Can the ‘new’ natural resource save the ‘old’ natural resource?
With the rise of intelligent machines that can simulate the human brain, our ability to help solve society’s most vexing problems is increasing; and there’s never been a more important time than now, as our population grows putting exponential demands on our natural resources.
Oil and Gas industry executives in particular have been grappling with this issue as recently surfaced by the Economist Intelligence Unit and analysed in the latest IBV Study looking at the Cognitive Future in the Oil and Gas Industry.
The 81 industry executives interviewed observed that whilst “data, the new natural resource” is increasing, the quantity of oil and gas that is added to the reserves’ capacity as a result of discovery and exploration, is decreasing. In fact, 83% of those oil and gas executives stated that cognitive computing is going to have a critical impact on the future of their business.
The report highlights two areas where cognitive computing will be able to help:
- discovery, where it will help digest vast amounts of data and enable companies to identify new avenues, navigate complexity and implement new ideas, and
- decision making, where it can provide personalised, contextual, evidence-backed recommendations to support decision-making.
This is going to become increasingly important as the Internet of Things generates huge amounts of structured and unstructured data. McKinsey Labs observed that “currently, most IoT data are not used. For example, on an oil rig that has 30,000 sensors, only 1 percent of the data are examined.”
Being able to analyse the remaining 99% will be critical, particularly in the oil and gas industries to ensure that we make the most of our diminishing natural reserves. Hopefully the new natural resource will help us make the most of all of our other natural resources with the help of Cognitive IoT.
Let us know what you think about using the IoT to save our natural resources or read more about other ways you can manage assets with Watson Internet of Things.