Costly Data Inefficiency In The Refined Fuel Industry
When it comes to boosting profit in the refined fuel industry, data inefficiency can be your worst enemy. With an increasing number of industries worldwide, all relying on relevant, up-to-date results, knowledge is critical. An inability to process the data gathered is frustrating and potentially expensive.
In some cases, having too much data can be as bad as not having enough. Users find themselves confused and overwhelmed, unsure of the best way to use and implement the information they have discovered. Data inefficiency can result in potentially invaluable data being ignored, overlooked, or wasted – all of which is bad for business.
DTN is a global company, serving the industries that keep the world going (energy, fuel, agriculture, transportation, etc.) We help those in the refined fuel industry use data efficiently, so it positively impacts your long-term goals.
What Is The Refined Fuel Industry?
In the simplest terms, the refined fuel industry refers to the transformation–or refinement—of crude oil into a usable product. The most common examples include oil and petroleum refinement. Both of these products are useful for consumers. Final products include gasoline, jet fuel, diesel fuel, heating oil, or kerosene – to name a few.
This process occurs at an industrial plant, and efficient, reliable, and useful data is the key to success. During the refinement process, crude oil is heated to an extreme temperature. The process allows the different hydrocarbons within the composition to be separated.
Why Is Data Important?
Accessing the correct data can transform the refined fuel industry. It can help boost efficiency and results and make predictions, which can substantially impact the business’s financial aspect.
- Some of the top plus points for data include:
- It boosts efficiency – having access to reliable, up-to-the-minute data is crucial. In the right hands, this can be invaluable in helping engineers and industry workers make important decisions.
- It saves time – in a similar vein, the right data can save valuable time – in this business, time is money.
- It can help with future projects. When used directly, the correct data has the potential to unlock the future and can be invaluable in making accurate predictions.
- It aids investors – with the right facts at their fingertips, investors and business operators can make safe, informed decisions.
How Is Data Collected?
Data in the refined fuel industry comes from a vast range of sources, offering information and updates from every side. Advances in technology mean we can gather a significant amount of data compared to ever before. With the right tools, we see new insights and innovations.
Any data collected needs to be managed appropriately. 90% of all data gathered tends to be unstructured and made up of written reports, CAD drawings, or logs. The data can be tricky to analyze, so care has to be taken when selecting the most useful examples.
Sensors can also be useful in collecting and collating data, which allows a better look underground. Both 2D and 3D images enable workers to gain a complete picture of the subsurface layers. In some cases, this includes data and details on an entire region, offering insights into patterns and trends.
Optical fibers offer insight and can pick up an enormous amount of data, including the current temperature and fluid pressure. Information about the soil can also be recorded, such as composition and types of soils. Used correctly, this can be extremely valuable.
By its very nature, the refined fuel industry focuses heavily on drilling, and this can also be a useful way to gather valuable data. Recent innovations include logging while drilling (LWD) and measurement while drilling (MWD). Both of these allow data to transmit in real-time. Once again, this is a great option for saving time. Potential obstacles can be picked up immediately, and an alternative solution sought with minimal downtime.
What Is Data Inefficiency?
While data is undoubtedly useful within the refined fuel industry, there is one note of caution: it must be analyzed and used properly or risk becoming worthless. Data inefficiency means the stats and information collected cannot be used constructively.
In some ways, too much data is worse than none at all – especially if handled incorrectly. Advances in technology have given us access to a huge range of tools, sensors, and equipment. All of these can help to gather and collate data. If we cannot analyze this, however, it becomes useless. Additionally, any data collected needs to be up-to-date and relevant to be of any value.
Once the data has been collected and stored to allow accessibility, it is analyzed. Predictions and projections are made, current projects improved, and trends and patterns indicated. Together, it helps offer companies an edge over rivals. As a bonus, it can ensure all refinement and extraction projects run smoothly.
How Can We Help?
There is no denying this mass acquisition of new data is useful, but a considerable amount of raw information accumulates during this process.
The right tools and technology can help business operators, market traders, and investors transform the industry and reduce data inefficiency. The right tips and tricks will help to sift the useful information from the pointless data. When used correctly, this opens several doors and reduces the risks of data inefficiency.
DTN helps reduce data inefficiency and ensures your information and data work for your business. We have developed the ultimate system to help you handle and manage your data and records. Not only can you obtain the information you need, but you can also store, analyze, and access it while maximizing efficiency.
Additionally, we ensure every data piece is utilized in the most efficient and useful manner. In time, this will make a real difference to your business. Visit our site today, and see how our team could help you make data inefficiency a thing of the past.