As Canada continues to establish itself as a world leader in energy, participants in the oil and gas (O&G) industry confront a variety of problems, ranging from cost pressures and unpredictable commodity prices to regulatory and environmental constraints.

For businesses to flourish in today’s competitive marketplace, effective analytics implementation is crucial for understanding consumers, markets, and suppliers, as well as effectively allocating resources, all of which have an effect on financial performance. However, what is analytics and what are analytics tools?

How can it benefit your business? Gartner, one of the world’s major information technology research and consulting firms, defines analytics as “the process of exploiting data inside a certain functional process or application in order to provide meaningful context-specific insight” (Kirk, 2006).

Analytical tools are applications that organise, transmit, and turn data into information, allowing for the inference of insights. Analytical tools are classified as business intelligence (BI) tools, predictive analytics tools, and Enterprise Performance Management (EPM) software. 

O&G firms currently collect a lot of data

Which is a valuable commodity with untapped potential.

Advances in technology, such as databased in-memory systems , enable realtime processing of massive amounts of data, allowing businesses to recognise patterns, predict behaviours, and respond fast with their actions.

Companies are employing analytical tools to widen and deepen analysis, accelerate current processes, and take planning and forecasting to new heights with enhanced simulations. 

A recent Performance Analytics project illustrates how these analytical tools may provide a gas business a competitive advantage in a volatile climate.

The project was for the energy supply section of a gas firm, which anticipates gas expenses and runs pricing scenario simulations when the market price of gas varies.

Performance Analytics assisted by introducing an EPM solution – Business Planning and Consolidation – which successfully decreased the company’s forecasting cycle time.

Furthermore, the programme gives the organisation with analytical insight by allowing its energy supply team to monitor the impact of price changes on gas expenses incurred and recovery rates.

With this new understanding, the corporation used BPC to predict potential rate-setting techniques. 

Business Planning and Consolidation and  Disclosure Management

Were introduced in the finance department of another gas business by Performance Analytics.

Monthly financial closure and external reporting procedures are being streamlined by the usage of this software solution.

Consolidation cycles that used to take days to complete are now automated and completed in about an hour, thanks to improved security measures.

It is now possible to devote more time to value-added analysis of the company’s operations thanks to these software solutions. 

Using EPM solutions

Firms may better adapt to business difficulties, as demonstrated by the projects listed above.

In order to help executives deal with the challenges of today’s corporate environment, which is flooded with data from the field, logistics, and customers, analytical tools may be used as a solution.

You can rely on Performance Analytics for a tailored solution for your analytics strategy, whether you are looking at business intelligence, predictive analytics, consolidation, planning or forecasting. 

Founded in 2002, Performance Analytics Corporation is a boutique financial analytics consultancy specialised in business planning and consolidation with offices across North America.

They help in the implementation of financial management systems and provide financial management system advice and recommendations. 

Diamond Professional Consultants specializes in Business Intelligence softwares that give you instant reports to speed up the decision-making process. 

Read more about our Business Intelligence services.

Read about Incorta to see how it has benefited companies by generating reports in seconds 

Contact Us to get your business intelligence tools today.

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