Natural gas can be a stressful industry. Not only do transmission and distribution companies need to take typical business concerns into account – such as productivity and investments – they also need to consider safety and reliability. Leaks and unplanned outages can be costly and dangerous not only for the company, but for the public and the environment as well.
That’s why most successful natural gas businesses have been tracking and reporting on their assets for years. But despite best efforts, the scale of natural gas operations and the quantity of data has made getting useful insights difficult. The IoT and AI technology is changing that.
With connected devices becoming cheaper and more available to businesses, it’s becoming easier for natural gas providers to use IoT to track and manage their assets, getting more useful data, faster. That’s given rise to software applications commonly known as natural gas intelligence, or natural gas analytics.
What is Natural Gas Asset Intelligence?
Natural gas asset intelligence is a program that collects and analyzes data from connected assets and business operations. Platforms start by gathering information from hundreds of different data points, including disparate internal data and external sources such as weather reports, commodity prices, and even social media. Data is sent in real time to be compiled and reviewed by the platform into helpful insights.
Because businesses and assets collect so much information, most advanced natural gas intelligence software includes machine learning. Machine learning makes it easier to comb through large quantities of data to spot patterns and make predictions that will benefit your business. Data isn’t just gathered, it is analyzed and displayed in a visual way that allows users to add context to better understand what the data is telling them. The result is a real-time, 360-degree view of your natural gas operations.
How Does Natural Gas Intelligence Benefit Utility Companies?
Natural gas asset intelligence helps companies invested in natural gas to make better decisions, faster. The data allows you to:
Reduce Risk of Asset Failure
Analyzing data and using predictive analytics can help you see how likely an asset is to fail before it actually suffers a malfunction. You can provide maintenance in advance of the problem, reducing the overall occurrence of asset failure.
Improve Safety and Regulatory Compliance
Fully-functioning assets will naturally improve safety, but the platform also provides insights into what, where, why, and when something has happened or might happen. That information can not only improve safety, it can also help you improve reliability and regulatory compliance.
Increase Capital and Financial Planning
Natural gas analytics can help you determine asset lifespan so you can better plan on when assets need to be replaced. Use your data to justify your plan as well.
Specialized Analytics for a Niche Industry
Big data, analytics, IoT and machine learning have been rapidly increasing trends for years. Natural gas asset intelligence and analytics platforms capitalize on all of them, tailoring their use for a very specific industry. With applications now readily available from major players in the IoT space, you can consider upgrading or augmenting your existing systems with natural gas intelligence to improve your business’s performance.