Quantitative Benchmarks for the Utilities, Oil and Gas Industry

This is a small industry (particularly utilities) of high strategic relevance for the EU economy – one undergoing a profound transformation process involving both digital technologies and core technologies (e.g. the introduction of renewable energy sources). Quantitative benchmarks are aligned with the best performers in the case of profit increase, revenue increase, and, on average, cost reduction.

The petrochemical sector is a pioneer in using advanced analytics for resource exploration, and with advancement in the BDTs and computational power, this activity will become highly automated and more efficient. But despite being a pioneer in BDA, this sector is still undergoing a profound transformation process involving digital and core technologies.

The main priorities in terms of use cases are risk exposure assessment (of new activities and services), predictive maintenance of machineries and oil/gas pipes, and regulatory intelligence to better understand and adapt processes to changing regulations. All these use cases are evaluated in terms of profit increase (5% each) while margins appear to be less relevant. The importance of these use cases is also highlighted by the high relevance of some qualitative KPIs. Product/service quality is linked to predictive maintenance: the quality of the service in utilities sector is evaluated by non-discontinuation of the service and avoiding service outages, while predictive maintenance of machineries and pipes is essential to keep proving the service without outbreaks. The number of new products/services launched is directly related with an optimal and well performing risk exposure assessment analysis, which helps organisations to understand whether a new product or service offered will be a viable solution or something to be eliminated from the innovation pipelines. On top of that, another extremely important qualitative KPI is customer satisfaction, as the use of BDTs to manage customer relationship is a primary activity in such organisations.