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data , processing it into the right format , and building bespoke data sets and data pipelines .
What ’ s more , one of the top benefits of managing data like a consumer product — be it digital or physical — is that it paves the way for more informed and effective decision-making thanks to real-time insights and recommendations . This reduces the risk of costly mistakes , and can also lead to general cost savings and improved reliability simply by optimizing operations , reducing downtime , and improving asset management .
The product approach can also improve customer service , which is essential for the prosperity of energy firms . By helping companies better understand their customers ’ needs and preferences , data products can lead to personalized services , improved communication and help retain customers in what is a highly competitive sector . And it ’ s that competitive nature of the industry that makes data products so valuable ; helping utilities firms identify new business opportunities and develop innovative products and services is key in a rapidly changing environment .
What does this mean for the energy industry supply chain ?
Those valuable insights and optimization opportunities made available through data products can indeed drive efficiencies in the oil and gas supply chain . For example , data products can be used to analyze sensor data from equipment and predict when maintenance is required . This can
By 2025 , there will be 175 zettabytes of data in the global datasphere
help reduce downtime , minimize maintenance costs and extend the life of equipment . And because data products can help track assets and monitor asset management usage , companies are able to make informed decisions about when to replace or upgrade equipment .
On the safety front , data products have the power to monitor safety and compliance metrics in realtime , helping companies to identify and address potential issues in the supply chain before they become major problems . Specifically , they can reduce the risk of injuries and fatalities and prevent damage to equipment and infrastructure , simply by identifying potential hazards . Again , this allows firms to take corrective action before accidents occur .
The true value of the data product approach , however , is not so much to solve the use case itself , but the advantages that come from doing it as a product ; repeatability , ease of use of the data generated and scalability . In working with international energy infrastructure firm Enagás , for example , the development of a data product on one of its plants allowed it to be easily extended to all plants worldwide , scaling in an unlimited , fast and coordinated manner . Other benefits included cost reductions , which were possible by intervening only in those cases where necessary , and not from a
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