Markets shift rapidly (in our industry, the price of oil can go drastically south), and moving flexibly to shift execution pace became necessary to make our product successful in the long haul,” says Rajagopalan. “With software that improves quality of analytics, it creates confidence within the operation for those on the front lines to make decisions. Being disciplined with big data means you get accounting, production and budget systems all communicating effectively.”