The Internet of Things (IoT) – the ability of objects and equipment to connect and transmit large amounts of data – is giving rise to a new era of ‘Big Data’.
We define ‘Big Data’ using the 4 Vs:
- Variety and
In other words, it describes vast amounts of data, arriving at high speed in heterogeneous format with a varying degree of reliability. In fact, Big Data is now so complex that traditional computers and systems are no longer sufficient to store, process and extract value from it.
For the data to be used for better decision making, advanced analytics need to be applied to discover patterns and make predictions. This data-centric focus is unveiling opportunities for new business models in the oil and gas industry that will provide stakeholders not only with a better overview of operations, but also more control and independence for managing their assets.
All these factors together – the advancements in big data technology; increased connectivity; more reliable and affordable sensors; and cost-effective and scalable platforms that can more easily process and analyse data – are challenging traditional business models and defining the new digital age.