Post by account_disabled on Mar 5, 2024 2:04:33 GMT -5
The IDC company, specialized in market research and analysis, has published a report on the relevance of Big Data in the oil and gas industry in North America . The conclusion of the study shows the reasons why Big Data & Analytics technology will be one of the investment priorities in the sector. big data energy Oil and gas energy companies have always given relevance to all the information obtained in order to know the locations where they can carry out underground drilling in order to find large reserves of the raw material they need to supply energy. Current technological advances have exponentially increased the volume, variety and speed with which this data is obtained and processed. The processes and decisions related to the exploration, development and production of oil and gas generate enormous amounts of data that multiply considerably. The task of organizing and integrating this data so that it is easily interpreted can be a complicated mission, but the rewards it offers are multiple , as cited in another IDC report . This study, based on 701 companies including 100 oil and gas companies, demonstrates that Big Data & Analytics is a foundation that defines competitive advantage in the oil and gas industry. The report focuses on focusing on those advantages that distinguish companies that have achieved or exceeded their expectations from the rest of the competitors thanks to Big Data solutions.
At the same time, the report can be useful as a guide for companies to achieve success by applying a Big Data & Analytics solution . The vice president of IDC Energy Insights, Jill Feblowitz, highlights that “in traditional guides it is customary to insist on two groups of competencies: technology and people.” However, the study shows that to achieve success “oil and gas companies must create a Big Data & Analytics strategy that ensures the investment is related to the five key aspects of BDA maturity : intent, people , processes, technology and data.” The report predicts that Big Data & Analytics will soon be one of the priorities when it comes to investing for companies in the oil and gas industry. But most companies in the sector are not yet prepared to get the most out of this type of technology. In Feblowitz's words, “many Chile Mobile Number List oil and gas companies have not yet achieved the necessary maturity in Big Data & Analytics to address the full range of technology, staffing, data process and strategic objectives requirements necessary to capitalize their assets. data." When companies in the insurance industry prepare to comply with the requirements of Solvency II, they must ask themselves some questions about the data they manage : Which ones are necessary and which ones are not. How can you determine its scope and depth. How to access the data life cycle. How to determine data traceability. How you can gain control over data generation. What means are available to verify the quality of the data.
If it is possible to guarantee its accessibility and at the same time its safety. Ensuring data availability , depth and speed of access are requirements comparable to updating and automating information and data flow. Data governance is becoming more relevant than ever in the insurance industry and technology will support its performance. insurance industry Photo credits: "Risk" by jscreationzs The challenges that Solvency II imposes on the insurance industry The challenges facing the insurance industry have a lot to do with quantification . Own resources, solvency capital and minimum capital required and technical provisions make up a panorama that must be adapted in a short time. Market, credit, operational, technical, market and strategic risks must be combined to control their influence on insurers' capital. And, at the same time, the adoption of an internal model is required that will have to respond to challenges such as: Evaluation of own risks and solvency needs. Development of a strategy linked to risk management processes, which takes into account capital needs. Integration of risk culture. Implementation of an adequate and sufficient information management system. Guarantee of the independence of risk functions. Understanding the impacts of risk is assimilating the importance of its integration and that of capital management in the strategic planning of a company, as a sign of the assumption of responsibility that is required and a symptom of a policy of transparency and effective government in the industry . Insurance . Related posts: Improving risk measurement and control: Solvency II What does the cultural change in the insurance world led by Solvency II consist of.
At the same time, the report can be useful as a guide for companies to achieve success by applying a Big Data & Analytics solution . The vice president of IDC Energy Insights, Jill Feblowitz, highlights that “in traditional guides it is customary to insist on two groups of competencies: technology and people.” However, the study shows that to achieve success “oil and gas companies must create a Big Data & Analytics strategy that ensures the investment is related to the five key aspects of BDA maturity : intent, people , processes, technology and data.” The report predicts that Big Data & Analytics will soon be one of the priorities when it comes to investing for companies in the oil and gas industry. But most companies in the sector are not yet prepared to get the most out of this type of technology. In Feblowitz's words, “many Chile Mobile Number List oil and gas companies have not yet achieved the necessary maturity in Big Data & Analytics to address the full range of technology, staffing, data process and strategic objectives requirements necessary to capitalize their assets. data." When companies in the insurance industry prepare to comply with the requirements of Solvency II, they must ask themselves some questions about the data they manage : Which ones are necessary and which ones are not. How can you determine its scope and depth. How to access the data life cycle. How to determine data traceability. How you can gain control over data generation. What means are available to verify the quality of the data.
If it is possible to guarantee its accessibility and at the same time its safety. Ensuring data availability , depth and speed of access are requirements comparable to updating and automating information and data flow. Data governance is becoming more relevant than ever in the insurance industry and technology will support its performance. insurance industry Photo credits: "Risk" by jscreationzs The challenges that Solvency II imposes on the insurance industry The challenges facing the insurance industry have a lot to do with quantification . Own resources, solvency capital and minimum capital required and technical provisions make up a panorama that must be adapted in a short time. Market, credit, operational, technical, market and strategic risks must be combined to control their influence on insurers' capital. And, at the same time, the adoption of an internal model is required that will have to respond to challenges such as: Evaluation of own risks and solvency needs. Development of a strategy linked to risk management processes, which takes into account capital needs. Integration of risk culture. Implementation of an adequate and sufficient information management system. Guarantee of the independence of risk functions. Understanding the impacts of risk is assimilating the importance of its integration and that of capital management in the strategic planning of a company, as a sign of the assumption of responsibility that is required and a symptom of a policy of transparency and effective government in the industry . Insurance . Related posts: Improving risk measurement and control: Solvency II What does the cultural change in the insurance world led by Solvency II consist of.