Data & Analytics – Energy

Data & Analytics – Energy

The research was conducted with participation of 163 global Energy CEOs from Australia, China, India, Italy, Germany, Japan, France, Spain, UK and US.

Related content

If companies are to maximize the benefits of D&A, then the process of collecting and analyzing data has to be integrated into the business. The managers of the business cannot be expected to know how to collate and analyze terabytes of data, but they need to know what business questions can best be answered by D&A. From a myriad of possible questions, the business needs to select which ones are likeliest to lead to business improvements and which questions are likely to produce a lot of usable data. D&A has developed quickly in recent years, particularly in the analysis of unstructured data, but there are many areas of business where the data is patchy and expensive to gather.

 

Optimizing the use of D&A requires business managers to work closely with D&A specialists, formulating the best questions and then using the answers supplied by D&A to make better business decisions. By continually improving the way D&A initiatives are carried out, the better the results and the greater the level of support from senior management. Without encouragement from a well-informed cadre of senior executives, D&A is likely to lead to only slow improvements in the management of risk and performance, or, worse still, a series of wrong turns.

 

Energy companies have many of the building blocks in place to capitalize on D&A.However, they often lack the higher-order functions, such as data mining capabilities and data-focused strategies, required to realize the promise that investors and analysts believe D&A holds for the energy sector.

 

© 2016 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG's new digital platform