By 2025, global data creation is expected to reach 175 zettabytes1 and the global big data and analytics market is on pace to reach $135.71 b.2 Data will fuel global economic development throughout the remainder of the 21st century. Organizations worldwide are scrambling to reengineer their data strategy to capture increasing amounts of data, translate it into actionable insights and ultimately empower more intelligent business decisions.
Several industries, including technology, banking and consumer goods, have already integrated transformative data initiatives into their strategic approach. But Canadian energy and natural resource (ENR) industries have only just started to fully appreciate the true value of data moving forward:
Oil and gas
The Canadian oil and gas (O&G) sector has historically generated significant and consistent cashflows, reducing the immediate need to develop new data-based competitive advantages. However, unpredictable fluctuations in oil price, global recessions and the transition to renewable energy have pushed most O&G leaders to prioritize developing data competencies that optimize costs and grow revenues.3